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Earn

A 10% reserve factor is applied to all borrow interest payments. Borrowers pay the full interest rate, lenders receive 90%, and 10% goes to the protocol treasury.
Like all DeFi protocols, lending on-chain carries risk. The main risks include:
  • Smart contract risk: a bug or vulnerability in the code could be exploited.
  • Oracle risk: inaccurate or delayed price data could affect position valuations.
  • Borrower default risk: in extreme volatility, collateral value may drop faster than the system can liquidate.
  • Market and liquidity risk: yield depends on borrowing demand and may decrease. Withdrawals may be temporarily limited during high activity.
  • Stablecoin depeg risk: a depeg event on supplied or borrowed stablecoins could affect pool balance.
  • Wallet and interface risk: compromised wallets or fake websites can expose funds.
For full details, see the Earn risks section. Never deposit more than you are willing to lose.
Depositing: There are no limits on how much you can deposit.Withdrawing: Dynamic limits control how much can be withdrawn at any single moment. These limits expand gradually (25% every 6 hours for most vaults, up to 50% for some), allowing smooth and predictable withdrawals while protecting the system from sudden large outflows.To check the current withdrawable amount, go to Earn Statistics.
Your earnings are automatically compounded into your deposit. You don’t need to claim them manually.When you supply assets to Earn, the protocol continuously adds your interest back into your position. This means your total value grows over time, but the number of JL Tokens you hold stays the same.Even if your token balance looks unchanged, your JL Tokens are becoming more valuable as they accumulate yield.
This is normal. When you deposit, you receive JL Tokens that represent your share of the Earn pool. They are not pegged 1:1 to the asset you deposited.Over time, the value of each JL Token increases as yield compounds. You start with fewer JL Tokens than the tokens you deposited, but each one becomes worth more, giving you a higher total value when you withdraw.
You can find detailed explanations for all the metrics displayed on the Statistics page, including reserves, reserve factor, and APY breakdowns, in the Statistics overview.

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Borrow

This is the most important risk to understand when borrowing. If the value of your collateral falls and your debt-to-collateral ratio exceeds the , your position is eligible for liquidation. This means some of your collateral may be automatically sold to repay part of your loan.Monitor your status and either add more collateral or repay part of your loan if conditions worsen.
Beyond liquidation risk, borrowing on-chain carries additional risks:
  • Smart contract risk: a bug or vulnerability in the code could be exploited.
  • Market risk: general crypto volatility can affect the value of your collateral.
Never borrow more than you can comfortably repay.
Vaults let you borrow assets using specific collateral types. You can create multiple vaults with different asset pairs and manage risk independently.Powered by Fluid’s modular Liquidity Layer, vaults offer:
  • High LTVs (Loan-to-Value), with some vaults supporting up to 95% of collateral value
  • Competitive rates for both lenders and borrowers
  • Low liquidation penalties (vary by vault)
  • Automated ceilings to prevent risky large movements
  • Efficient tick-based liquidations with lower gas costs
  • Capital efficiency through unified liquidity across the protocol
Your collateral value and interest rate are updated continuously on-chain. The collateral price comes from real-time oracle feeds, and borrow interest accrues continuously based on your open position.There is no fixed charging schedule. The borrow cost is automatically reflected in your Position Health and total debt whenever you open or refresh the page.
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.The NFT is transferable: moving it to another wallet transfers the entire position.Do not burn this NFT while the position is open. It is required to manage and withdraw the funds associated with the position.
If you only want to borrow USDC using JLP as collateral, you can use JLP Loans, which is designed for that specific pair.If you want to borrow other assets, use Multiply, or manage several strategies in one place, use Jupiter Lend. Jupiter Lend also provides features like partial liquidation, cross-asset borrowing, and higher capital efficiency.
The amount you can borrow depends on the value and type of collateral you supply. Each asset has a specific ratio: for every $100 worth of collateral, you can borrow up to that percentage (e.g., $75 at 75% LTV).You can see the specific LTV for each asset when you select it.
These errors usually mean the for that token has been closed, so there is no account for the funds to settle into. Recreate it by holding a small amount of that token again — buy or swap for a tiny amount — then retry the withdrawal or unwind.

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Smart Vaults

For the full picture, see the Smart Vaults page.
Smart Vaults are vaults where the collateral, the debt, or both are token pairs that double as liquidity for Jupiter AMM. Swaps routing through your position generate trading fees that flow back to it, displayed as Trading APR: positive on the collateral side (extra yield), negative on the debt side (reduced borrow cost).They were introduced with Jupiter Lend v2 (August 2026) and live under the Smart Vaults tab, alongside a toggle in the standard Borrow and Multiply lists. Smart Vaults are strictly opt-in, per position: standard Earn, Borrow, and Multiply positions have no exposure to Jupiter AMM.
Smart Collateral means your supplied collateral is a token pair earning trading fees on top of lending yield. Smart Debt means your borrowed debt is a token pair, with trading fees offsetting part of your borrow cost. A vault can use either one, or both at once (the combined type is listed as coming soon at launch). The three combinations are described on the Smart Vaults page.
This is expected behavior, not an error. With a smart pair, you owe (or supply) a pair of tokens, and its composition shifts continuously as traders swap through the pool. If you borrow $1,000 USDC and $1,000 USDT, you may later owe $800 USDC and $1,200 USDT: the total stays the same, the mix moves.This is called composition risk. On stable pairs it is essentially neutral; on correlated pairs it exists but stays small in normal conditions. A depeg or a sustained divergence between the pair can still move your position’s composition. See Rebalancing and composition risk.
It can, but only in rare, short-lived periods. On Smart Debt, trading fees offset your Borrow APY; if exceptionally high volume routes through your debt pool, the Trading APR can briefly exceed the Borrow APY and flip the net cost in your favor. Treat it as an occasional side effect, not something to count on: trading fees depend on volume and borrow rates follow utilization.
Smart Earn is the supply-only way to use Jupiter AMM: you deposit a token pair that serves as pool liquidity and earn lending and trading fees, with no borrowing and no liquidation risk. Each vault has a supply cap (Max Supply); deposits stop once it is reached. See the Smart Earn section.
Variable Proportion lets you input either token of the pair, or both, in any amounts; the protocol swaps internally to match the pool’s ratio, and the internal swap pays the pool’s DEX trading fee. Fixed Proportion lets you input one asset and auto-calculates the second so both legs match the pool’s ratio exactly, with no internal swap fee.
On the Statistics page, under the DEX tab. Each pool displays its reserves, Pool Price, price ranges, trading fee, and revenue cut in real time.

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Strategies

Multiply lets you choose any leverage level on any supported vault, giving you full control over your position size, collateral, and debt asset.Strategies are pre-built positions that apply maximum leverage automatically on a curated set of pegged vaults (e.g., JupSOL/SOL, JUICED/USDC). They are designed for one-click entry: you deposit, and the protocol handles the looping at max leverage.Both products use the same underlying mechanics, the same liquidation rules, and the same fees. The difference is flexibility (Multiply) versus convenience and curation (Strategies).
Strategies apply maximum leverage by design, meaning your debt-to-collateral ratio sits close to the Liquidation Threshold from the moment the position is opened. The safety margin is reduced compared to a standard Multiply position.The main risks are:
  • Rate risk: If the Borrow APY exceeds the Supply APY for a sustained period, your Position Health deteriorates faster at max leverage.
  • Depeg risk: For pegged vaults backed by external mechanisms (SyrupUSDC, LBTC), a depeg of the collateral asset could impact your position. For others (JupSOL, INF), the oracle uses on-chain redemption rates and is unaffected by market depegs.
  • Liquidation: If your ratio reaches the Liquidation Threshold, part of your collateral is automatically sold. Penalties vary by vault.
You can simulate liquidation risk at max leverage using the Liquidation Calculator.
No. Withdrawing fully unwinds your position in a single transaction. The system swaps your collateral to repay all outstanding debt, then returns the remaining assets to your wallet. Partial withdrawals are not supported for Strategies.
For new positions, the first signature creates your position account on-chain (including the Position NFT). The second signature applies leverage by depositing your collateral, borrowing, swapping, and re-depositing in a single flashloan-powered loop.If you already have a position and are adding more collateral to it, only one signature is needed.
Capacity is the remaining borrowable amount in the strategy’s underlying vault. Because strategies loop deposits at maximum leverage, this borrow headroom effectively caps how much can be deposited across all users. Each vault has a borrow ceiling that limits total leverage across all users. When capacity is low (“Filling fast”) or zero (“Filled”), new deposits may be limited or unavailable until existing positions are closed or the ceiling is raised.

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Multiply

Multiply is an automated leverage feature on Jupiter Lend that lets you increase your exposure to an asset by borrowing against your collateral and reinvesting it in a single, atomic transaction.
Multiply has no extra fees. It uses the same fee structure as Borrow.
Each Borrow or Multiply position is represented by a Position NFT, created when the position is opened and sent to your wallet. 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 while the position is open. It is required to manage and withdraw the funds associated with the position.
Multiply uses leverage, which amplifies both gains and losses. Positions can reach the Liquidation Threshold faster during adverse price movements.Your position is safe as long as the status stays below the . If it reaches the threshold, part of your collateral is automatically sold to restore balance. Liquidation penalties apply only to the liquidated portion and vary by vault.Higher leverage increases potential returns but also increases liquidation risk.
Each Multiply position has a defined , expressed as a maximum debt-to-collateral ratio that must not be exceeded.If price movements or an increase in debt cause your position to exceed this threshold, part of your collateral may be automatically sold to repay the loan.How to reduce liquidation risk:
  • Avoid maxing out leverage. Keep a safety buffer.
  • Reduce leverage (Unwind) if your position becomes risky.
  • Monitor your position regularly from the Lend dashboard.
The yield can come from the underlying asset’s native yield (such as staking rewards on LSTs or yield-bearing tokens) or from borrow demand in the liquidity layer.
When you Unwind, the protocol first repays your borrowed amount using part of your collateral.You may receive less of your original token back because:
  • A portion was sold to repay the debt
  • Swap and network fees were applied during the process
This is not a loss. It is the settlement of your loan and fees happening in one transaction.For Multiply positions where the supply token is SOL, you automatically receive native SOL when unwinding (no manual unwrapping required).
They are the same underlying action: selling part of your collateral to repay debt, reducing your leverage. Unwind is the name used on Multiply positions. Deleverage is the equivalent action available in the Actions tab of Borrow positions.
The depeg value shows the percentage difference between the DEX on-chain price and the oracle price.Because Multiply and Unwind execute swaps in opposite directions, they interact with liquidity differently:
  • Multiply: swaps debt asset into collateral asset
  • Unwind: swaps collateral asset into debt asset
Since market depth and routing conditions vary by direction, the depeg shown for each action can differ.

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Bitwise x Ethena Market

For full details on this market, see the Markets page.
A lending market on Jupiter Lend co-curated with Bitwise, isolated from the Jupiter Market, and built around Ethena USDe and Paxos USDG alongside SOL. It operates as a fully separate market — activity here does not affect, and cannot be affected by, the Jupiter Market.
Yes. The Bitwise x Ethena Market is isolated from the Jupiter Market at the contract level. Your exposure is limited to assets and positions held in this market, with no exposure to the Jupiter Market.
Bitwise is a crypto asset manager and co-curator of this market. As co-curator, they worked alongside Jupiter to design the risk parameters, asset selection, and overall structure of the Bitwise x Ethena Market.
There are four ways to participate:
  • Earn passive yield by depositing USDG.
  • Borrow USDe or USDG using SOL or USDe as collateral.
  • Multiply your USDe exposure using leveraged loops against USDG.
  • Enter a Strategy (USDe Loop) with one click to amplify your yield automatically.
Deposit USDG to lend it out to borrowers in this market and earn variable interest. Jupiter Lend automatically routes deposits to the best available rate within the market, with no manual steps required.
Three Borrow pairs are available in this market:
  • SOL → USDe (80% LTV, 85% Liquidation Threshold)
  • SOL → USDG (80% LTV, 85% Liquidation Threshold)
  • USDe → USDG (92% LTV, 94% Liquidation Threshold)
Supply the collateral asset, then borrow against it up to the displayed LTV for that pair.
Multiply amplifies your USDe exposure in a single transaction. The USDe / USDG vault supports up to 12.3x leverage (92% LTV, 94% Liquidation Threshold). It borrows USDG against your USDe collateral and loops the proceeds back into USDe, compounding the position without manual steps.
USDe Loop is a one-click strategy that borrows USDG and repeatedly loops it into USDe to amplify yield. It applies maximum leverage automatically via a flashloan in a single atomic transaction. The displayed APY reflects current rates and fluctuates as Supply APY and Borrow APY change.
The main risks in the Bitwise x Ethena Market are:
  • Smart Contract Risk — a bug or vulnerability in the code could be exploited.
  • Market Risk — SOL, USDe, and USDG can change in value. A drop in collateral value can trigger liquidation.
  • Depeg Risk — if USDe loses its peg, collateral value drops sharply and liquidation risk increases significantly, especially at high leverage.
  • Rate Risk — Borrow APY can spike or Supply APY can drop, compressing or reversing yield on leveraged positions.
  • Leverage Risk — Multiply and Strategy positions amplify both gains and losses. Small adverse moves have an outsized impact at high multipliers.
Use this market carefully and never deposit or borrow more than you are willing to lose.