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This guide walks through the Multiply product on Jupiter Lend: how to read the interface, create a leveraged position, manage it, and review your activity. For a breakdown of how Multiply works under the hood, its fees, and its risks, see the Multiply reference page.

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The Multiply page

Open the Multiply tab at jup.ag/lend. The page is organized into several blocks. A How it works link sits next to the page subtitle. It opens a short in-app explainer. For a deeper breakdown, use the Multiply reference page.

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Top Loops

A carousel at the top shows the five loops with the highest Max Leverage APY. Each card shows the collateral/debt pair, the current Max Leverage APY (highest Annual Percentage Yield achievable at the maximum multiplier on that pair), and a Multiply shortcut that opens the vault page directly.

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Your portfolio

With a wallet connected, three boxes summarize your positions: This page has no combined PnL: on the Jupiter Lend market, PnL is shown per position, in the top metrics of each position page. On the Sentora and Bitwise x Ethena markets, which have no Multiply tab, the Multiply section of the Market page shows Your Net Value and the combined PnL of your Multiply positions; hover PnL to see how it is computed (PnL = Final Net Value − Net Capital Change). The lifetime PnL of a position accounts for swap fees, interest paid and earned, and liquidations.

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Your Positions

A list of your Multiply positions across all vaults, labeled Your Positions. Each row shows the position ID, your supplied and borrowed amounts, the position’s Net APY, its current Multiplier, the Supply and Borrow APYs, and its Ratio with a Safe/Risky status. Each row links to the corresponding vault page for management. Use the grid/list toggle at the top right to switch views. If no positions are open, the UI shows “No positions found”. The eye icon next to the title hides or shows zero positions: positions you have closed, which keep no collateral and no debt. They are hidden by default, and the setting is saved in your browser.

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Loop Select

Two dropdowns filter the loops by asset:
  • Collateral: filter by the asset you want to supply as collateral.
  • Debt: filter by the asset you want to borrow against that collateral.

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Loops list

Below the filters, all available loops are listed. At the top of the list, a category bar narrows down by loop type: Loops on Smart Vaults, where the collateral or debt is a token pair serving as Jupiter AMM liquidity, are not in this list: they are in the Smart Multiply section of the Smart Vaults tab. See the Smart Vaults page and the dedicated walkthrough. Two additional controls are available next to the category bar:
  • By Supply: the grouping menu, by collateral asset (Supply Token, the default), by debt asset (Borrow Token), or No Grouping.
  • Sort: opens sort options (Collateral Factor, Liquidation Penalty, Liquidation Threshold, TVL, Total Supplied, Total Borrowed, Supply Rate, Borrow Rate, Max APY, Max Multiplier).
Each loop is grouped by a collateral asset (for example JLP). Expanding the group reveals all collateral/debt combinations available for that collateral. Each combination has its own row with these columns: As on the Borrow page, each row also has the oracle button and the borrow capacity ring, described in the Borrow walkthrough. Use the toggle at the top right of the list to switch between grid view (cards) and list view (table).

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Creating a Multiply position

Creating a new Multiply position takes two signatures: the first creates your Position NFT, the second deposits your collateral and applies leverage. Adding more leverage to an existing position requires only one signature.
1

Find a loop

Use the Loop Select dropdowns, the category bar, or the Top Loops shortcut to find the collateral/debt pair you want.
2

Open the vault page

Click the loop. You land on the vault page with the Multiply tab selected by default.The header shows the pair (for example JLP/JupUSD #0), along with the vault’s LTV, Liq. Threshold, and Liq. Penalty.
3

Enter the deposit amount

In the You deposit card, enter the amount of collateral you want to deposit. Use HALF or MAX to auto-fill.A leverage slider below the amount lets you preview target multipliers, from 1.1x up to the highest multiplier the form allows, which is set by the vault’s LTV and can sit slightly below the Max Multiplier shown in the header (for example 15.9x on the slider against 16.3x in the header). The markers shown on the slider are evenly spaced between the two ends.
4

Click Multiply and sign twice

Click Multiply (the button shows the chosen multiplier, for example Multiply 3x), confirm the acknowledgement, and approve the two transactions in your wallet. The button reads “Creating Position (1/2)…” while the first one creates your Position NFT (a one-time network cost of about 0.02 SOL or less), then “Applying Leverage (2/2)…” while the second one flash-borrows the debt, swaps it into collateral, and deposits it with your collateral to reach your chosen multiplier. The second transaction is atomic.If the second transaction fails, click Multiply again: the app reuses the position created by the first one.
5

Review your position

Once confirmed, the vault page shows your full position: Net Value, Final APY, current Multiplier, Supply APY, Borrow APY, and Position PNL. You can manage it through the action tabs below.

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Collateral returned when opening

When the Multiply transaction completes, a small portion of your initial collateral may be returned to your wallet. The protocol only locks the amount of collateral actually required to reach the target multiplier, and any small excess is released back. This is expected and normal. When you later Unwind, you may receive slightly less collateral than you originally deposited. Part of this difference comes from the small amount returned upfront, and part can come from slippage, price impact, or interest accrued over time. The You’ll receive figure shown before you confirm an Unwind is read from the actual swap quote, and the form displays a route summary (the hops and venues the internal swap goes through) alongside it.

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Position NFT

When you create a position, a Position NFT (Non-Fungible Token) is minted to your wallet. The interface uses it to identify your position on-chain.
Do not burn or transfer the Position NFT while the position is open. Without it in your wallet, you lose the ability to manage or close the position through the interface.
When you close the position, the NFT stays in your wallet. If you later open a new Multiply position in the same vault pair, the NFT can be reused, so you do not pay the account creation fees again.

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The position page

Once a position is open, the vault page displays all the information needed to manage it. The header identifies the vault and shows the main risk parameters:

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Top metrics

A row of metrics summarises the current state of the position:
The Position PNL can be inaccurate during a collateral or debt depeg, because the calculation relies on oracle prices.

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Status and Position Health

Throughout the position page, a Status bar visible in each action modal is the Position Health indicator. It shows your current debt-to-collateral ratio (your LTV), from 0% (no debt), next to a marker for the vault’s Liquidation Threshold (Max: L.T.). Partial liquidation can start when the ratio reaches that threshold, for example 95% on a pegged vault, not 100%. A label beside it indicates the level:
  • Safe: comfortable distance from the threshold.
  • Medium (pegged vaults only): getting closer to the threshold.
  • Risky: approaching the threshold.
  • Very Risky: close to the threshold, partial liquidation imminent if adverse conditions continue.

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Tabs

Below the position cards, primary action tabs and secondary data tabs give access to all functionality: Primary (action) tabs: Secondary (data) tabs:

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Inline Liquidation Calculator

A Liquidation Calculator widget is displayed in the Multiply tab, below the transaction details. It shows the position at the selected multiplier under simulated parameters: On pegged vaults, an Advanced Liquidation Calculator link below the widget opens the standalone Liquidation Calculator page for deeper rate scenario simulations.

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Managing your position

Once the position is open, each primary tab triggers a specific action. All updates to the position are on-chain and update the Status in real time.
Use the leverage slider to set a new target multiplier above the current one. The After Multiply panel shows the resulting Collateral, Debt, Multiplier, Liquidation Price, and Health Status.Click Multiply and confirm. This is a single transaction: the protocol borrows additional debt, swaps it into more collateral, and redeposits.
The Unwind tab has two modes, Reduce and Close fully:
  • Reduce: choose how much to reduce, with the slider or the 25%, 50% and 75% presets. A portion of the collateral is sold to repay part of the debt. Your multiplier decreases and Position Health improves. The button reads Reduce leverage by the chosen percentage.
  • Close fully (or the 100% preset): all debt is repaid using the collateral, and any remaining collateral is returned to your wallet. The position is closed. The button reads Close Position.
Confirm the transaction. This is a single transaction.
Open the Add Collateral tab. Enter the amount, using HALF or MAX to auto-fill from your wallet balance. The Status bar previews the improved Position Health.Click Deposit and confirm. Adding collateral always improves Position Health, and does not change debt.
Open the Withdraw Collateral tab. Enter the amount you want to withdraw. The Status bar previews the new Position Health.You can only withdraw up to the amount allowed by your current Position Health and the vault’s dynamic withdrawal limits. Click Withdraw and confirm.Withdrawing reduces your safety buffer and increases liquidation risk.
Open the Repay Debt tab. Enter the amount using the debt asset from your wallet, with HALF or MAX based on your wallet balance.Click Repay and confirm. Repaying debt reduces total debt and immediately improves Position Health.
Open the Borrow Debt tab. Enter the additional amount to borrow. The Status bar previews the resulting Position Health and the slider shows where the new LTV sits relative to the Liquidation Threshold.Click Borrow and confirm. Borrowed assets are sent directly to your wallet, while the Multiply position remains open. This increases exposure and pushes the position closer to the Liquidation Threshold.

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Advanced Options (Multiply and Unwind)

The Advanced Options panel on the Multiply and Unwind tabs exposes swap-related controls:
  • Slippage: tolerance for the swap performed inside the transaction. Presets are 0.05% and 0.1%, with a custom value option.
  • Minimum Swap Return: minimum amount you will receive from the swap after slippage. Informational, derived from the amount and slippage setting.
  • Rate vs Oracle: the gap between the price the swap fills at and the vault oracle price your collateral is valued at. Small gaps are normal (the oracle updates in steps and pools charge a spread) and are shown in a neutral color; a wider gap turns amber, and red is kept for a gap past 1% on pegged vaults or 2% on others, which usually means thin liquidity. The tooltip says whether the gap works for or against you on this trade.
  • Est. Collateral Bought (Multiply only): the collateral the swap is expected to deliver, next to what the same debt would buy at the oracle price, for example “99.89 sUSDai (100.00 at oracle)”.
  • Simulate transaction: when enabled, runs a projection of the transaction outcome before execution, so you can review the final state before signing.
Jupiter Lend charges no flashloan fees on Multiply or Unwind. The modal displays this as a reminder.

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How price movements affect your position

Position Health updates continuously based on oracle prices. Leverage amplifies this sensitivity:
  • When the collateral value rises relative to the debt, Position Health improves.
  • When the collateral value falls, Position Health worsens faster than on a non-leveraged position. If it reaches the Liquidation Threshold, partial liquidation begins.
Changes in the Borrow APY relative to the Supply APY also gradually affect Position Health, even if prices are stable: when borrow outpaces supply, debt grows faster than collateral and the ratio drifts closer to the threshold.

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Closing a position

A position is closed when the debt is zero. Two paths:
  • Full Unwind (most common): select Close fully in the Unwind tab. All debt is repaid using the collateral, and any remaining collateral is returned to your wallet. This is a single transaction.
  • Manual repay then withdraw: use Repay Debt to repay the full debt from your wallet, then Withdraw Collateral to remove the remaining collateral.
After closing, the Position NFT stays in your wallet and the position remains recorded onchain with zero collateral and zero debt. It cannot be deleted, but Your Positions hides zero positions by default; the eye icon next to the title shows them again, and a vault’s My Positions tab always lists them. To open a new Multiply position in the same vault pair, you can reuse the closed one.

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The My Positions tab

Lists all your positions in the current vault. It is scoped to this vault, unlike the Your Positions section on the main Multiply page which spans all vaults. Columns displayed:
Health Factor and Ratio describe the same position in two forms. Ratio is the raw debt-to-collateral ratio, to compare with the vault’s Liquidation Threshold; Health Factor already divides the threshold by it, so liquidation starts at 1 in every vault. For example, a Ratio of 93.71% in a vault with a 95% threshold gives a Health Factor of about 1.01. As the position becomes safer, Health Factor rises toward ∞ and Ratio falls toward 0%.

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The Stats tab

The Stats tab displays historical charts for the vault:
  • Supply APY: historical evolution of the rate earned on the supply side.
  • Borrow APY: historical evolution of the rate paid on the debt side.
  • Oracle Price: historical price of the collateral asset expressed in the debt asset (for example JupSOL priced in SOL).
  • Net APY: on vaults that support Multiply, the yield after borrow costs over time at four leverage levels (a quarter, a half, three quarters and all of the vault’s maximum multiplier). The headline is the latest value at the maximum multiplier, and the tooltip lists each level with the supply and borrow APY behind it. Supply and borrow APYs include the staking yield of the tokens involved; for tokens without a staking history, that yield is held at today’s rate, and the chart says so.
A time selector (for example 30 days) adjusts the range displayed on each chart.

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Transaction history

The History tab shows all on-chain activity for the connected wallet on the current vault.

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Filters

  • Source: All, Deposit, Borrow, Payback, Withdraw, Multiply, Unwind.
  • By date: filter by time range.
  • All Status: filter by transaction status (success or failed).
Each row displays the source, the collateral delta, the debt delta, the truncated transaction ID (clickable, opens the transaction on a Solana explorer), and the status. Use the Download CSV button to export the filtered history as a CSV file.
The history only includes user-initiated transactions. Liquidation events are listed separately in the Liquidations tab, introduced with Jupiter Lend v2, which shows the liquidation history for your positions, including the liquidation penalty charged on each event.
The Liquidations tab lists each liquidation event with its time, the collateral and debt removed, the oracle price used, the Liq. Penalty (paid in the debt token) and the transaction ID. Totals of Collateral Liquidated and Debt Liquidated sit above the list, and By date filters it by time range.

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Action labels vs filter labels

Some operations appear in the history under a different label than the button you clicked. The table below maps them:

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Event types

You added collateral to the position (from the Add Collateral tab).
You borrowed additional debt directly to your wallet (from the Borrow Debt tab).
You repaid part or all of the debt (from the Repay Debt tab).
You removed collateral from the position (from the Withdraw Collateral tab).
A leverage-increasing event. This accompanies the Multiply action (the second transaction of creating a new position, or increasing leverage on an existing one). It logs both the collateral and debt deltas in a single entry.
A leverage-decreasing event from the Unwind action. Logs both the collateral and debt deltas.

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Common mistakes to avoid

Losing or moving the Position NFT while the position is open. The interface uses the NFT to identify your position. If it is removed from your wallet, you lose access to manage or close the position through the app.
A few practical points:
  • Don’t pick the maximum multiplier without understanding the risk. Higher leverage amplifies both gains and losses. A position at max multiplier is very sensitive to price changes and can be liquidated after a small move.
  • Don’t assume Borrow APY is fixed. Borrow rates adjust based on utilization. A rising Borrow APY can slowly push your Position Health closer to the Liquidation Threshold, even without any price movement.
  • Monitor Position Health during volatility. Leveraged positions react faster to price changes than non-leveraged ones. Check in regularly, especially in fast markets.
  • Keep a SOL buffer for fees. Every action (Multiply, Unwind, Add Collateral, Withdraw Collateral, Borrow Debt, Repay Debt) requires SOL to pay network fees. Running out of SOL will block further actions until you top up.
  • Sign both transactions when creating a position. Creating a new Multiply position requires two signatures: the first only creates the Position NFT, the second deposits your collateral and applies the leverage. If the second fails, click Multiply again: the app reuses the position.
  • Don’t burn the Position NFT. Even after closing the position, the NFT is reusable for future positions in the same vault pair. Burning it is unnecessary.
  • Verify URLs before connecting your wallet. Only use official Jupiter interfaces. Phishing sites regularly imitate DeFi protocol frontends.

Learn Multiply with a guided lesson

A plain-language lesson in Guides on how Multiply works and how to use it.