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This guide walks through the Strategies product on Jupiter Lend: how to read the interface, enter a strategy, and withdraw. For the full breakdown of mechanics, available strategies, fees, and risks, see the Strategies reference page. Strategies are built on top of Multiply. They use the same engine, the same liquidation rules, and the same fee structure. The difference is that leverage and vault selection are preset: you choose a strategy, deposit your collateral, and the protocol handles the rest at maximum leverage on a pegged vault.

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The Strategies page

Open Strategies from the More menu of the Jupiter Lend navigation, or go to jup.ag/lend/strategies directly; Strategies no longer has its own tab. The page, titled Yield Strategies, lists your open strategy positions under Your Strategies and the strategies you can enter under Available Strategies. A How it works link next to the page subtitle opens a short in-app explainer.

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Strategy cards

Each strategy is displayed as a card with the following information: The Capacity Left badge has three possible values:
  • Available: deposits are open.
  • Filling fast: capacity is running low.
  • Filled: no new deposits can be made until existing positions are closed or the ceiling is raised.

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Available strategies

See the Strategies reference page for the yield source and the specific risks of each loop.

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Creating a Strategy position

Creating a new Strategy position usually takes a single transaction. When the best swap route is too large to fit alongside the position creation, the app splits it into two transactions: one to create the position account, one to apply the leverage. Adding more collateral to an existing position takes a single signature.
1

Choose a strategy

On the Strategies page, pick the strategy matching your target exposure. Click Deposit on the card.
2

Review the modal

The modal opens with the strategy pair in the header (for example JupSOL/SOL). At the top, three values are displayed:
  • APY: current estimated yield on your net value.
  • Vault TVL: total value locked in the strategy’s vault.
  • Capacity Left: available capacity, with the same status badge as the card.
If the badge shows Filled, deposits are paused and the action button is disabled until new capacity opens.
3

Enter the deposit amount

In the Deposit card, enter the amount of the collateral asset (for example JupSOL for the JupSOL Loop). Use HALF or MAX to auto-fill from your wallet balance. The Rate vs Oracle figure displayed below the amount shows the gap between the price of the internal swap the protocol performs to build the leverage and the vault oracle price; small gaps are normal, red is kept for large gaps that usually mean thin liquidity.
4

(Optional) Adjust Advanced Options

Expand Advanced Options if you want to tweak swap parameters:
  • Slippage: tolerance for the internal swap. Presets are 0.05% and 0.1%, with a custom value option.
  • Minimum Swap Return: minimum amount returned by the swap after slippage. Informational.
  • Est. Collateral Bought: the collateral the swap is expected to deliver, next to what the same amount would buy at the oracle price.
The default 0.1% slippage works in most cases.
5

Deposit

Click Deposit and approve the transaction in your wallet. In one transaction, the protocol creates the position account, mints a Position NFT (Non-Fungible Token) to your wallet, flash-borrows the debt needed for maximum leverage, swaps it into the collateral asset, deposits it with your collateral, and borrows against the position to repay the flashloan.If the app splits the opening in two, approve Create Position first, then Apply Leverage once the first transaction confirms.

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Adding collateral to an existing position

If you already have a position in the same strategy, depositing more collateral requires only one transaction. The position account and Position NFT already exist, so the modal skips straight to the leverage application step.

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Position NFT

When you create a position, a Position NFT is minted to your wallet. It represents ownership of the position on-chain and is used by the interface to identify your funds.
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 withdraw the position through the interface.

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Withdrawing

Open your position from Your Strategies and select the Withdraw tab. Withdraw All fully unwinds the position in a single transaction: the protocol uses a flashloan to swap your collateral and repay all outstanding debt, then returns the remaining assets to your wallet.
To reduce exposure without fully exiting, click Unwind partially with a better execution price below the button. It opens the position page, where the Unwind, Repay Debt and Withdraw Collateral tabs work as on a Multiply position. Strategy positions do not appear in the Multiply page’s Your Positions list.
The amount returned to your wallet reflects the current net value of the position (total collateral minus total debt), minus swap and interest costs accrued during the holding period. After the position is closed, the Position NFT stays in your wallet. If you later open a new position in the same strategy, the NFT can be reused, so you do not pay the account creation fees again.

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Risks at a glance

Strategies apply maximum leverage on pegged vaults. Pegged vaults significantly reduce market price risk: the JupSOL and INF loops are priced on on-chain redemption rates rather than market prices, and the syrupUSDC and LBTC loops are priced with Chainlink feeds. Other risks remain:
  • Rate risk: borrow rates are variable. If the Borrow APY exceeds the Supply APY for a sustained period, the position loses value over time. At max leverage, this effect is amplified.
  • Depeg risk: for strategies backed by external mechanisms (syrupUSDC, LBTC), a depeg of the collateral asset or a failure in its underlying could impact the position.
  • Liquidation: if the debt-to-collateral ratio reaches the Liquidation Threshold (the debt-to-collateral level at which partial liquidation begins), part of the collateral is automatically sold to repay the debt. For pegged vaults, liquidation is primarily driven by rate divergence over time, not by price drops.
  • Smart contract risk: Strategies use the same smart contracts as Borrow and Multiply. Contracts have been audited, but no protocol is risk-free.
Before depositing, open the Risk modal on each strategy card to review its specific risks, then click Open Calculator: it opens the Liquidation Calculator page on that strategy’s vault at maximum leverage, where you can simulate rate scenarios. The full risk breakdown per strategy is on the Strategies reference page.