Monitoring & Alerts

The ksUSD vault is one PDA — most monitoring reduces to watching that account plus a few external signals.

v1 monitors the Phoenix position and Ember margin.

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Key metrics

Metric	Source	Alert when
Share price (share_price_1e9)	Derived from effective_nav_usdc / total_shares	Drops > 2% in 24h, or > emergency_close_dd_bps from peak_share_price_1e9
cached_nav_usdc vs. computed-live NAV	On-chain vs. off-chain reconciliation against Phoenix / Kamino positions	Discrepancy > 1%
Pyth SOL/USD staleness	Last-update timestamp on the Pyth feed	> 5 min
Pyth confidence	confidence / price	> 1.5% (program reverts at 2%)
jitoSOL/SOL depeg	Derived from jitosol_oracle.price / sol_oracle.price	> 80% of lst_depeg_bps
cached_nav_usdc cap utilization	cached_nav_usdc / deposit_cap_usdc	> 90% (raise cap or pause new deposits)
position_mode	vault.position_mode	Parked (Idle) for > 24h while funding signal is active
position_base_amount	vault.position_base_amount	Drifts > 1% from expected (1× of the jitoSOL spot leg)
funding_apr_smoothed_bps staleness	now - funding_smooth_last_ts	Approaching funding_max_staleness_seconds
consecutive_dd_settles_observed	vault.consecutive_dd_settles_observed	≥ 1 (single-tick warning before lethal)
Perp-venue health factor	Phoenix trader-account margin	< 1.5
SOL-PERP funding rate	Phoenix PerpAssetMap	Sustained across normal_thresh past dwell
Pending withdrawals	queue_next_id − queue_processed_through	> 0 for more than one keeper cycle
Reserve fund	reserve_fund_usdc and reserve_lent_kamino	Reserve ATA empty while reserve_fund_usdc > 0 (means unlend_reserve needed before any payout)
Lending balances	usdc_lent_kamino, reserve_lent_kamino	Sudden drop without a matching unlend_* event = Kamino-side anomaly
vault.paused	bool	Unexpected true = investigate LstDepeg or admin action
vault.position_mode == WindDown	enum	Terminal — only claim_wind_down should run

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Reconciliation

Once per cycle, an off-chain script should compute the "true" NAV by summing:

1. Vault USDC ATA balance

2. usdc_lent_kamino × kamino USDC reserve cToken exchange rate (lent vault USDC, current value)

3. reserve_fund_usdc (already includes reserve_lent_kamino per the vault's accounting)

4. (jitoSOL spot holdings) × Pyth jitoSOL price — the unlevered spot leg (normal basis only)

5. Phoenix trader-account margin balance — posted USDC margin + settled funding + accrued PnL

Compare against vault.cached_nav_usdc. A discrepancy > 1% means:

• settle is overdue, or

• attest_nav is needed to capture unrealized PnL

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Emergency conditions

Signal	Response
Pyth SOL/USD stale > 10 min OR confidence > 2%	Pause new deposits + positions; manual emergency_close if a position is open
jitoSOL depeg > lst_depeg_bps	settle auto-pauses; investigate and either unpause or emergency-close
Phoenix outage / market halted	Same — pause and investigate
NAV drawdown ≥ emergency_close_dd_bps for consecutive_dd_settles_required settles	Anyone can call emergency_close permissionlessly; keeper should do it first
position_mode == WindDown	Stop the keeper; broadcast claim_wind_down instructions to depositors

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Suggested external infra

• A serverless function (Cloudflare Workers / AWS Lambda) running every 5 min: fetch vault + Pyth + Phoenix trader account, compute the deltas, push to Grafana / Datadog / PagerDuty.

• A program.addEventListener consumer that subscribes to DepositEvent, WithdrawEvent, WithdrawalRequested, WithdrawalProcessed, FeesCollected, PositionOpened, PositionClosed, NavAttested, IdleLent, IdleUnlent, ReserveLent, ReserveUnlent, WindDownInitiated, and writes to a database for audit / reporting.

• A page in the operator dashboard tying cached_nav_usdc to the reconciliation script's live computation, with a visible delta and an "attest now" button that calls attest_nav when the delta crosses an internal threshold.

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Related

• Keeper bot · Admin operations

• Events · Errors