Drift Protocol — Program ID & Overview
dRiftyHA39MWEi3m9aunc5MzRF1JYuBsbn6VPcn33UH Drift Protocol is a decentralized perpetual futures exchange and lending platform on Solana. It uses a virtual AMM (vAMM) combined with a decentralized orderbook for price discovery and trade execution.
Program ID
dRiftyHA39MWEi3m9aunc5MzRF1JYuBsbn6VPcn33UH
Market types
| Type | Description |
|---|---|
| Perpetual | Leveraged futures with no expiry, funding rate mechanism |
| Spot | Spot trading and lending/borrowing |
Key concepts
vAMM (Virtual AMM): Drift’s vAMM provides guaranteed liquidity. It does not hold actual tokens but uses a virtual reserve model to calculate prices. Real liquidity comes from the decentralized orderbook and JIT (Just-in-Time) liquidity providers.
JIT liquidity: Market makers provide just-in-time liquidity by filling orders within a 5-second auction window. This reduces slippage compared to pure vAMM execution.
Insurance fund: Each market has an insurance fund that covers socialized losses (when a position is liquidated at a loss greater than its collateral).
Key instructions
| Instruction | Description |
|---|---|
InitializeUser | Creates a user account with sub-accounts |
Deposit | Deposits collateral |
PlacePerpOrder | Places a perpetual futures order |
PlaceSpotOrder | Places a spot order |
CancelOrder | Cancels an open order |
FillPerpOrder | Fills a pending order (keeper) |
Liquidate | Liquidates an undercollateralized position |
Withdraw | Withdraws available collateral |
Drift SDK
import { DriftClient, Wallet } from "@drift-labs/sdk";
const driftClient = new DriftClient({
connection,
wallet: new Wallet(keypair),
env: "mainnet-beta",
});
await driftClient.subscribe();
const user = driftClient.getUser();
console.log("Free collateral:", user.getFreeCollateral().toString());
console.log("Leverage:", user.getLeverage().toString());Perpetual funding rate
Perpetual markets use a funding rate to keep the contract price aligned with the oracle (spot) price:
- If perp price > oracle price: longs pay shorts (positive funding).
- If perp price < oracle price: shorts pay longs (negative funding).
- Funding is settled continuously.
FAQ
What leverage is available on Drift? Maximum leverage depends on the market. SOL-PERP supports up to 20× leverage. Other markets may have different limits based on liquidity and risk parameters.
How are liquidations handled? When a user’s margin ratio falls below the maintenance margin, their position can be partially liquidated by keeper bots. The keeper receives a liquidation fee as incentive.
Can I use Drift for lending/borrowing? Yes. Drift’s spot markets support lending and borrowing. Deposited collateral automatically earns lending yield. Borrowers pay interest based on utilization rates.
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