How the vault works.

One stock, one token. SpaceX is tokenized by three issuers: SPCXx by xStocks, SPCX by Backpack and SPCXon by Ondo. The vault holds liquidity in four Meteora DAMM v2 pools it owns, plus idle reserves of each token, and issues swSPCX, a pro-rata claim on all of it. Traders pay fees in those pools, a keeper moves liquidity toward the pools that earn the most, and arbitrage between pools adds profit that only lands when the vault ends with more.

How it fits together

traders / Jupiter ──swap──▶ four DAMM v2 pools (collect_fee_mode = Compounding, 0.30% fee)
                              1. SPCXx  / SPCX     stock–stock
                              2. SPCXon / SPCXx    stock–stock
                              3. SPCX   / USDC     stock–USDC
                              4. SPCXx  / SOL      stock–SOL
                              │  fee split per swap:
                              │   20%  Meteora protocol fee
                              │   64%  stays in reserves (holders' yield)
                              │   16%  claimable by the position → treasury (harvest)
                              ▼
                    one position NFT per pool, owned by the vault PDA
                    + vault reserves: SPCXx · SPCX · SPCXon · USDC · SOL
                              │
          deposit / redeem ───┤ shares ↔ pro-rata slice of every position and reserve
          keeper ─────────────┤ rebalance_remove · vault_swap · rebalance_add · arbitrage
                              ▼
                     swSPCX (SPL mint, authority = vault PDA)

The vault program is not in the path of ordinary swaps. They go straight to cp-amm, so any router can fill them.

The four pools

Pool	Kind	What it earns from
SPCXx / SPCX	stock–stock	Conversions between xStocks' and Backpack's SpaceX
SPCXon / SPCXx	stock–stock	Conversions between Ondo's and xStocks' SpaceX
SPCX / USDC	stock–USDC	People buying and selling SpaceX for dollars
SPCXx / SOL	stock–SOL	People buying and selling SpaceX for SOL

All four are full range (x·y = k) with a 0.30% fee in compounding mode. The vault is each pool's creator, so it owns the first position in each.

A share is a pro-rata claim on everything the vault holds: its position liquidity L[p] in every pool p and the idle balance R[k] of every reserve k.

deposit s shares → add ceil(s × L[p] / supply) liquidity to every pool and pay ceil(s × R[k] / supply) into every reserve
redeem s shares → remove floor(s × L[p] / supply) liquidity from every pool and receive floor(s × R[k] / supply) of every reserve

This has four consequences:

No oracle for the mix. cp-amm's own L × reserve / L_total rule prices the liquidity part, and the idle part is a plain fraction of a balance. Every rounding favours the vault. Only single-token deposits and redemptions use prices: the keeper's, inside a 2% band around the pools (see Deposit).
No donation or inflation attack on the liquidity. Only the vault can add liquidity to its positions. A token sent to a reserve is split among all holders like any other idle balance.
The keeper can't change the share count. Rebalancing and arbitrage move value between positions and reserves inside the vault. Holders can deposit or redeem between any two keeper steps.
Dust. Redeeming a few raw share units can pay out zero of a token. If cp-amm rejects that, the transaction fails and the holder keeps the shares.

Rebalancing

The keeper bot measures each pool's fee yield and sets a target share of the vault's value per pool, stored on-chain as target_weight_bps. It keeps a small idle buffer in the reserves, which also funds arbitrage. Then it moves liquidity toward the targets in three steps:

rebalance_remove takes liquidity out of an overweight pool into the vault's reserves.
vault_swap swaps between two reserves on a cp-amm pool, to get the pair an underweight pool needs. min_out bounds the price.
rebalance_add adds that liquidity to the underweight pool from the reserves.

Every step keeps the tokens inside the vault: from a position to a reserve, from one reserve to another, from a reserve to a position. The keeper signs with the vault's keeper key and is trusted to choose sizes and prices, but it can't mint shares or move funds out of the vault.

Arbitrage

When the same SpaceX trades at different prices across pools, for example Ondo's token cheaper than xStocks' in a market pool outside the vault, the keeper runs arbitrage: a swap cycle of 2 to 4 hops through the vault's pools and market pools that starts and ends in the same reserve.

Each hop swaps exactly what the previous one returned.
The cycle must end in the token it started from, and every other reserve ends where it started.
The program only lets it land if the starting reserve grew by at least min_profit. Otherwise the whole transaction fails.

Of the profit, 80% stays in the reserve for swSPCX holders and arb_fee_bps = 2000 (20%) goes to the treasury. Arbitraging its own pools also keeps value that the vault's positions would otherwise leak to outside arbitrageurs.

Instructions

Instruction	Who	What
`initialize_vault`	admin	Creates the vault for one stock and its share mint.
`add_asset`	admin	Registers a token the vault may hold (an issuer's SpaceX, USDC or wrapped SOL) and creates its reserve.
`add_pool`	admin	Creates a full-range compounding DAMM v2 pool for two registered assets, with the vault as its creator. The admin seeds it.
`deposit(shares, max_amounts)`	anyone	Pulls up to `max_amounts` of each token, adds the pro-rata liquidity to every pool, keeps the pro-rata idle slice, refunds the rest and mints `shares`.
`redeem(shares, min_amounts)`	holder	Burns shares and pays the pro-rata slice of every pool and reserve, in kind. Never paused by the vault.
`rebalance_remove`	keeper	Moves liquidity out of one vault pool into the reserves.
`vault_swap`	keeper	Swaps between two reserves on any cp-amm pool whose tokens are vault assets.
`rebalance_add`	keeper	Adds liquidity to one vault pool from the reserves.
`arbitrage`	keeper	A 2–4 hop swap cycle that must end with more of the starting token.
`harvest`	anyone	Sends a pool's claimable fee, the protocol's cut, to the treasury. In compounding pools that fee is in token B only.
`set_deposits_paused`	admin	Circuit breaker for issuer events (pause, freeze, depeg). Redemptions stay open.
`set_pool_weights`	admin	Sets the target share of the vault's value per pool.
`set_keeper`, `set_arb_fee`	admin	Changes the keeper key, or the treasury's share of arbitrage profit (at most 50%).

Reserve token accounts exist because cp-amm pulls liquidity from token accounts owned by the position's signer, which is the vault PDA.