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What is Borrow

Borrow on Jupiter Lend lets you unlock liquidity without selling your assets. You can deposit tokens like SOL, mSOL, or JitoSOL as collateral, and borrow another asset, usually a stablecoin such as USDC or USDT. This means you can keep exposure to your tokens while using the borrowed funds to trade, invest, or earn yield elsewhere.
Collateralized loans — Every loan is overcollateralized: your deposited assets must be worth more than what you borrow. Each collateral type has its own Loan-to-Value (LTV) ratio that determines your maximum borrowing limit.Dynamic interest rates — Borrow rates adjust based on supply and demand within each vault. When borrowing demand is high, rates rise to protect liquidity. When demand is low, rates fall. Each vault has its own rate parameters and curve, which you can inspect on the Statistics page.Liquidation system — If your collateral value drops, your Position Health status moves closer to the Liquidation Threshold (LT). When it reaches the threshold, Jupiter Lend automatically liquidates just enough collateral to restore safety. Liquidations are partial by default: only the minimum amount required to bring the position back to a healthy state is sold.
Liquidations are partial, not total. Only what’s required to restore your position is sold. The liquidation penalty applies only to the liquidated portion and varies by vault.
Example:You deposit 10 SOL worth $2,000 into a vault.If the LTV for SOL is 75%, you can borrow up to $1,500 USDC. Your position remains healthy as long as your debt-to-collateral ratio stays below the Liquidation Threshold.If SOL’s price falls and your ratio crosses the threshold, a small portion of your SOL is sold to repay part of your debt and bring the position back to safety.
Always monitor your Position Health status directly in the Jupiter Lend interface.
Final APY is the effective annual return on your position’s net value, which is your total collateral minus your total debt. It factors in both:
  • Interest earned on your supplied collateral (if applicable)
  • Interest paid on your borrowed asset
The displayed percentage applies to your net value only, not to your total collateral. The higher your leverage, the smaller your net value relative to the total position, so this distinction becomes more significant as leverage increases.Example:You deposit 1,000ofSOLandborrow1,000 of SOL and borrow 500 USDC. Your net value is 500.IftheFinalAPYis10500. If the Final APY is 10%, you earn 10% on that 500, not on the full $1,000 of collateral.
Jupiter Lend allows you to deposit, borrow, repay, or swap within a single transaction. This reduces the number of steps required to manage your position and limits exposure to intermediate states.

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Why use Borrow

Borrowing on Jupiter Lend gives you flexibility and control over your on-chain capital:

Unlock liquidity without selling

Access capital while keeping exposure to the assets you believe in.

Stay productive with your capital

Use borrowed funds to trade, farm, hedge, or diversify. You can also borrow yield-bearing assets to remain capital-efficient.

Full flexibility

No lockups. Repay anytime, based on your strategy and market conditions.

Clear parameters, real-time control

Transparent risk metrics, live monitoring, and automated liquidations designed to minimize unnecessary impact.

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Specialized Vault Types

Beyond standard collateral vaults, Jupiter Lend supports two additional vault types that extend what you can borrow against:

Native Staked Vaults

Borrow SOL against your natively staked SOL, without unstaking and without interrupting staking rewards. Each vault is linked to a specific validator.

JUICED

Use JUICED (the JL Token for JupUSD) as collateral to borrow stablecoins. Your JUICED continues to accrue yield while locked as collateral.

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How it works

You open a borrow position by depositing supported assets as collateral and borrowing another token against it. The maximum you can borrow depends on the vault’s LTV ratio. Your position is then continuously evaluated using real-time oracle prices to track risk and ensure the vault remains properly collateralized.
When you borrow, Jupiter Lend creates a dedicated vault for your position.This vault stores your deposited collateral, the borrowed amount, and key parameters such as LTV, Position Health, and liquidation thresholds.Your borrowing capacity depends on the asset’s Loan-to-Value (LTV) ratio. For example, if SOL has an LTV of 75%, you can borrow up to 75% of your collateral’s value in USD.Example:You deposit 10 SOL worth $2,000.At 75% LTV, your maximum borrow amount is $1,500 USDC.Borrowing less than the maximum gives you a safety buffer against price drops.

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Position NFT

Each Borrow or Multiply position is represented by a Position NFT, created when the position is opened.This NFT stores all position data (collateral, debt, risk parameters) and represents ownership of the position. It is transferable: moving it to another wallet transfers the entire position.
Do not burn this NFT. It is required to manage and withdraw the funds associated with the position.
Several key metrics determine your position’s safety and risk level:Loan-to-Value (LTV) is the maximum percentage of your collateral’s value that you can borrow. Each vault has a specific LTV. Borrowing at or near the maximum LTV leaves very little margin before liquidation.Liquidation Threshold (LT) is the debt-to-collateral ratio at which your vault becomes eligible for partial liquidation. The LT is always higher than the LTV, which is what creates the safety buffer between your maximum borrow and the liquidation point.Liquidation Max Limit (LML) is the hard limit. If your ratio exceeds this value, the position exits the normal tick-based liquidation system and is fully liquidated to zero.Position Health is the status that shows how close your position is to liquidation. It reflects your current debt-to-collateral ratio relative to the Liquidation Threshold. The closer you are to the threshold, the higher the risk.
Keep a comfortable margin below the Liquidation Threshold. The protocol continuously checks these values using live price feeds from Pyth, Chainlink, and Redstone.
Your Position Health updates automatically as prices fluctuate, ensuring your vault always reflects real-time market conditions.
When your Position Health reaches the Liquidation Threshold, the system automatically starts a partial liquidation to restore balance.
You can view and manage your vault directly from the Borrow page.Each position displays its collateral value, borrowed amount, LTV, and Position Health, all updated in real time.You can:
  • Repay part or all of your loan at any time.
  • Withdraw part of your collateral if your Position Health remains safe.
  • Close your position fully by repaying your total borrowed balance.
Keeping a healthy margin below the Liquidation Threshold ensures your position stays safe during price volatility.
If your collateral value falls and your debt-to-collateral ratio exceeds the Liquidation Threshold, the protocol triggers a tick-based partial liquidation.Only the minimum amount of collateral needed to restore your vault’s health is sold. The liquidation penalty applies only to the portion that is liquidated, not to your entire position. The penalty rate varies by vault.If the ratio exceeds the Liquidation Max Limit (LML), the position exits the tick system and is fully liquidated.Afterward, the vault is automatically rebalanced and recalculated.

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Fees

The primary cost of borrowing is the variable interest rate you pay on your loan, which is displayed for each asset.
  • Protocol fee: The protocol does not charge any additional fees on top of interest payments.
  • Solana network costs:
    • Metaplex metadata account: ~0.0151 SOL (to display the NFT name and logo)
    • NFT position account: ~0.00146 SOL (network rent for the NFT)
    • Tick initialization: ~0.00246 SOL (allows debt-to-collateral ratio setup for your specific borrowed asset pair)
Jupiter Lend uses a tick-based system to manage liquidations across different debt-to-collateral ratios.A tick represents a specific ratio level inside a vault. When a position enters a new ratio level that hasn’t been used before, the protocol initializes the corresponding tick on-chain. Ticks are spaced by 0.15% and are shared globally within a vault: once a tick is initialized by any user, all users can reuse it. Each tick is created only once per vault.As vault usage increases, fewer new ticks need to be initialized, which reduces transaction costs over time.Tick initialization during liquidations:In some cases, liquidations require initializing an additional on-chain account to store liquidation data for a given tick. Each liquidation-related tick account can record up to three liquidations. After the third, a new one may need to be initialized. These liquidation tick accounts are:
  • Shared globally per tick per vault (not per user)
  • Initialized only when needed
  • Usable for three liquidations before a new one is required
This tick-based design is a key reason why liquidations on Jupiter Lend are efficient and minimally punitive, enabling lower liquidation penalties and higher LTVs.