> ## Documentation Index
> Fetch the complete documentation index at: https://docs.jup.ag/llms.txt
> Use this file to discover all available pages before exploring further.
# Using Multiply
> Navigate the Multiply page, create and manage leveraged positions, and review your transaction history on Jupiter Lend.
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](/user-docs/earn/lend/multiply).
***
## The Multiply page
Open the Multiply tab at [jup.ag/lend](https://jup.ag/lend). The page is organised 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](/user-docs/earn/lend/multiply).
### Top Loops
A carousel of featured loops is displayed at the top. 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.
### Your portfolio
Two boxes summarise your activity across all Multiply positions:
| Stat | Meaning |
| ----------------- | ---------------------------------------------------------------------------------- |
| Your Total Supply | Combined USD value of the collateral deposited across all your Multiply positions. |
| Your Total Borrow | Combined USD value borrowed across all your Multiply positions. |
### Your Positions
A list of your open Multiply positions across all vaults. 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".
### 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.
### Loops list
Below the filters, all available loops are listed. At the top of the list, a category bar narrows down by loop type:
| Category | Content |
| ------------ | ----------------------------------------------------------------------------------------------------- |
| All | Every available loop. |
| SOL | Loops using SOL or SOL-based assets as collateral. |
| BTC | Loops using Bitcoin-based assets as collateral. |
| Incentivised | Loops that include additional rewards on top of the standard APY. |
| Pegged | Loops where collateral and debt are correlated assets (for example stablecoin/stablecoin or LST/SOL). |
| xStock | Loops that use tokenized equities as collateral. |
Two additional controls are available next to the category bar:
* **By Supply**: toggles the display grouping (for example showing loops aggregated by collateral asset).
* **Sort**: opens sort options (by Max Multiplier, Max Net APY, Market Size, and so on).
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:
| Column | Meaning |
| -------------- | ------------------------------------------------------------------------------------------------------------------- |
| Supply | The collateral asset and total amount currently supplied, in the native token and in USD. |
| Borrow | The debt asset and total amount currently borrowed. |
| Max Multiplier | Highest leverage achievable on this pair (depends on the vault's LTV). |
| Max Net APY | Estimated yield at maximum leverage, expressed as an APY. |
| LTV | Loan-to-Value: the maximum borrowing ratio against the collateral. |
| Liq. Threshold | Liquidation Threshold: the debt-to-collateral ratio at which the position becomes eligible for partial liquidation. |
| Supply APY | Current Annual Percentage Yield (APY) earned on the collateral side. |
| Borrow APY | Current APY paid on the debt side. |
Use the toggle at the top right of the list to switch between grid view (cards) and list view (table).
***
## Creating a Multiply position
Creating a new Multiply position happens in **two transactions**: one to create the vault and deposit collateral, one to apply leverage. Adding more leverage to an **existing** position requires only one signature.
Use the Loop Select dropdowns, the category bar, or the Top Loops shortcut to find the collateral/debt pair you want.
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**.
In the Supply 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 `1.0x` up to the vault's maximum. The markers shown on the slider (for example `2.4x / 3.7x / 5.1x / 6.40x`) depend on the specific vault's Liquidation Threshold.
Click **Step 1: Create Position** and approve the transaction in your wallet. This first transaction creates the vault for your position and deposits your collateral. A Position NFT is minted to your wallet.
After the first confirmation, click **Step 2: Multiply** and approve in your wallet. This second transaction borrows the debt asset, swaps it into more collateral, and redeposits it to reach your chosen multiplier. All looping happens atomically in this single transaction.
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.
### 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.
### 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.
***
## The position page
Once a position is open, the vault page displays all the information needed to manage it.
### Header
The header identifies the vault and shows the main risk parameters:
| Element | Meaning |
| -------------- | -------------------------------------------------------------------------------------------- |
| Pair and ID | The collateral/debt pair followed by the position number (for example `JupSOL/SOL #3082`). |
| Subtitle | Short description (for example "Multiply JupSOL with SOL"). |
| LTV | Maximum borrowing ratio for this vault. |
| Liq. Threshold | Debt-to-collateral ratio at which partial liquidation begins. |
| Liq. Penalty | Percentage charged on the liquidated portion if the position is liquidated. Varies by vault. |
### Top metrics
A row of metrics summarises the current state of the position:
| Metric | Meaning |
| ----------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Net Value | Total collateral value minus total debt, expressed in USD. It represents what you would keep if you fully unwound now. |
| Final APY | Effective annual yield on the position's Net Value, combining Supply APY earned on collateral and Borrow APY paid on debt. In the My Positions tab, the same value is labelled **Net APY**. |
| Multiplier | Current multiplier applied to the position, followed by the vault's maximum (for example `4.46x / 16.4x`). |
| Supply APY | Current APY earned on the collateral side. The double-arrow toggle switches the display to APR. |
| Borrow APY | Current APY paid on the debt side. The double-arrow toggle switches to APR. |
| Position PNL (7D) | Profit or loss on the position over the last 7 days, in USD and as a percentage. |
The **Position PNL (7D)** can be inaccurate during a collateral or debt depeg, because the calculation relies on oracle prices. The UI shows a warning icon on the metric when this caveat applies.
### Status and Position Health
Throughout the position page, a **Status bar** visible in each action modal is the **Position Health** indicator (the metric showing how close your debt-to-collateral ratio is to the Liquidation Threshold). It is expressed as a percentage from `0%` (no debt, perfectly safe) to `100%` (at the Liquidation Threshold). A label beside it indicates the level:
* **Safe**: comfortable distance from the threshold.
* **Risky**: approaching the threshold.
* **Very Risky**: close to the threshold, partial liquidation imminent if adverse conditions continue.
### Tabs
Below the position cards, primary action tabs and secondary data tabs give access to all functionality:
**Primary (action) tabs:**
| Tab | Purpose |
| ------------------- | ------------------------------------------------------------------------------------ |
| Multiply | Open a new position, or increase leverage on an existing one. |
| Unwind | Reduce leverage, or fully close the position. Only shown when the position has debt. |
| Add Collateral | Deposit more collateral to improve Position Health. |
| Withdraw Collateral | Remove collateral if Position Health allows. |
| Repay Debt | Repay part or all of the debt using the debt asset from your wallet. |
| Borrow Debt | Take more debt directly to your wallet. |
**Secondary (data) tabs:**
| Tab | Purpose |
| ------------ | ----------------------------------------------------------- |
| My Positions | All your positions in this vault. |
| Stats | Historical charts: Supply APY, Borrow APY, Oracle Price. |
| History | All on-chain events for the connected wallet on this vault. |
### Inline Liquidation Calculator
A **Liquidation Calculator (BETA)** is displayed at the bottom of the position page as a collapsible inline widget. It shows the current position under simulated parameters:
| Field | Meaning |
| ------------ | ------------------------------------------------------------------------------------------------------ |
| LTV | Current Loan-to-Value, as a percentage. |
| Buffer to LT | Distance between current LTV and the Liquidation Threshold, as a percentage. |
| Multiplier | Current multiplier. |
| Borrow APY | Editable field that lets you simulate how a different borrow rate would affect the position over time. |
An **Advanced Liquidation Calculator** link below the widget opens the standalone [Liquidation Calculator page](/user-docs/earn/lend/calculator) for deeper rate scenario simulations across pegged vaults.
***
## 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 Projected Position panel shows the resulting Final Collateral and Final Debt.
Click **Multiply** and confirm. This is a single transaction: the protocol borrows additional debt, swaps it into more collateral, and redeposits.
The Unwind tab is available when the position has debt. Use the percentage slider to choose how much of the position to unwind:
* **Partial Unwind**: select a percentage (for example 25%, 50%, 75%). A portion of the collateral is sold to repay part of the debt. Your multiplier decreases and Position Health improves.
* **Full Unwind**: set the slider to 100%. All debt is repaid using the collateral, and any remaining collateral is returned to your wallet. The position is closed.
Click **Unwind** and confirm. 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.
### 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.
* **Price Impact**: estimated price impact of the swap on the route used. Informational.
* **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.
### 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.
***
## Closing a position
A position is closed when the debt is zero. Two paths:
* **Full Unwind** (most common): set the Unwind slider to 100%. 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 can be reused if you open a new Multiply position in the same vault pair.
***
## 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:
| Column | Meaning |
| ----------------- | ------------------------------------------------------------------------------------------------------------------------------------------ |
| Vault ID / Nft ID | The vault number followed by the Position NFT identifier. |
| Supply | The collateral amount for this position. |
| Borrow | The debt amount for this position. |
| Net APY | Same as Final APY: effective annual yield on the position's Net Value. |
| Health Factor | Mathematical ratio where higher means safer. Shown as `∞` when there is no debt (no liquidation risk). |
| Liquidated | Whether the position has been liquidated (Yes / No). |
| Ratio | The current Position Health expressed as a percentage of the Liquidation Threshold. `0%` means no debt, `100%` means liquidation-imminent. |
| Last Updated | Time since the last on-chain event on this position. |
Health Factor and Ratio describe the same safety level in different mathematical forms. Health Factor approaches `∞` as the position becomes safer; Ratio approaches `0%`. Use whichever you find most intuitive.
***
## 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).
A time selector (for example 30 days) adjusts the range displayed on each chart.
***
## Transaction history
The **History** tab shows all on-chain activity for the connected wallet on the current vault.
### Filters
* **Source**: All, Deposit, Borrow, Payback, Withdraw, Multiply, Unwind.
* **By date**: filter by time range.
* **All Status**: filter by transaction status (success, pending, 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 transactions are not listed here.
### 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:
| Action tab (button) | History filter label |
| ------------------- | -------------------- |
| Multiply | Multiply |
| Unwind | Unwind |
| Add Collateral | Deposit |
| Withdraw Collateral | Withdraw |
| Repay Debt | Payback |
| Borrow Debt | Borrow |
### Event types
You added collateral to the position (from the Add Collateral tab, or during Step 1 of creating a new position).
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 (Step 2 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.
***
## 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 utilisation. 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.
* **Don't forget the second transaction when creating a position.** Creating a new Multiply position requires two signatures: Step 1 (Create Position) deposits collateral only. Step 2 (Multiply) applies the leverage. Skipping Step 2 leaves the position unleveraged.
* **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.
***
Scaling Exposure with Jupiter Multiply — a step-by-step lesson on how Multiply works and how to use it.