> ## 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 Smart Vaults

> Navigate the Dual Stream Liquidity page, open smart vault and Smart Multiply positions, deposit into Smart Earn, and manage paired-token positions on Jupiter Lend.

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](/user-docs/earn/lend/smart-vaults).

***

## The Smart Vaults page

Open the **Smart Vaults** tab at [jup.ag/lend](https://jup.ag/lend). The page is titled **Dual Stream Liquidity**: one deposit, two yields. A **How it works** link next to the subtitle expands three explainer cards, each with a short video: **Jupiter AMM**, **Smart Collateral**, and **Smart Debt**.

The page is organised into three sections, each with Smart Collateral / Smart Debt filters, a **By Supply** grouping toggle, and a grid/list view toggle.

### Smart Vaults (vault list)

Borrow against your assets, keep your upside. Two stats summarise the section: **Total Supply** and **Active Loans**.

Each row shows the vault (single token or pair, for example `syrupUSDC-USDC`), along with:

| Column         | Meaning                                                                                                             |
| -------------- | ------------------------------------------------------------------------------------------------------------------- |
| Debt           | The asset (or pair) you borrow.                                                                                     |
| Liq. Threshold | Liquidation Threshold: the debt-to-collateral ratio at which the position becomes eligible for partial liquidation. |
| Supply APY     | Current rate earned on the supply side. The double-arrow toggle switches to APR.                                    |
| Market Size    | Total size of the vault's market, in USD.                                                                           |

With **By Supply** enabled, rows group by supply asset and display the aggregates **Max Liq. Thresh.** and **Max Supply APY** across that asset's vaults.

### 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**.

### 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**.

<Note>
  Smart vaults also appear inside the standard **Borrow** and **Multiply** pages: use the **Smart Vaults** toggle in the filter bar next to the asset categories.
</Note>

***

## 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.

<Note>
  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.
</Note>

***

## Depositing into Smart Earn

Smart Earn is a supply-only position: you provide a token pair as Jupiter AMM liquidity and earn lending and trading fees, with no borrowing side and no liquidation risk.

<Steps>
  <Step title="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**.
  </Step>

  <Step title="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.
  </Step>

  <Step title="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.
  </Step>
</Steps>

Withdrawing works the same way in reverse: select **Withdraw** in the same modal, choose the mode and amounts, and confirm.

<Note>
  Each Smart Earn vault has a supply cap: **Max Supply** is the pool's ceiling, and deposits stop once it is reached.
</Note>

***

## Opening a smart vault position

<Steps>
  <Step title="Find a vault">
    Use the Smart Vaults list, or the standard Borrow page with the **Smart Vaults** toggle enabled. Click **Create Position**.
  </Step>

  <Step title="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.
  </Step>

  <Step title="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 Position Health as a percentage of the Liquidation Threshold.
  </Step>

  <Step title="Review and confirm">
    Check the projected position, then approve the transaction(s) in your wallet.
  </Step>
</Steps>

### 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.

<Warning>
  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.
</Warning>

***

## The position page

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

### 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. 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**.

### Position summary panel

| Metric            | Meaning                                                                                                                                |
| ----------------- | -------------------------------------------------------------------------------------------------------------------------------------- |
| Position Pnl      | Profit or loss on the position, in USD.                                                                                                |
| Net USD           | Net value of the position in USD.                                                                                                      |
| Net APY           | Overall annual yield or cost of the position.                                                                                          |
| Liq. Price/Offset | The price at which the position becomes eligible for liquidation, and the percentage move from the current price required to reach it. |
| Position Health   | Status showing how close your debt-to-collateral ratio is to the Liquidation Threshold, with a progress bar up to `Max: L.T.`.         |

### Tabs

| Tab          | Purpose                                                                                    |
| ------------ | ------------------------------------------------------------------------------------------ |
| Actions      | Combined operations: Deposit & Borrow, Repay & Withdraw, Leverage, Deleverage, Swap Vault. |
| My Positions | All your positions in this vault.                                                          |
| Stats        | Historical charts for the vault.                                                           |
| History      | All on-chain events for the connected wallet on this vault.                                |
| FAQs         | Frequently asked questions, inline on the position page.                                   |

### 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** — increase exposure by borrowing, swapping, and redepositing. The modal shows **Reserves**, **Projected Positions** (Current vs Final Collateral and Debt), and warns: swap fees apply to Leverage, and it may take some time to recoup them.
* **Deleverage** — use deposited collateral to pay down debt, reducing leverage and liquidation risk. Any amount remaining after a 100% deleverage is sent back to your wallet in the form of the debt token.
* **Swap Vault** — swap collateral, shift debt, merge or split vaults. A row of options narrows the action: **Wrap** and **Unwrap** convert between related assets (for example SOL to JupSOL, showing the Exchange Rate and the amount you will receive), while **xStock**, **Smart Collateral**, and **Smart Debt** filter the target vault type.

<Note>
  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.
</Note>

### Advanced Info

An **Advanced Info** panel in action modals exposes the swap-related controls:

* **Slippage** — tolerance for the internal swap, with presets and a custom value.
* **Minimum Swap Return** — minimum amount returned by the swap after slippage.
* **Price Impact** — estimated impact of the swap on the route used.

***

## Tracking your PnL

Lend v2 introduces lifetime position tracking:

* At the top of the Multiply page, **Your NET Value** shows the combined net value of your positions, and **Your Total PNL** shows your profit or loss in USD and as a percentage.
* In the **Open Positions** list, each position shows its **Earnings**.
* 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.

***

## 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.

***

<Card title="Smart Vaults reference" color="#C7F284" icon="layer-group" href="/user-docs/earn/lend/smart-vaults">
  The concepts behind Smart Vaults: Smart Collateral, Smart Debt, Trading APR, vault types, rebalancing, and risks.
</Card>