> ## Documentation Index > Fetch the complete documentation index at: https://docs.continuum.markets/llms.txt > Use this file to discover all available pages before exploring further. # trading > Trading accounts over the Manifest order books and the pool, plus the short rebate, with its accounts, seven instructions, events and errors, grouped by who may sign. The trading program holds one rules account and one trader address per wallet. The wallet funds the account, and a browser trading key trades from it without a wallet prompt. The program also runs the [short rebate](/concepts/short-rebate), which pays cUSDC to S staked from a trading account. ``` Devnet ID: Anyy78cCJqapwvvFsignmQ45an5PCg9HfeDhDtAPNfmA IDL: idl/trading.json ``` The account instructions (`open_account`, `set_session`, `deposit`, `withdraw`, `place_orders`, `swap_pool`, `commit_order` and the rest) are listed on [Trading account](/flows/trading-account#program) and [Order book](/flows/order-book). This page covers the rebate. ## Accounts ### `RebateMarket` PDA ``` seeds = [b"rebate", market] ``` One per market. `market` is the mint-redeem `Market` PDA. The pot is the cUSDC token account at `[b"rebate_pot", market]`, owned by this PDA. | Field | Type | Purpose | | - | - | - | | `market` | Pubkey | The mint-redeem market | | `short_mint` | Pubkey | The market's S mint | | `pot` | Pubkey | The pot's token account | | `acc_per_unit` | u128 | Cumulative cUSDC atoms per staked S atom, times 1e12 | | `accrued_until` | i64 | The index is accrued up to this time | | `rate_bps` | u32 | Annual rate on the staked S's value, `cap_bps × ramp`, from the last refresh | | `cap_bps` | u32 | Twice the realised collateral yield, bps a year | | `yield_bps` | u32 | Realised collateral yield, bps a year | | `yield_mark_ts` | i64 | Time of the last yield measurement | | `yield_mark_total` | u64 | `total_yield_harvested` at that time | | `ema_x` | i64 | 14-day average of E / `oi_cap`, times 1e6 | | `ema_ts` | i64 | Time of the last step of that average | | `total_units` | u64 | S staked across all positions | | `funded_total` | u64 | cUSDC put into the pot, cumulative. Never above the yield harvested since the rebate opened | | `harvested_base` | u64 | `total_yield_harvested` when the rebate opened | | `allocated_total` | u64 | cUSDC committed to the index, cumulative. Never above `funded_total` | | `claimed_total` | u64 | cUSDC paid out, cumulative | | `bump`, `pot_bump` | u8 | PDA bumps | | `reserved` | \[u8; 64] | Spare space | ### `RebatePosition` PDA ``` seeds = [b"rebate_pos", market, trader] ``` One per trading account and market. `trader` is the account's trader address. The S it holds is in the vault, a token account at `[b"rebate_vault", market, trader]` owned by the position PDA. | Field | Type | Purpose | | - | - | - | | `market` | Pubkey | The mint-redeem market | | `trader` | Pubkey | The trading account's trader address | | `units` | u64 | S staked in the vault | | `debt` | u128 | `acc_per_unit` when `pending` was last brought up to date | | `pending` | u64 | Earned and not yet claimed, in cUSDC atoms | | `bump`, `vault_bump` | u8 | PDA bumps | | `reserved` | \[u8; 32] | Spare space | All four seeds are under the trading program. ## Instructions | Instruction | Signer | What it does | | - | - | - | | `init_rebate_market` | CLP authority | Creates the market's `RebateMarket` and pot | | `fund_rebate(amount)` | CLP authority | Moves cUSDC into the pot, within the harvested-yield bound | | [`refresh_rebate`](#refresh_rebate) | Anyone | Accrues the index, then recomputes the average, the yield and the rate | | [`open_rebate_position`](#open_rebate_position) | Anyone | Creates a trader's empty position and vault | | [`stake_rebate(amount)`](#stake_rebate) | Owner, session key or keeper | Moves S from the account into the vault | | [`unstake_rebate(amount)`](#unstake_rebate) | Owner or session key | Moves S from the vault back to the account | | [`claim_rebate`](#claim_rebate) | Owner, session key or keeper | Pays the position's earnings into the trader's own cUSDC account | The keeper here is the market's CLP authority. `amount` is in S atoms for stake and unstake, and in cUSDC atoms for funding. Stake, unstake and claim each accrue the index and settle the position before they move anything, which is why S earns exactly while it is staked. ### `refresh_rebate` Accounts: `mr_market`, `clp`, `rebate` (writable). The remaining accounts are the exposure inventory, the same four the [exposure cap](/programs/clp#exposure-cap) reads: the pool's long and short synth vaults, then the CLP's long and short token accounts. A market whose `oi_cap` is 0 reads no exposure and gets a rate of 0. It accrues the index at the old rate first, then updates the rate, so a refresh never rewrites the past. The 14-day average steps only after 900 seconds since its last step. The yield is re-measured after at least a day. It emits `RebateRefreshed`. ### `open_rebate_position` Accounts: `payer` (signer, writable), `account`, `trader`, `mr_market`, `rebate`, `position` (writable), `vault` (writable), `short_mint`, `token_program`, `system_program`. It only creates an empty position and vault, so anyone may pay the rent for it. The position starts with `debt` set to the current index, so it earns nothing for the past. ### `stake_rebate` Accounts: `authority` (signer), `account`, `trader`, `mr_market`, `clp`, `rebate`, `position`, `vault`, `trader_short`, `token_program`. The S comes from the trader's associated token account for the market's S mint. The trader address signs the transfer inside the program. The keeper may stake for an account, which only ever moves S into that account's own vault. ### `unstake_rebate` Takes the same accounts as `stake_rebate`. Only the owner or the account's active session key may sign it. The keeper may never unstake. It fails with `InsufficientStake` (6019) when `amount` is more than the position holds, and with `SessionExpired` when a session key has expired. ### `claim_rebate` Accounts: `authority` (signer), `account`, `trader`, `mr_market`, `clp`, `rebate`, `position`, `pot`, `trader_usdc`, `token_program`. `trader_usdc` must be the trader's associated cUSDC account, whoever signs, so a claim can't be redirected. A claim with nothing earned succeeds and moves nothing. ## Events | Event | Fields | | - | - | | `RebateMarketOpened` | `market`, `pot` | | `RebateFunded` | `market`, `amount`, `funded_total` | | `RebateRefreshed` | `market`, `exposure`, `cap`, `ema_x`, `yield_bps`, `cap_bps`, `rate_bps`, `total_units`, `pot_free` | | `RebateStaked` | `owner`, `market`, `amount`, `units` | | `RebateUnstaked` | `owner`, `market`, `amount`, `units` | | `RebateClaimed` | `owner`, `market`, `amount` | In `RebateRefreshed`, `exposure` is traders' net position E in cUSDC atoms (0 while the market is uncapped), and `pot_free` is the pot's cUSDC not yet committed to the index. ## Errors The rebate adds two errors to the trading program's list. | Code | Hex | Name | Raised when | | - | - | - | - | | 6019 | `0x1783` | `InsufficientStake` | `unstake_rebate` asks for more S than is staked | | 6020 | `0x1784` | `RebateFundingAboveYield` | `fund_rebate` would take cumulative funding above the yield the market has harvested since the rebate opened | Rebate instructions also use `NotAuthorized`, `SessionExpired`, `ZeroAmount`, `WrongTokenAccount` and `MathOverflow`. See [Errors](/reference/errors#trading). ## See also The rate, the cap and the pot. Setting up the account and staking from it. Every program and its signers. This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.