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Documentation Index

Fetch the complete documentation index at: https://continuum-ec12e897.mintlify.app/llms.txt

Use this file to discover all available pages before exploring further.

Continuum is a Solana protocol for 24/7 synthetic exposure to real-world assets - equities, indices, commodities, FX. You deposit USDC, you get paired long and short tokens that track the asset’s NAV. Sell either side on a DEX, hold to maturity, or redeem the pair back to USDC at any time. It is not a perp DEX, not a margin platform, not a wrapped-asset protocol. There are no funding rates, no liquidations, no leverage. The position is an SPL token.

Quickstart

Mint your first paired position on devnet in five minutes.

Concepts

The mental model: paired tokens, NAV, oracle, keeper, CLP.

Build

TypeScript SDK setup, IDLs, PDAs, end-to-end examples.

Programs

On-chain instruction and account reference.

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What you can build

Continuum is composable - long and short tokens are standard SPL tokens. Some examples:
  • Wrapper UIs that present long-only or short-only flows on top of the paired primitive.
  • Structured products (delta-neutral baskets, covered-call simulators, dispersion plays) that combine multiple Continuum markets.
  • Trading bots that arb pool prices vs NAV - the same way the keeper does, but for any market.
  • Portfolio analytics that read on-chain market state and compute position P&L from NAV, no off-chain feed required.
  • CPI integrations where another Solana program holds, mints, or redeems Continuum positions as part of a larger flow.

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How it works in one paragraph

A user calls mint_paired(amount) on the mint-redeem program. The program reads the on-chain NAV, transfers amount USDC into the market’s collateral vault, and mints matched long (L) and short (S) tokens to the user. The two NAVs are bound by a constant-product invariant - L_NAV × S_NAV = initial_l × initial_s - so as one side appreciates the other depreciates reciprocally. To exit, the user calls redeem_paired(l_amount, s_amount) and gets USDC back at NAV. In between, both tokens trade on Meteora DLMM pools where a keeper bot runs an arbitrage loop that pulls pool prices toward NAV. All of this is on-chain Solana state - no off-chain custodian, no oracle dependency that can freeze user funds.

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Where this doc lives in the stack

┌─────────────────────────────────────────────────────────────┐
│                       You (developer)                        │
│  Frontend / bot / structured product / CPI program           │
└──────────────────────────┬──────────────────────────────────┘
                           │ TypeScript SDK / Anchor / web3.js
                           ▼
┌─────────────────────────────────────────────────────────────┐
│                  Continuum on-chain programs                 │
│   mint-redeem · oracle · clp · registry · faucet (devnet)    │
└──────────────────────────┬──────────────────────────────────┘
                           │
                           ▼
┌─────────────────────────────────────────────────────────────┐
│                    Solana base layer + Meteora DLMM          │
└─────────────────────────────────────────────────────────────┘
The keeper bot runs separately, off-chain, and signs as the privileged keeper_authority for arbitrage and DLMM rebalancing. It is not in your call path - your transactions go directly to the on-chain programs.

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Core invariants you can rely on

  1. Paired-only mint/redeem for users. The mint-redeem program rejects any single-sided mint or redeem from non-keeper signers. There is no path by which a user becomes under-collateralized.
  2. Constant-product NAV. L_NAV × S_NAV = initial_l × initial_s always holds. Combined pair value L_NAV + S_NAV stays bounded as one side rises and the other falls reciprocally.
  3. Oracle-gated quoting. The oracle program runs a state machine (Normal / ProxyMode / Stress / Recovery); if it goes stale or fails, mint sizing is throttled and quote conservatism rises.
  4. OI cap per market. Each market has a hard oi_cap enforced on every mint. Once filled, mints are rejected; redeems remain open.
See Solvency invariants for the complete list.

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What’s not here

Continuum deliberately omits things you might expect from a perp DEX:
  • No funding rate. The constant-product NAV invariant bounds pair value naturally; no one needs to drain holders of the popular side.
  • No liquidations. A paired position cannot become under-collateralized.
  • No leverage. Mint cost equals NAV × pair count. Pre-paid in full.
  • No in-house AMM. Trading happens on Meteora DLMM pools. The protocol’s own LP capital lives in those pools as a normal Meteora position.
  • No user yield vaults. The CLP capital is operator-funded for the MVP.

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