VaultAssertion

VaultAssertion is a standalone assertion runner. It observes Strategy Vault, protocol, and caller-supplied state and returns a structured report you can use to decide whether to build, send, or skip a transaction. It is complementary to VaultTransactionBuilder — caller-controlled, and entirely outside the transaction pipeline.

VaultAssertion does not build, mutate, or send transactions. It does not run a monitoring loop. It does not replace Squads policies or onchain validation hooks. It also does not require any transaction-builder input — you decide what to do with the report.

Quick Start

The two most actionable conditions for most strategy flows are ClmmPrice (live CLMM price/APY bounds) and KaminoLtv (Kamino obligation LTV bounds). The example below runs both in a single check and uses the result to gate the rest of the flow.

import {
  VaultAssertion,
  VaultAssertionConditionKind,
} from "@exponent-labs/exponent-sdk";
import { Connection, PublicKey } from "@solana/web3.js";

const connection = new Connection("https://api.mainnet-beta.solana.com");
const vaultAddress = new PublicKey("...");      // strategy vault
const clmmMarket = new PublicKey("...");        // CLMM MarketThree
const kaminoObligation = new PublicKey("...");  // Kamino obligation

const assertion = await VaultAssertion.create({
  connection,
  vault: vaultAddress,                          // PublicKey or a loaded vault
});

const report = await assertion.check({
  conditions: [
    {
      kind: VaultAssertionConditionKind.ClmmPrice,
      market: clmmMarket,
      impliedApy: { blockAboveBps: 1_500 },     // block if implied APY ≥ 15%
    },
    {
      kind: VaultAssertionConditionKind.KaminoLtv,
      obligation: kaminoObligation,
      ltv: { warnAboveBps: 6_800, blockAboveBps: 7_200 },
    },
  ],
});

if (report.decision === "block") {
  return;   // skip — caller decides what to do next
}

VaultAssertion.create accepts:

Parameter	Type	Description
`connection`	`Connection`	Solana RPC connection
`vault`	`PublicKey \| VaultAssertionLoadedVault`	Strategy vault address. Pass a loaded vault to skip an RPC fetch
`owner`	`PublicKey`	Optional. Expected owner — defaults from loaded vault state when present
`prices`	`ExponentPrices`	Optional. Pre-decoded prices snapshot
`commitment`	`Commitment`	Optional. Defaults to `confirmed`
`env`	`Environment`	Optional. Defaults from the loaded vault environment or `LOCAL_ENV`

assertion.check accepts a VaultAssertionCheckPlan:

Parameter	Type	Description
`name`	`string`	Optional report name
`conditions`	`VaultAssertionCondition[]`	Conditions to evaluate
`maxSlotDrift`	`number`	Optional. Block-only guard for how many slots may pass during one run

Invalid configuration throws VaultAssertionConfigError before any RPC reads or condition evaluation. Missing or undecodable on-chain state becomes a warn or block entry inside the returned report instead.

Report Shape

type VaultAssertionReport = {
  name?: string;
  decision: "allow" | "warn" | "block";
  causes: VaultAssertionCause[];
  checks: VaultAssertionCheck[];
  timing: VaultAssertionTiming;
  commitment: string;
  checkedAt: string;
};

Field	Description
`decision`	Aggregate result. `"block"` if any condition blocks, otherwise `"warn"` if any warn, otherwise `"allow"`
`causes`	Compact list of non-allow reasons — quick “why did this stop?” handling
`checks`	Full audit trail for every evaluated user-supplied condition (including allows)
`timing`	Slot freshness metadata for the run
`commitment`	Commitment level used for reads
`checkedAt`	ISO timestamp when the run started

checks only contain user-supplied conditions. Slot drift failures are surfaced through causes and timing; they do not create synthetic checks.

Use causes for control flow (if (report.decision === "block") or for (const cause of report.causes)). Use checks for logging or audit display — every condition you supplied has a corresponding entry.

Timing

type VaultAssertionTiming = {
  referenceSlot: number;
  latestObservedSlot: number;
  slotDrift: number;
  maxSlotDrift?: number;
  exceededMaxSlotDrift: boolean;
};

check() captures referenceSlot once at the start of the run. Each condition records the most recent slot observed through RPC, and the report tracks the maximum drift across the run. maxSlotDrift is optional and disabled by default. When supplied, drift is checked before and after each condition. If drift exceeds the threshold, the report blocks and the remaining conditions are skipped.

referenceSlot is a freshness and audit baseline. It is not an atomic multi-account snapshot guarantee. Transaction blockhash freshness and confirmation remain outside VaultAssertion — the caller’s transaction builder/sender owns those.

Thresholds

Built-in conditions accept inclusive thresholds in two flavors: Basis-point thresholds — used for APY-style metrics:

{ warnAboveBps?: number; blockAboveBps?: number; warnBelowBps?: number; blockBelowBps?: number }

Raw numeric thresholds — used for prices, slot ages, and exchange rates:

{ warnAbove?: NumericValue; blockAbove?: NumericValue; warnBelow?: NumericValue; blockBelow?: NumericValue }

NumericValue accepts number | string | bigint | BN | Decimal. At least one bound must be specified per threshold. Any of the following throws VaultAssertionConfigError before evaluation:

empty threshold objects
unknown threshold fields, or wrong-unit fields for a metric (e.g., warnAboveBps on a price threshold)
negative values, or non-integer BPS values
block/warn ordering that makes the block threshold less severe than the warn threshold

When a threshold is breached, the corresponding check evidence includes breachedThresholds for inspection.

Built-In Conditions

VaultCoreState

Asserts strategy vault owner and status-flag invariants. With no inputs, it just records vault state in the audit trail.

const report = await assertion.check({
  conditions: [{
    kind: VaultAssertionConditionKind.VaultCoreState,
  }],
});

Parameter	Type	Description
`owner`	`PublicKey`	Optional. Expected owner. Defaults to assertion-level owner
`requireStatusFlags`	`number`	Optional. Status flag bits that must be set
`forbidStatusFlags`	`number`	Optional. Status flag bits that must not be set

VaultPriceCoverage

Asserts that decoded ExponentPrices covers all required price IDs (or pairs) and is within a freshness bound.

const report = await assertion.check({
  conditions: [{
    kind: VaultAssertionConditionKind.VaultPriceCoverage,
  }],
});

Parameter	Type	Description
`prices`	`ExponentPrices`	Optional. Pre-decoded prices snapshot. Otherwise fetched via the loaded vault fetcher
`includeTrackedVaultPrices`	`boolean`	Optional. Default `true`. Include all price IDs tracked by the strategy vault
`requiredPriceIds`	`NumericValue[]`	Optional. Explicit price IDs that must be present
`requiredPricePairs`	`VaultPricePair[]`	Optional. `{ priceMint, underlyingMint }` pairs that must resolve
`slotAge`	`NumberThreshold`	Optional. Freshness bound on each entry’s `lastUpdatedSlot`

KaminoLtv

Asserts a Kamino obligation’s LTV. The calculation is:

ltvBps = borrowedAssetsMarketValueSf / depositedValueSf * 10_000

borrowingDisabled always blocks. A stale obligation warns when LTV and slot-age thresholds are otherwise passing.

const report = await assertion.check({
  conditions: [{
    kind: VaultAssertionConditionKind.KaminoLtv,
    obligation: new PublicKey("..."),
    ltv: { warnAboveBps: 6_800, blockAboveBps: 7_200 },
  }],
});

Parameter	Type	Description
`obligation`	`PublicKey`	Required. Kamino obligation account
`ltv`	`BpsThreshold`	Required. LTV bound in basis points
`lendingProgramId`	`PublicKey`	Optional. Override the Kamino lending program ID
`obligationSnapshot`	`KaminoObligationSnapshot`	Optional. Pre-fetched snapshot — skips an RPC read
`slotAge`	`NumberThreshold`	Optional. Freshness bound on the obligation’s `lastUpdatedSlot`

AmmPrice

Asserts price evidence on a legacy AMM (Market Two) market. The market is loaded through Market.load(...).

impliedApyBps = (exp(lastLnImpliedRate) - 1) * 10_000
ptPrice       = market.currentPtPriceInAsset
ptPriceInSy   = market.currentPtPriceInSy

At least one of impliedApy, ptPrice, or ptPriceInSy is required.

const report = await assertion.check({
  conditions: [{
    kind: VaultAssertionConditionKind.AmmPrice,
    market: new PublicKey("..."),
    impliedApy: { blockBelowBps: 900 },
  }],
});

Parameter	Type	Description
`market`	`PublicKey`	Required. Market Two PDA
`impliedApy`	`BpsThreshold`	Optional. Implied-APY bound in basis points
`ptPrice`	`NumberThreshold`	Optional. PT price (in asset)
`ptPriceInSy`	`NumberThreshold`	Optional. PT price denominated in SY

The loaded market’s vault.selfAddress is recorded as sourceVault evidence. It identifies the market’s underlying source — it is not a check that the strategy vault owns the market.

ClmmPrice

Asserts live CLMM price evidence. The evaluator fetches the market account, validates its program owner against EXPONENTCLMM_PROGRAM_ID, decodes it, then fetches the linked ticks account and performs the same validation.

spot          = ticks.currentSpotPrice
impliedApyBps = (spot - 1) * 10_000
tau           = max(0, market.financials.expirationTs - nowUnix) / 31_536_000
ptPrice       = spot ** -tau

At least one of impliedApy, ptPrice, or spotPrice is required.

const report = await assertion.check({
  conditions: [{
    kind: VaultAssertionConditionKind.ClmmPrice,
    market: new PublicKey("..."),
    impliedApy: { blockAboveBps: 1_500 },
  }],
});

Parameter	Type	Description
`market`	`PublicKey`	Required. CLMM MarketThree PDA
`impliedApy`	`BpsThreshold`	Optional. Implied-APY bound
`ptPrice`	`NumberThreshold`	Optional. Derived PT price
`spotPrice`	`NumberThreshold`	Optional. Spot price from ticks

OrderbookPrice

Asserts top-of-book APY and derived prices on an Exponent Orderbook. The evaluator filters expired offers, offers with non-positive amount or APY, and (by default) the assertion owner’s own non-virtual offers. Virtual offers are kept by default.

ptPrice       = calcPriceInAssetsByAPYPt(selectedRate, secondsRemaining)
ytPrice       = 1 - ptPrice
impliedApyBps = (exp(selectedRate) - 1) * 10_000

When both sides exist and source === "mid", the mid is used; with one side only, the available side is used.

const report = await assertion.check({
  conditions: [{
    kind: VaultAssertionConditionKind.OrderbookPrice,
    orderbook: new PublicKey("..."),
    impliedApy: { blockAboveBps: 1_050 },
  }],
});

Parameter	Type	Description
`orderbook`	`PublicKey`	Required. Orderbook PDA
`impliedApy`	`BpsThreshold`	Optional. Implied-APY bound
`ptPrice`	`NumberThreshold`	Optional. Derived PT price
`ytPrice`	`NumberThreshold`	Optional. Derived YT price
`source`	`"mid" \| "bestBid" \| "bestAsk"`	Optional. Default `"mid"`
`owner`	`PublicKey \| false`	Optional. Defaults to the assertion owner. `false` disables own-offer filtering
`includeVirtualOffers`	`boolean`	Optional. Default `true`
`spread`	`BpsThreshold`	Optional. Auxiliary threshold on the bid/ask spread

Like AmmPrice, the loaded orderbook’s vault.selfAddress is recorded as sourceVault evidence. It is not a strategy-vault ownership check.

SyExchangeRate

Asserts a core vault’s SY/base exchange rate, loaded through CoreVault.load(...).

const report = await assertion.check({
  conditions: [{
    kind: VaultAssertionConditionKind.SyExchangeRate,
    coreVault: new PublicKey("..."),
    exchangeRate: { warnBelow: "1.03", blockBelow: "1.01" },
  }],
});

Parameter	Type	Description
`coreVault`	`PublicKey`	Required. Exponent Core vault address
`exchangeRate`	`NumberThreshold`	Required. Bound on `currentSyExchangeRate`

KaminoBorrowCapacity

Asserts that a Kamino obligation has the headroom to take on a new borrow at a target LTV. The evaluator loads the obligation, the collateral and borrow reserves, and computes the projected post-borrow LTV against maxLtvBps (with optional ltvBufferBps).

const report = await assertion.check({
  conditions: [{
    kind: VaultAssertionConditionKind.KaminoBorrowCapacity,
    market: new PublicKey("..."),
    collateralReserve: new PublicKey("..."),
    borrowReserve: new PublicKey("..."),
    requestedBorrowAtomic: 50_000_000n,
    maxLtvBps: 7_000,
  }],
});

Parameter	Type	Description
`market`	`PublicKey`	Required. Kamino lending market
`collateralReserve`	`PublicKey`	Required. Reserve holding the collateral side
`borrowReserve`	`PublicKey`	Required. Reserve being borrowed against
`requestedBorrowAtomic`	`NumericValue`	Required. Atomic amount of debt to take on
`maxLtvBps`	`number`	Required. Maximum projected LTV in basis points
`owner`	`PublicKey`	Optional. Obligation owner — defaults to the assertion owner
`obligation`	`PublicKey`	Optional. Pre-derived obligation PDA. Otherwise derived from `market` + `owner`
`projectedCollateralAtomic`	`NumericValue`	Optional. Override the projected collateral atomic amount
`minimumBorrowAtomic`	`NumericValue`	Optional. Minimum borrow that still satisfies caller intent
`ltvBufferBps`	`number`	Optional. Headroom buffer applied to `maxLtvBps`
`resizeToCapacity`	`boolean`	Optional. Allow the evaluator to suggest a smaller borrow that still fits inside `maxLtvBps`

KaminoWithdrawCapacity

Asserts that a Kamino obligation has the headroom to withdraw collateral while still satisfying maxLtvBps. Symmetrical to KaminoBorrowCapacity on the withdraw side.

const report = await assertion.check({
  conditions: [{
    kind: VaultAssertionConditionKind.KaminoWithdrawCapacity,
    market: new PublicKey("..."),
    collateralReserve: new PublicKey("..."),
    requestedWithdrawAtomic: 100_000_000n,
    maxLtvBps: 7_000,
  }],
});

Parameter	Type	Description
`market`	`PublicKey`	Required. Kamino lending market
`collateralReserve`	`PublicKey`	Required. Reserve holding the collateral being withdrawn
`requestedWithdrawAtomic`	`NumericValue`	Required. Atomic collateral amount to withdraw
`maxLtvBps`	`number`	Required. Maximum post-withdraw LTV in basis points
`owner`	`PublicKey`	Optional. Obligation owner — defaults to the assertion owner
`obligation`	`PublicKey`	Optional. Pre-derived obligation PDA
`minimumWithdrawAtomic`	`NumericValue`	Optional. Minimum withdraw that still satisfies caller intent
`projectedDebt`	`KaminoProjectedDebt`	Optional. Override projected debt as `{ borrowedValueSf }` or `{ borrowReserve, borrowedAtomic }`
`ltvBufferBps`	`number`	Optional. Headroom buffer applied to `maxLtvBps`
`resizeToCapacity`	`boolean`	Optional. Allow the evaluator to suggest a smaller withdraw that still fits inside `maxLtvBps`

ClmmCapacity

Asserts that a CLMM swap of amountInAtomic from inputMint to outputMint is executable against the live tick state.

const report = await assertion.check({
  conditions: [{
    kind: VaultAssertionConditionKind.ClmmCapacity,
    market: new PublicKey("..."),
    inputMint: new PublicKey("..."),
    outputMint: new PublicKey("..."),
    amountInAtomic: 1_000_000_000n,
  }],
});

Parameter	Type	Description
`market`	`PublicKey`	Required. CLMM `MarketThree` PDA
`inputMint` / `outputMint`	`PublicKey`	Required. Swap direction
`amountInAtomic`	`NumericValue`	Required. Atomic input amount
`minimumExecutableInputAtomic`	`NumericValue`	Optional. Minimum input that still satisfies caller intent
`resizeBelowMaximum`	`boolean`	Optional. Allow the evaluator to suggest a smaller input that fits inside live capacity
`slippageBps`	`number`	Optional. Slippage budget applied to expected output
`capacitySnapshot`	`ClmmCapacitySnapshot`	Optional. Pre-fetched `{ maxExecutableInputAtomic, expectedOutputAtomic? }` — skips an RPC read

SyBacking

Asserts that an SY mint is sufficiently backed by its underlying. Useful pre-flight before stripping or redeeming SY-denominated positions.

const report = await assertion.check({
  conditions: [{
    kind: VaultAssertionConditionKind.SyBacking,
    syMint: new PublicKey("..."),
    requiredUnderlyingAtomic: 1_000_000_000n,
  }],
});

Parameter	Type	Description
`syMint`	`PublicKey`	Required. SY mint to verify
`requiredUnderlyingAtomic`	`NumericValue`	Optional. Underlying backing the caller expects to be available
`snapshot`	object	Optional. Pre-supplied `{ sySupplyAtomic, underlyingBackingAtomic, exchangeRate, lastUpdatedSlot }`
`blockWhenInsufficient`	`boolean`	Optional. Default `true` — block (rather than warn) when backing is insufficient

PolicyCoverage

Asserts that the strategy vault’s policies cover a required list of programs. Useful for catching missing policies before a flow that depends on them.

const report = await assertion.check({
  conditions: [{
    kind: VaultAssertionConditionKind.PolicyCoverage,
    requiredPrograms: [JUPITER_LEND_BORROW_PROGRAM_ID, KAMINO_LENDING_PROGRAM_ID],
  }],
});

Parameter	Type	Description
`requiredPrograms`	`PublicKey[]`	Required. Program IDs every vault policy set should cover
`policySnapshot`	`VaultPolicySnapshot`	Optional. Pre-supplied snapshot — otherwise read from loaded vault state
`blockWhenMissing`	`boolean`	Optional. Default `true` — block (rather than warn) when a required program isn’t covered

WithdrawalQueue

Asserts the state of the strategy vault’s withdrawal queue — useful for managers running fill/execute flows who want to refuse to act when there’s an unfilled or past-due withdrawal.

const report = await assertion.check({
  conditions: [{
    kind: VaultAssertionConditionKind.WithdrawalQueue,
    blockWhenUnfilled: true,
    blockWhenPastDue: true,
  }],
});

Parameter	Type	Description
`blockWhenUnfilled`	`boolean`	Optional. Block when there’s at least one unfilled withdrawal
`blockWhenPastDue`	`boolean`	Optional. Block when there’s at least one past-due withdrawal
`snapshot`	object	Optional. Pre-supplied `{ accounts, lpLockedForWithdrawalAtomic?, pendingWithdrawalBacklogDueAt?, nowUnix? }` — otherwise the evaluator fetches via the loaded vault fetcher

Custom Conditions

Custom conditions let you express app-specific policy that doesn’t belong as a generic SDK condition. They share the same audit-trail and evidence semantics as built-in conditions.

const report = await assertion.check({
  conditions: [{
    kind: VaultAssertionConditionKind.Custom,
    async evaluate(ctx) {
      const vaultUsdcTokenAccount = new PublicKey("...");
      const balance = await ctx.fetchTokenAmount(vaultUsdcTokenAccount);

      if (balance > 10_000_000n) {
        return ctx.block("Idle USDC exceeds cap", {
          observed: { balance },
          thresholds: { maxBalance: 10_000_000n },
          accounts: { vaultUsdcTokenAccount },
        });
      }

      return ctx.allow("Idle USDC within cap", {
        observed: { balance },
        accounts: { vaultUsdcTokenAccount },
      });
    },
  }],
});

The ctx (VaultAssertionContext) gives the evaluator first-class RPC access and report helpers:

Field / Method	Description
`connection`	The assertion’s `Connection`
`vault` / `vaultAddress`	Loaded strategy vault data and its address
`owner`	Effective owner used by the assertion
`referenceSlot` / `latestObservedSlot`	Slot baseline and the most recent slot observed in this run
`commitment`	The configured commitment
`slotAge(lastUpdatedSlot)`	Non-negative slot age relative to `referenceSlot`
`fetchAccountInfo(address)`	Read and cache a raw account for the run
`fetchTokenAmount(tokenAccount)`	Read an SPL token amount as `bigint`
`fetchKaminoObligation(obligation, programId?)`	Fetch and decode a Kamino obligation snapshot
`fetchDecodedKaminoObligation(obligation, programId?)`	Fetch and decode a raw Kamino `Obligation` account (lower-level than the snapshot helper)
`fetchKaminoReserve(reserve, programId?)`	Fetch and decode a raw Kamino `Reserve` account
`allow(message, evidence?)`	Build an allow result
`warn(message, evidence?)`	Build a warn result
`block(message, evidence?)`	Build a block result

Helpers cache reads within a single check() run. Evidence is normalized into JSON-safe report data — BigInt, BN, Decimal, PublicKey, Date, Buffer, Uint8Array, non-finite numbers, and cyclic objects are all handled.

Invalid return values from evaluate(...) (e.g., a thrown error or a malformed result) are converted into blocking evaluation_error entries rather than crashing the whole run.

Gating a Transaction

The expected integration is caller-controlled: assert first, decide second, build/send last.

import {
  VaultAssertion,
  VaultAssertionConditionKind,
  VaultTransactionBuilder,
} from "@exponent-labs/exponent-sdk";

const assertion = await VaultAssertion.create({ connection, vault });

const report = await assertion.check({
  conditions: [
    { kind: VaultAssertionConditionKind.VaultCoreState },
    {
      kind: VaultAssertionConditionKind.KaminoLtv,
      obligation: kaminoObligation,
      ltv: { warnAboveBps: 6_800, blockAboveBps: 7_200 },
    },
  ],
});

if (report.decision === "block") {
  return;   // skip the run; surface report.causes to your operator/log
}

const result = await VaultTransactionBuilder
  .create({ vault, connection, signer: manager.publicKey })
  .addActions([/* ... */])
  .build();

await result.send({ signers: [manager] });

report.causes and report.checks are JSON-safe — log them, ship them to a dashboard, or surface them to a manager UI. The decision belongs to the caller.

Strategy Vault Basics

Vault Creation & Operations

Vault Strategy & Policies

Other Resources

Quick Start

Report Shape

Timing

Thresholds

Built-In Conditions

VaultCoreState

VaultPriceCoverage

KaminoLtv

AmmPrice

ClmmPrice

OrderbookPrice

SyExchangeRate

KaminoBorrowCapacity

KaminoWithdrawCapacity

ClmmCapacity

SyBacking

PolicyCoverage

WithdrawalQueue

Custom Conditions

Gating a Transaction

​Quick Start

​Report Shape

​Timing

​Thresholds

​Built-In Conditions

​VaultCoreState

​VaultPriceCoverage

​KaminoLtv

​AmmPrice

​ClmmPrice

​OrderbookPrice

​SyExchangeRate

​KaminoBorrowCapacity

​KaminoWithdrawCapacity

​ClmmCapacity

​SyBacking

​PolicyCoverage

​WithdrawalQueue

​Custom Conditions

​Gating a Transaction

Quick Start

Report Shape

Timing

Thresholds

Built-In Conditions

VaultCoreState

VaultPriceCoverage

KaminoLtv

AmmPrice

ClmmPrice

OrderbookPrice

SyExchangeRate

KaminoBorrowCapacity

KaminoWithdrawCapacity

ClmmCapacity

SyBacking

PolicyCoverage

WithdrawalQueue

Custom Conditions

Gating a Transaction