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Jupiter Lend operates as a multi-market protocol. Each market has its own set of supported assets, risk parameters, oracle configurations, and curator, and is isolated from the Jupiter Market. The Sentora Market and the Bitwise x Ethena Market are the same underlying market. The Jupiter Market and the Bitwise x Ethena / Sentora market run on separate deployments of the Jupiter Lend programs (see Program addresses), each with its own liquidity, its own configuration and its own Program and UPGRADE multisigs. The Oracle program and the Ops multisig, which handles incentives and treasury operations, are shared. Each market lists its own subset of products (Earn, Borrow, Multiply, Strategies).

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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. Bad debt or a liquidity shortage in one market stays in that market, because each market has its own liquidity and its own admin controls. The Sentora Market and the Bitwise x Ethena Market are the exception: they are the same underlying market, isolated together from the Jupiter Market. The shared Oracle program is the other exception: an issue in it, or in a price feed both markets use, would affect both.
  • 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 specialized 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.
Curators do not custody user funds and cannot move assets out of the protocol. Their role is to define the risk framework of the market.

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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, USDGWinding down: positions must be unwound before a due date to be announced. See the migration guide.Detailed below on this page.

Sentora Market

An isolated USDe market curated by Sentora, the destination of the Ethena migration.Curator: SentoraAssets: USDe (collateral), PYUSD (debt and Earn)Detailed below on this page.
The markets support the same core products: Earn, Borrow, Multiply, and Strategies, each listing its own subset. Jupiter Lend v2 adds Smart Vaults; per-market availability is shown in each market’s interface. The available assets, pairs, and parameters differ between markets and are configured by each market’s curator.
The market currently displayed in the Jupiter Lend interface is selected with the market toggle at the top left of the page. The toggle shows the selected market by name or logo (Jupiter Lend, the Bitwise x Ethena logo, or Sentora with a New badge) and an icon for each of the two others. All product pages, the Statistics page, and the Liquidation Calculator reflect the market currently selected.

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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, sUSDai, and Native Staked Vaults. New assets are added regularly; see Supported Assets for the full list. 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.

Smart Vaults

Paired-token positions that double as DEX liquidity and earn trading fees.

Multiply

Increase exposure to an asset through automated on-chain leverage.

Strategies

Enter pre-built, max-leverage positions on pegged vaults in one click.

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Sentora Market

The Sentora Market is an isolated lending market on Jupiter Lend curated by Sentora, built around Ethena’s USDe and PayPal USD (PYUSD, issued by Paxos). It lives at jup.ag/lend/sentora/market, as the third option of the market toggle, and is the destination of the Bitwise x Ethena migration: the USDe loop that borrowed USDG there borrows PYUSD here. The market lists one Borrow vault, USDe / PYUSD (94% LTV, 95% Liquidation Threshold, 1% Liquidation Penalty), and one Earn vault, PYUSD. No Strategy is listed. The leveraged USDe loop is built on the Borrow vault with the Deposit & Borrow action of its Actions tab, as the migration guide does. Parameters and listings are set by Sentora and shown in the market’s interface. The Sentora Market and the Bitwise x Ethena Market are the same underlying market: both are isolated from the Jupiter Market.
The Sentora Market has the same navigation as the Bitwise x Ethena Market: a Market tab, with Statistics and Transparency under the More menu. The Jupiter Lend button at the top right of the market banner switches back to the Jupiter Market.

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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 and Paxos’ USDG. It is co-curated with Bitwise, a crypto asset manager and co-curator of this market. This market runs on its own deployment of the Jupiter Lend programs, separate from the Jupiter Market’s, and operates under separate risk parameters, asset listings, oracle configurations, and admin controls.
This market is winding down. Sentora now runs a new isolated USDe market on Jupiter Lend, the Sentora Market, and all positions in the Bitwise x Ethena Market must be unwound before a due date, to be announced in the migration guide, to avoid accruing negative interest. Large positions should be unwound gradually, not in a single operation, because on-chain USDG and PYUSD liquidity can be thin. Follow the migration guide to move a USDe loop to the Sentora Market or to exit.
In the Jupiter Lend interface, this market lives at jup.ag/lend/ethena/market, reached from the market selector at the top left of the Jupiter Lend interface. It has its own navigation: a Market tab, with Statistics and Transparency under the More menu.

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Available products

The Bitwise x Ethena Market supports Earn, Borrow, Multiply and Strategies, with a curated set of assets and pairs. It does not list Smart Vaults.
USDG borrowing is paused in this market. The Borrow, Deposit & Borrow, Leverage, Multiply, and Strategy forms show USDG borrowing is paused in the Ethena market and disable new USDG debt, which covers the USDe / USDG pair, the Multiply vault, and the USDe Loop. Repaying, withdrawing, and unwinding existing positions work as before.
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.
One Borrow pair is listed in this market; it accepts no new borrows while USDG borrowing is paused:For details on how Borrow works, see the Borrow page.
One Multiply vault is listed; new positions cannot be opened while USDG borrowing is paused:For details on how Multiply works, see the Multiply page.
One Strategy is listed; it borrows USDG, so it is not open to new deposits while USDG borrowing is paused: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.

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Risks

Using the Bitwise x Ethena Market involves several risks. Read each before depositing or borrowing. Smart Contract Risk
A bug or vulnerability in the protocol’s code could be exploited. The Bitwise x Ethena Market runs on its own deployment of the Jupiter Lend programs, shared with the Sentora Market. Market Risk
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.
Never deposit or borrow more than you are willing to lose. Lending and borrowing on-chain involves multiple risks that can compound under stress.

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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.

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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.
Example: Base Borrow $5M, Max Borrow $10M, ceiling expands 25% every 6 hours.

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Admin Controls and Trust Model

The Transparency page of this market lists the multisigs that control it:
  • Program Multisig (4/6 signers, 6-hour timelock): manages and authorises program-level configurations.
  • UPGRADE Multisig (4/7 signers, 12-hour timelock): holds protocol upgrade ownership.
  • Ops Multisig (3/7 signers): handles incentives, reward configuration, and treasury operations.
The Program and UPGRADE multisigs are separate from those of the Jupiter Market and shared with the Sentora Market. The Ops Multisig is the same on all three markets. Two areas are immutable and cannot be modified by any multisig:
  • Oracle source configuration
  • Protocol init authority scope (zero-risk, used only for initialising new vaults)

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Program addresses

Jupiter Lend is composed of several on-chain programs deployed on Solana. The Jupiter Market and the Bitwise x Ethena / Sentora market each run their own deployment; the Oracle program is shared. Jupiter Market: Bitwise x Ethena and Sentora Markets: For technical documentation on integrating with these programs, see the developer documentation.
For frequently asked questions about the Bitwise x Ethena Market, see the FAQ page.