Jupiter Lend operates as a multi-market protocol. Each market is a fully isolated lending environment, with its own set of supported assets, risk parameters, oracle configurations, and curator. Activity in one market does not affect, and cannot be affected by, another market. The two markets share the same audited smart contracts and the same product set (Earn, Borrow, Multiply, Strategies), but operate independently at the configuration and admin level.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.
Why multiple markets
Running Jupiter Lend as several isolated markets allows the protocol to support different asset classes and risk profiles without exposing all users to the same risks.- Risk isolation. A failure or stress event on one market (oracle issue, depeg, bad debt) cannot propagate to another market. Each market has its own liquidity and its own admin controls.
- Dedicated curators. A curator is responsible for selecting the assets listed in a market, setting risk parameters (LTV, Liquidation Threshold, Liquidation Penalty, borrow ceilings), and reviewing oracle configurations. Different markets can have different curators, each specialised in the asset class they manage.
- Distinct parameters. Each market can have its own listing standards, ceilings, and oracle setups, tuned to the assets it supports.
Markets at a glance
Jupiter Market
The main market on Jupiter Lend.Curator: FluidAssets: SOL-based LSTs, stablecoins, JLP, xStocks, Native Staked Vaults, JUICED, and moreDocumented across the rest of this section.
Bitwise x Ethena Market
An isolated market focused on Ethena and Paxos assets.Curator: Bitwise (co-curated)Assets: USDe, USDG, SOLDetailed below on this page.
The market currently displayed in the Jupiter Lend interface is selected at the top of the page. All product pages, the Statistics page, and the Liquidation Calculator reflect the market currently selected.
Jupiter Market
The Jupiter Market is the main lending market on Jupiter Lend, curated by Fluid. It covers the full set of general assets supported by the protocol: SOL and SOL-based LSTs (JupSOL, INF, mSOL, JitoSOL, and more), stablecoins (USDC, USDT, USDG), JLP, xStocks, JUICED, and Native Staked Vaults. New assets are added regularly. All the documentation in this section (Earn, Borrow, Multiply, Strategies, Statistics, Protocol Details, and the Advanced Overview pages) describes the Jupiter Market by default.Earn
Supply assets to lending pools and earn yield from borrower interest.
Borrow
Deposit collateral and borrow another asset without selling your holdings.
Multiply
Increase exposure to an asset through automated on-chain leverage.
Strategies
Enter pre-built, max-leverage positions on pegged vaults in one click.
Bitwise x Ethena Market
The Bitwise x Ethena Market is a lending market on Jupiter Lend, isolated from the Jupiter Market and built around Ethena’s USDe, Paxos’ USDG, and SOL. It is co-curated with Bitwise, a crypto asset manager and co-curator of this market. This market shares the same audited smart contracts as the Jupiter Market, but operates under separate risk parameters, asset listings, oracle configurations, and admin controls.Available products
The Bitwise x Ethena Market supports the same four products as the Jupiter Market, with a curated set of assets and pairs.Earn
Earn
Deposit USDG into the Earn vault to lend it out and earn variable interest from borrowers in this market.
For details on how Earn works, see the Earn page.
| Vault | Supply asset |
|---|---|
| USDG | USDG |
Borrow
Borrow
Three Borrow pairs are available in this market:
Supply the collateral asset, then borrow against it up to the displayed LTV for that pair.For details on how Borrow works, see the Borrow page.
| Supply (collateral) | Borrow (debt) | LTV | Liquidation Threshold |
|---|---|---|---|
| USDe | USDG | 92% | 94% |
| SOL | USDG | 80% | 85% |
| SOL | USDe | 80% | 85% |
Multiply
Multiply
One Multiply vault is currently available:
For details on how Multiply works, see the Multiply page.
| Supply (collateral) | Borrow (debt) | Max Multiplier | LTV | Liquidation Threshold |
|---|---|---|---|---|
| USDe | USDG | 12.3x | 92% | 94% |
Strategies
Strategies
One Strategy is currently available:
USDe Loop borrows USDG and loops the proceeds back into USDe to amplify yield. It applies maximum leverage automatically via a flashloan in a single atomic transaction.Risk Assessment as displayed in the interface: Assets are correlated and deployed in low risk delta-neutral strategies and T-bills.For details on how Strategies work, see the Strategies page.
| Strategy | Collateral / Debt | Risk |
|---|---|---|
| USDe Loop | USDe / USDG | Low |
Risks
Using the Bitwise x Ethena Market involves several risks. Read each before depositing or borrowing. Smart Contract RiskA bug or vulnerability in the protocol’s code could be exploited. The Bitwise x Ethena Market shares the same audited smart contracts as the Jupiter Market. Market Risk
SOL, USDe, and USDG can change in value. For borrowers, a drop in collateral value can trigger liquidation. Depeg Risk
USDe is a synthetic dollar backed by delta-hedged collateral. A loss of peg would sharply reduce collateral value for positions using USDe as supply, increasing liquidation risk significantly at high leverage. USDG is a regulated stablecoin issued by Paxos, with its own peg mechanism and reserves. Rate Risk
Borrow APY can spike or Supply APY can drop, compressing or reversing the net yield on leveraged positions. At high leverage, the effect is amplified. Leverage Risk
Multiply and Strategy positions amplify both gains and losses. Small adverse moves in rates or asset value have an outsized impact at high multipliers.
Security model
The Bitwise x Ethena Market uses the same security framework as the rest of Jupiter Lend, with admin controls specific to this market.Risk & Limits System
Each vault enforces both fixed limits and dynamic rate limits to protect users and the market against sudden large flows.- Fixed maximum debt ceiling. Every vault has a hard cap on total debt, set at listing based on the available liquidatable liquidity in a single session.
- Base floor with free access. Below the base floor, users borrow without restrictions. Above it, the active ceiling expands gradually until the maximum is reached.
- Anti-drain protection. Flash-style drain attempts are blocked at the contract level, while normal-sized borrows clear instantly.
- Same mechanic on withdrawals. Below a base threshold, full instant exit is available. Above it, outflows expand at the same rate-limited pace.
Admin Controls and Trust Model
The Bitwise x Ethena Market is fully isolated under its own multisig with a distinct set of signers. An operational security compromise on the Jupiter Market cannot affect this market, and vice versa.- Timelocked Multisig (6/10 signers, 12-hour timelock): can perform program upgrades, oracle changes, core risk parameter updates, and borrow limit increases on a market.
- Team Multisig (6/10 signers): can update the interest rate kink, fees, and reward rates.
- Emergency pause: the team multisig can pause all changes to contracts as an emergency mechanism. It cannot change oracles, core risk parameters, or create a new borrow-enabled market.
- Oracle source configuration
- Protocol init authority scope (zero-risk, used only for initialising new vaults)
Program addresses
Jupiter Lend is composed of several on-chain programs deployed on Solana. The same programs power both markets.| Program | Address |
|---|---|
| Lending | jup97Zx1NixM8UJMQFw8TtKzqTiRT3ETAJR7cVx3PfQ |
| Lending Reward Rate Model | jupGBUJYXuzz2hVSoqjrxoEwJUB6uuHJsQqkzmYyQ7n |
| Liquidity | jup6QF1sNDGpkkcu6F4qaFHcRBmnSS1VgyB4uFbBvNS |
| Oracle | jupnw4B6Eqs7ft6rxpzYLJZYSnrpRgPcr589n5Kv4oc |
| Vaults | jupo974WCqAUMD3RtpayTap1me7StQCWtEkBbDb6Ba3 |
| Flashloan | jupKxkab7RTnQJ6wXStXg6WY4rcReV3maiUNwByciFF |
For frequently asked questions about the Bitwise x Ethena Market, see the FAQ page.