Rebalance & Operations

All operations are permissionless. On-chain cooldowns prevent spam.

IDL: pass the fund’s main state PDA as fundState in .accounts({ ... }) for Alpha and Neutral instructions below (Rust fund_state).

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Keystone Alpha Fund

Single atomic transaction: read oracle → calculate target → execute swap.

When: Cooldown elapsed (7 days mainnet), fund not paused, oracle available.

Example — SOL at $100, ATH $260:

1. Read oracle: $100
2. Thresholds: $65 (low) / $208 (high)
3. Target: ~65% SOL → Current: 50% SOL
4. Move 3% toward target → 53% SOL
5. Jupiter swap: $3K USDC → jitoSOL
6. 0.1% rebalancing fee on $3K

await program.methods
  .rebalance(fundId, swapData)
  .accounts({ caller, fundState: fundState, fundAuthority: fundAuthority, fundUsdc: fundUsdc, fundJitosol: fundJitosol, solOracle: PYTH_SOL_FEED })
  .remainingAccounts([{ pubkey: JUPITER_PROGRAM_ID, isSigner: false, isWritable: false }, ...accounts])
  .rpc();

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Keystone Neutral Fund

Deploy Capital (Standard Basis)

Deploys idle USDC into the standard basis trade with volatility-aware sizing.

When: Idle USDC ≥ min_deploy_amount, no position open, N consecutive positive periods, funding ≥ min_funding_rate_to_deploy.

Steps: Calculate vol regime → adjust size → split USDC by collateral_bps → USDC collateral → Jupiter Perps short opened; remainder → jitoSOL via Jupiter swap.

await program.methods
  .deployCapital(fundId, swapData, jupiterAccountCount, collateralBps, acceptablePrice)
  .accounts({ caller, fundState, fundAuthority, fundUsdc, fundJitosol, solOracle, jupiterPerpProgram })
  .remainingAccounts([...jupiterAccounts, ...jupiterPerpsAccounts])
  .rpc();

Deploy Reverse (Reverse Basis)

Deploys reverse basis trade when funding is persistently negative.

When: No position open, N consecutive negative periods.

Steps: Borrow jitoSOL from Kamino → sell for USDC collateral → open long SOL-PERP on Jupiter Perps.

await program.methods
  .deployReverse(fundId, swapData, jupiterAccountCount, acceptablePrice)
  .accounts({ caller, fundState, fundAuthority, fundUsdc, fundJitosol, kaminoProgram, kaminoMarket, solOracle, jupiterPerpProgram })
  .remainingAccounts([...jupiterPerpsAccounts])
  .rpc();

Close Reverse

Closes the reverse basis position when funding recovers.

When: Reverse basis open, funding near-zero or positive.

await program.methods
  .closeReverse(fundId, swapData, jupiterAccountCount, acceptablePrice)
  .accounts({ caller, fundState, fundAuthority, fundUsdc, fundJitosol, kaminoProgram, kaminoMarket, solOracle, jupiterPerpProgram })
  .remainingAccounts([...jupiterAccounts, ...jupiterPerpsAccounts])
  .rpc();

Settle Funding

Reads Jupiter Perps position account, computes carry delta, updates share price and NAV watermark.

When: Time since last settle ≥ min_settle_interval.

await program.methods
  .settleFunding(fundId)
  .accounts({ caller, fundState, fundAuthority, fundUsdc, solOracle, jupiterPosition })
  .rpc();

Adjust Position

Rebalances hedge ratio when it drifts from target.

await program.methods
  .adjustPosition(fundId, newSizeUsd, acceptablePrice)
  .accounts({ caller, fundState, fundAuthority, fundUsdc, solOracle, jupiterPerpProgram, tokenProgram, systemProgram })
  .remainingAccounts([...jupiterPerpsAccounts])
  .rpc();

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Rate Limits

Operation	Cooldown
Alpha rebalance	7 days (mainnet) / 1 day (devnet)
Neutral deploy (standard)	1 hour
Neutral deploy (reverse)	1 hour
Neutral settle	4 hours
Neutral adjust	1 hour

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Automation

npm run mainnet:keeper-basis    # Recommended: continuous keeper
npm run mainnet:keeper-sol      # Alpha Fund keeper
KEEPER_DRY_RUN=true npm run mainnet:keeper-basis  # Monitor only

Keeper setup →

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Common Errors

Error	Cause	Fix
RebalanceTooSoon	Cooldown active	Wait
FundPaused	Fund paused	Contact admin
OraclePriceStale	Price feed old	Wait for Pyth
SlippageExceeded	Market moved	Retry
PositionAlreadyOpen	Deploy when position exists	Use settle/adjust
FundingRateTooLow	Funding below deploy gate	Wait for recovery
InsufficientUsdcForDeployment	Below min_deploy_amount	Wait for deposits