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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Depositing: There are no limits on how much you can deposit.Withdrawing: Dynamic limits control how much can be withdrawn at any single moment.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. 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 100worthofcollateral,youcanborrowuptothatpercentage(e.g.,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.

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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. 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
  • You may have received wSOL (the wrapped version of SOL), which you can unwrap at any time
This is not a loss. It is the settlement of your loan and fees happening in one transaction.
They are the same action. Unwind is the current name. It lets you close part or all of your Multiply position by automatically repaying your loan and returning the remaining collateral.Deleverage was the previous name.
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.