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A vault is a real Pacifica account and is subject to the same liquidation engine as any other account (Liquidations). On top of that, vault-specific controls bound what the manager can do, when the engine forcibly halts trading, and how the manager is required to remain aligned with depositors. This page collects those controls in one place. The economic split during PnL events is described separately in Profit & Loss.

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Trading Constraints on the Manager

Every order placed on a vault is checked against the vault’s trading configuration in addition to the standard exchange checks. Constraint violations are returned as errors at order submission time and do not consume any state. They are checked uniformly for both manual orders and orders placed via an agent key. whitelist, blacklist, and max_leverages can be updated by the creator at any time. Updates take effect on the next order. There is no notice period for depositors. See Managing a Vault → Mutability.

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Manager Balance Portion

The manager’s balance portion is the manager’s share of the vault’s total non-position USDC equity:
Two thresholds in the vault config govern how this ratio is enforced: manager_liquidation_balance_portion must be strictly less than manager_min_balance_portion if both are set. The gap between the two acts as a buffer: the manager has room to operate without being one bad tick away from a halt, but is required to top up past the higher threshold to resume trading. If neither portion is configured, the engine does not auto-halt the vault on manager-balance grounds, and the LP is exposed to a manager who can in principle hold zero capital in the vault.