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This guide walks through the Smart Vaults page on Jupiter Lend: how to read the interface, open smart vault and Smart Multiply positions, deposit into Smart Earn, and manage a paired-token position. For the concepts behind Smart Vaults (Smart Collateral, Smart Debt, Trading APR, composition risk), see the Smart Vaults reference page.

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The Smart Vaults page

Open the Smart Vaults tab at jup.ag/lend. The page is titled Dual Stream Liquidity: one deposit, two yields. How it works, next to the subtitle, opens a short explainer: what Smart Vaults are, links to the docs, FAQ and guides, and the four steps of a position. Learn more expands three explainer cards, each with a short video: Jupiter AMM, Smart Collateral, and Smart Debt. The page has three sections. Smart Vaults and Smart Multiply each have All, Smart Collateral and Smart Debt filters and a grouping menu; Smart Vaults also has a grid/list view toggle. Smart Earn is a plain table. Smart vaults are listed only on this page, not in the standard Borrow and Multiply lists.

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Smart Vaults (vault list)

Borrow against your assets, keep your upside. Two stats summarize the section: Total Supply and Active Loans. Each row shows the vault (single token or pair, for example syrupUSDC-USDC), along with: The grouping menu sets how rows are grouped:
  • By Supply, the default, groups vaults by collateral and shows the highest Liq. Threshold and Supply APY among that collateral’s vaults (Max Liq. Thresh., Max Supply APY).
  • By Borrow groups them by debt asset and shows the highest Liq. Threshold and the lowest Borrow APY (Max Liq. Thresh., Min Borrow APY).
  • No Grouping lists each vault on its own row.
Expanding a group lists its vaults with the same columns as the Borrow page list: Supply, Borrow, LTV, Liq. Threshold, Supply APY and Borrow APY, followed by the oracle button and the capacity ring.

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Smart Multiply

Loop your assets into a leveraged position. Rows show the loop’s Debt, its Max Multiplier, the current Net APY, and the Market Size.

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Smart Earn

Supply a token pair and earn lending and trading fees. No borrowing, no liquidation. Each row shows the Vault (the pair, for example USX / USDC), the current APY (toggle to APR), your Deposited amount, and the vault’s Total Supply.

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Rates, oracle and caps on a smart vault

Hover a Supply APY or Borrow APY to see how it is built:
  • On a paired side, the tooltip starts with Collateral Tokens Net or Debt Tokens Net: the rates of both tokens, native yield and rewards included, weighted by each token’s USD share of the pair. It then lists each token’s own rate, a Trading line when trading fees flow through the pair, and the resulting Net Supply or Net Borrow rate.
  • On a single-token side, it lists the lending rate and, for a yield-bearing token, its native yield (for example Earning Staking APY on PST), then the net rate.
The globe button opens the vault’s oracle details. A paired side is priced in shares of its pool: on PST / JupUSD-USDC, for example, the price reads 1 PST = 0.56 debt shares. The route multiplies the PST price by the number of debt shares that one USDC of debt represents in the JupUSD-USDC pool, and the leg’s description lists the assumptions behind it, such as JupUSD and USDC counting as equal in value. The capacity ring shows one ring per limit. A paired side adds Total Shares against the pool’s Supply Cap or Borrow Cap, in USD and in shares, next to Total Borrow against Max Borrow, the vault’s borrow ceiling on the Liquidity Layer. Borrowing stops at whichever limit is reached first, so a smart-debt vault can be full while its share cap is far from used. It can also stop earlier, when a debt token reaches its maximum utilization in the market.

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Variable and Fixed Proportion

Actions on the paired side of a smart vault (deposit, withdraw, borrow, repay) offer two input modes, shown as a toggle:
  • Variable Proportion: flexible ratios. You can input either token, or both, in any amounts; the protocol internally swaps as needed to match the underlying pool’s ratio. The internal swap is charged the pool’s DEX trading fee, as indicated in the modal.
  • Fixed Proportion: you input one asset, and the second asset’s amount is auto-calculated so both legs match the underlying pool’s ratio exactly. No internal swap fee applies in this mode.
Both modes expose per-leg amount fields with HALF and MAX shortcuts, a Slippage selector (presets plus a custom value), a Status bar showing the resulting Position Health against the Liquidation Threshold (on positions with debt), and a Projected Position panel comparing current and final collateral. Slippage here is the maximum tolerance between the quoted DEX share price and the price at which the transaction executes.
In the withdraw modal, the amount displayed next to each token is the maximum you can withdraw in that token, not your wallet balance and not your original per-token deposit. Because the pair is composed at the pool’s ratio, withdrawing everything in a single token is possible even if you deposited the other one.

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Depositing into Smart Earn

Smart Earn is a separate, supply-only product that shares the page: you provide a token pair as Jupiter AMM liquidity and earn lending and trading fees, with no borrowing, no debt, and no liquidation risk. Under the hood it is an earn-only smart vault: your first deposit creates a Position NFT, which you must not burn or transfer.
1

Open the vault

In the Smart Earn section, click the vault for the pair you want to supply. The modal opens with your Your Earnings and Deposited figures, the current Net APY (toggle to APR), the vault’s Current Supply (total supplied by all users), and its Max Supply.
2

Enter the amounts

Select Deposit, choose the input mode (Variable or Fixed Proportion), and enter the amount for one token, or both. Use HALF or MAX to auto-fill from your wallet balance, and adjust the Slippage if needed.
3

Review and confirm

The Projected Position panel shows the current and final collateral for each leg of the pair. Click Deposit and approve the transaction in your wallet.
Withdrawing works the same way in reverse: select Withdraw in the same modal, choose the mode and amounts, and confirm.
Each Smart Earn vault has a supply cap: Max Supply is the pool’s ceiling, and deposits stop once it is reached.

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Opening a smart vault position

1

Find a vault

Open the vault from the Smart Vaults list, then click Create Position.
2

Deposit collateral

If the supply side is a pair, choose the input mode (Variable or Fixed Proportion) and enter the amount for one or both tokens. If it is a single token, enter the amount directly. Use HALF or MAX to auto-fill.
3

Borrow the debt asset

Enter the amount to borrow. If the debt side is a pair, you can borrow in a single token or in both tokens at the pool’s ratio. The Status bar shows the resulting debt-to-collateral ratio next to the vault’s Liquidation Threshold; the position can be liquidated once the ratio reaches that threshold.
4

Review and confirm

Check the projected position, then approve the transaction(s) in your wallet.

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Position NFT

Like every position on Jupiter Lend, a smart vault position is represented by a Position NFT minted to your wallet when the position is created. The interface uses it to identify and manage your position.
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.

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The position page

Once a position is open, the vault page shows the standard layout with smart-specific additions.

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Header and cards

The header shows the pair, the position ID, the vault badges (for example Pegged), and the main risk parameters (LTV, Liq. Threshold, Liq. Penalty).
  • The Supplied Collateral card shows a Trading APR figure at the top when the collateral is a smart pair (shown as Trading APY, converted, when the APR/APY toggle is set to APY). Each leg of the pair is listed separately with its own APY, followed by a Total and a Net APY for the side. Buttons: Deposit and Withdraw.
  • The Borrowed Debt card mirrors this for the debt side. On a smart debt pair, the Trading APR is negative: it offsets your borrow cost. Buttons: Borrow and Repay.

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Position summary panel

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Tabs

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Actions

The Actions tab groups multi-step operations into single transactions:
  • Deposit & Borrow: increase your position in one transaction. On smart sides, the Variable/Fixed Proportion toggle applies, and the modal shows Projected Collateral, Projected Debt, and the resulting Status.
  • Repay & Withdraw: unwind progressively in one transaction.
Leverage and Deleverage are not offered on smart vaults. To build a leveraged position on a smart pair, use Smart Multiply.
There is no in-place conversion between a standard position and a smart position: moving from one to the other means closing the position in one vault and opening a new one in the other.

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Advanced Options

When you unwind a Smart Multiply position, an Advanced Options panel exposes the Slippage tolerance, with presets and a custom value, and a Simulate transaction toggle. Smart Multiply and its unwind need no swap: the borrowed or repaid token goes through the pool, which charges its DEX fee.

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Tracking your PnL

Lend v2 introduces lifetime position tracking:
  • When you hold smart positions, the Smart Vaults and Smart Multiply sections show Your Total Supply, Your Total Borrow and Your Net Value (total supply minus total borrow), followed by your positions.
  • In the Your Positions list, each position shows its Net APY.
  • On the position page, Position Pnl tracks the position’s profit or loss.
The lifetime PnL accounts for everything that affects a position: swap fees, interest paid and earned, and liquidations.

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Common mistakes to avoid

  • Don’t burn the Position NFT. It identifies your position on-chain. Even after closing, it can be reused for a new position in the same vault.
  • Don’t expect the debt mix to stay fixed. With Smart Debt you owe a pair, and its composition shifts with trading activity. The total value is what matters; the token mix at repayment will differ from the mix at borrow time.
  • Don’t read Trading APR as guaranteed. It depends on trading volume routed through the pool and can drop to zero.
  • Keep a SOL buffer for fees. Every action requires a small amount of SOL for network fees.
  • Monitor Position Health during volatility. Smart positions follow the same liquidation rules as all Jupiter Lend vaults.
  • Verify URLs before connecting your wallet. Only use official Jupiter interfaces.

Smart Vaults reference

The concepts behind Smart Vaults: Smart Collateral, Smart Debt, Trading APR, vault types, rebalancing, and risks.