mrgn-0.1.8

[jgur-psyops]

Summary

Orders

Introduces "Orders". An Order is a stop-loss and/or take-profit trigger that a "Keeper" can permissionlessly execute. For example, a user is lending $100 in SOL and borrowing $50 in BONK. They set a take-profit at $70. If SOL goes to $120, the Keeper can execute, closing their BONK position and leaving them with $70 in SOL. A Keeper can also execute if BONK falls to $30, likewise leaving the user with $70 in SOL.

Project Zero will run Keepers initially upon feature public launch (ETA Q2/Q3 2026), but any third-party can run a Keeper. Users configure their max slippage tolerance when setting the order, Keepers are permitted to keep whatever is leftover after completing the order execution as profit, and they also get to keep the rent from the Order (currently worth about $0.25). If you are an integrator expecting to use this feature, you are strongly recommended to run your own Keepers. Keepers are permissionless, any wallet can be a Keeper.

Juplend

Juplend banks can now be used as collateral! See JUPLEND_INTEGRATION.md for more details of how juplend banks work.

Other

"Rate Limiter" feature: Implements a sliding window rate limiter system at both bank and group levels to protect against rapid fund extraction. Limits are net outflow: outflows minus inflows, so deposits/repays offset usage. Banks enforce a daily limit in tokens, and the group (all banks that live on the 0.xyz app) enforces a USD limit. Flashloans and liquidations do not affect the window.

Substantial reductions in CU and heap usage, especially in receivership liquidation flows, enabling liquidators to burn more CU on other tasks, especially for accounts with more positions.

Breaking Changes (Rust Integrators only)

• lending_account_deposit: group account is now writable (mut).
• lending_account_repay: group account is now writable (mut); for repay_all = true there is new remaining-accounts validation requiring risk accounts for all active balances.
• lending_account_borrow: group account is now writable (mut).
• kamino_deposit, solend_deposit, drift_deposit: group account is now writable (mut).
• lending_pool_pulse_bank_price_cache: group account is now writable (mut).

Breaking Changes (everyone)

• lending_account_withdraw, kamino_withdraw, solend_withdraw, drift_withdraw: with withdraw_all = true, now requires the bank being withdrawn to be passed last in risk accounts (formerly omitted entirely).

Example

User has balances:

[0] kamino bank (0)
[1] some balance being closed upon withdraw_all (1)
[2] drift bank (2)
[3] some mrgn bank (3)

Before this update:

[bank0, oracle0, kamino_reserve0],
[bank2, oracle2, drift_spot_market2],
[bank3, oracle3],

After this update:

[bank0, oracle0, kamino_reserve0],
[bank2, oracle2, drift_spot_market2],
[bank3, oracle3],
[bank1, oracle1, ....other accounts if this is kamino/drift/jup],

Noting that the bank to closed does NOT respect the all-accounts-must-be-ordered-by-bank rule: it is always passed last.

New Accounts

• Order - tracks information about a single take-profit and/or stop-loss order for an asset/liability pair on the user's account.
• ExecuteOrderRecord - an ephemeral account that is always closed in the same TX it is opened in, used to pass information between the start and end of order execution. None of these should exist in production.

New Instructions

Orders

• PlaceOrder (user) - Place a new Stop Loss, Take Profit, or Both type Order on a pair of balances the user currently holds.
• StartExecuteOrder (Keeper) - Keepers run this to begin the execution of an Order. Must be at the start of the tx, and EndExecuteOrder must appear last in the tx. Withdraw/Repay of the involved balances typically follows this ix. Requires a risk check of just the balances involved in the Order.
• EndExecuteOrder (Keeper) - Must be the last tx in executing an Order. Requires a risk check of just the balances involved in the Order.
• CloseOrder (user) - Clear an unwanted Order, user gets their rent back.
• SetKeeperCloseFlags (user) - Enables the Keeper to close Orders via KeeperCloserOrder, typically use CloseOrder instead.
• KeeperCloseOrder (Keeper) - Close an Order on an account where neither of the original positions exists or all the tags have been cleared by the user

Juplend

• lendingPoolAddBank_juplend (admin) - Adds a wrapped JupLend bank to a group. The bank starts
  in Paused state and is unusable until juplend_init_position runs.
• juplendInitPosition (permissionless, one-time per bank) - Performs a seed deposit into JupLend
  and flips the bank from Paused to Operational. This activates the bank for user flows.
• juplendDeposit(amount) (user) - Deposit underlying tokens (native amount). Internally calls
  JupLend updateRate, deposits through CPI, verifies minted fTokens, and credits the user's
  marginfi position.
• juplendWithdraw(amount, withdraw_all) (user) - Withdraw underlying tokens (native amount).
  Internally calls JupLend updateRate, burns fTokens via CPI, then transfers tokens from the
  withdraw intermediary ATA to the user's destination token account.

Other

• configureBankRateLimits (admin) - Configure hourly/daily bank-level outflow limits for withdraw/borrow (in native token units).
• configureGroupRateLimits (admin) - Configure hourly/daily group-level aggregate outflow limits (in USD). Same net-outflow model, applied across the group.

Changes to Existing Instructions

Admin-only

• marginfi_group_configure: admin key args changed from required Pubkey to Option<Pubkey> (new_admin, new_emode_admin, new_curve_admin, new_limit_admin, new_emissions_admin, new_metadata_admin, new_risk_admin), where None now means "leave unchanged".
• init_global_fee_state and edit_global_fee_state: added args order_init_flat_sol_fee and order_execution_max_fee.
• lending_pool_update_emissions_parameters: Fixed a bug where the emissions admin could update other flags.

User

• lending_account_deposit: group account is now writable (mut).
• lending_account_repay: group account is now writable (mut); for repay_all = true there is new remaining-accounts validation requiring risk accounts for all active balances.
• lending_account_borrow: group account is now writable (mut).
• kamino_deposit, solend_deposit, drift_deposit: group account is now writable (mut).
• lending_pool_pulse_bank_price_cache: group account is now writable (mut).
• lending_account_withdraw, kamino_withdraw, solend_withdraw, drift_withdraw: with withdraw_all = true, now requires the bank being withdrawn to be passed last in risk accounts (formerly omitted entirely).
• lending_account_repay, lending_account_withdraw, kamino_withdraw, drift_withdraw now allowed during order-execution context.

Liquidator

• start_liquidation instruction gating was extended: allowed pre-actions now include Juplend updateRate; allowed body instructions now include JUPLEND_WITHDRAW.
• start_liquidation, start_deleverage, end_liquidation, end_deleverage, lending_account_start_flashloan, and lending_account_end_flashloan cannot run during Order execution.

Other Information

Consolidates

• forward-allocating bump heap allocator #460
• Multi venue liquidation test #494
• Receivership CU reduction via pricing cache #498
• Limit orders feature #499
• Docs and guides improvements #501
• Feat: config emits op mode #505
• Feat: configure_group take optional keys #506
• nit: minor cleanups && more descriptive Emode Leverage errors #507
• Lim order minor touches #511
• Limit orders cleanup #512
• 0.1.8 audit fixes #513

Minor bugfixes

• Fixes an issue where the test-program-remix script corrupts metadata and requires an anchor clean when the program is updated, however the tests now build to a different target directory, which increases disk usage.
• Partially fixes a BlockhashNotFound some longer Rust tests occasionally run into.

Credits

Thank you to https://github.com/abelmarnk for contributing most of the work to the Orders feature.

Audit Information

TBD

Release information

Staging (stag8sTKds2h4KzjUw3zKTsxbqvT4XKHdaR9X9E6Rct) - Approximately Feb 18, 2026
Mainnet - ETA late March 2026

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This discussion was created from the release mrgn-0.1.8.