marginfi — Program ID & Overview

MFv2hWf31Z9kbCa1snEPYctwafyhdvnV7FZnsebVacA

marginfi is a lending and borrowing protocol on Solana. Users deposit assets to earn yield and borrow against their collateral. marginfi uses a risk-tiered system to manage protocol solvency.

Program ID

MFv2hWf31Z9kbCa1snEPYctwafyhdvnV7FZnsebVacA

Architecture

Account	Description
MarginfiGroup	Global configuration for a lending group
Bank	Individual asset reserve (SOL bank, USDC bank, etc.)
MarginfiAccount	User’s account holding deposits and borrows

Risk tiers

marginfi classifies assets into risk tiers that determine how they interact:

Tier	Description
Collateral	Can be used as collateral for borrows
Isolated	Can only be borrowed in isolation (no mixing with other borrows)
Volatile	Higher-risk assets with lower LTV

Key instructions

Instruction	Description
`MarginfiAccountInitialize`	Creates a user account
`LendingAccountDeposit`	Deposits tokens into a bank
`LendingAccountBorrow`	Borrows tokens against collateral
`LendingAccountRepay`	Repays borrowed tokens
`LendingAccountWithdraw`	Withdraws deposited tokens
`LendingAccountLiquidate`	Liquidates an unhealthy account

Interest rate model

marginfi uses a piecewise linear interest rate curve:

Rate
  ↑
  |                    ╱
  |                  ╱
  |                ╱  ← kink point
  |          ────╱
  |     ────
  |────
  └──────────────────→ Utilization %

Below the optimal utilization (kink), rates increase slowly. Above it, rates increase sharply to incentivize repayment and new deposits.

Using the SDK

import { MarginfiClient, getConfig } from "@mrgnlabs/marginfi-client-v2";

const config = getConfig("production");
const client = await MarginfiClient.fetch(config, wallet, connection);

const account = await client.createMarginfiAccount();
const banks = client.banks;

// Deposit SOL
const solBank = [...banks.values()].find(b => b.label === "SOL");
await account.deposit(1_000_000_000, solBank.address); // 1 SOL

FAQ

What happens during a liquidation? When an account’s health factor drops below 1 (borrows exceed collateral × LTV), liquidators can repay a portion of the debt and receive the equivalent collateral plus a liquidation bonus. Liquidations are partial to minimize market impact.

How are interest rates determined? Rates are set by the utilization curve parameters: base rate, optimal utilization, and the rate at optimal and maximum utilization. Each bank (asset) has its own rate parameters.

Can I flash borrow on marginfi? marginfi supports flash loans where you borrow and repay within the same transaction. This is used for liquidations, leveraged strategies, and arbitrage.

Updated: 2026-10-21