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What is Multiply

Multiply on Jupiter Lend allows you to amplify your exposure to a specific asset using automated on-chain leverage. It borrows against your collateral and reinvests the borrowed funds into the same asset, all in a single atomic transaction. Unlike manual leverage strategies that require multiple steps, Multiply automates the entire loop while keeping positions easy to manage. Leverage multiplies potential gains, but it also multiplies potential losses and can push a position toward liquidation faster if market conditions move against you.
Multiply vs Strategies: Multiply lets you choose any leverage level on any supported vault, giving you full control over your position. Strategies are a different product built on top of Multiply: they apply maximum leverage automatically on a curated set of pegged vaults, in one click. If you want flexibility, use Multiply. If you want a one-click max-leverage position on a pre-vetted pair, use Strategies.Smart Multiply applies the same mechanics to Smart Vaults whose collateral is a token pair serving as Jupiter AMM liquidity and whose debt is one of the pair’s two tokens. It needs no swap: the borrowed token is added to the pool as liquidity, which pays the pool’s DEX fee. They are listed in the Smart Multiply section of the Smart Vaults tab, not in the Multiply loop list.
Multiply is designed for users who want to:
  • Increase their exposure to assets such as SOL, mSOL, or JitoSOL
  • Boost potential yield through automated looping
  • Actively manage market exposure and risk
  • Optimize capital efficiency without leaving the Jupiter Lend interface
Example:You deposit 10 SOL and select 2x leverage.Jupiter Lend borrows 10 SOL worth of USDC, swaps it for SOL, and redeposits it, giving you 20 SOL exposure while keeping your total collateral and debt balanced.Multiply positions are isolated: risks and rewards are contained within your vault. You can reduce or increase leverage at any time, or close partially to take profit or reduce exposure.
Multiply adds no protocol fee, and the flashloan it uses is free (the form shows Flash Loan Fee: Free). Each Multiply or Unwind swaps tokens through Jupiter, so you bear the swap’s price impact and route fees; Smart Multiply pays the pool’s DEX fee instead. Interest follows the same fee structure as Borrow.
Multiply positions follow the same liquidation rules as standard borrowing.If your position crosses the (the debt-to-collateral ratio at which the position becomes eligible for partial liquidation) due to a drop in collateral value or an increase in debt, a portion of your collateral may be automatically sold to restore safety. Liquidation penalties vary by vault.The key difference with Multiply is leverage. Leverage amplifies both gains and losses, meaning positions can reach the Liquidation Threshold faster during adverse price movements. Higher leverage increases potential returns but also significantly increases liquidation risk.Risk management is your responsibility. Monitor your position regularly and reduce leverage or unwind if market conditions change.Example:If you hold a 3x SOL Multiply position and SOL drops 20%, your exposure amplifies the loss and your Position Health (the status showing how close the position is to liquidation) can deteriorate sharply. Adding collateral or reducing leverage restores safety.

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How it works

Multiply builds an amplified position with a flashloan, within a single atomic transaction. It allows you to maintain higher exposure to an asset while keeping liquidation and risk parameters consistent with standard borrowing.
Multiply reaches the target leverage in one pass rather than by repeating loops: it flash-borrows the full debt needed for your target multiplier, swaps it into collateral, deposits it with your own deposit, borrows the same amount against the position, and repays the flashloan.Example (2x leverage on SOL):
  1. You supply 10 SOL as base collateral.
  2. The transaction flash-borrows the USDC needed for 2x.
  3. That USDC is swapped to SOL using Jupiter’s swap aggregator.
  4. Your 10 SOL and the purchased SOL are deposited as collateral, the same amount of USDC is borrowed against the position, and the flashloan is repaid.
End state:
  • Total exposure: 20 SOL
  • Collateral value: $4,000
  • Debt value: $2,000
  • Liquidation and risk parameters remain consistent with the vault.
This process is atomic. All operations execute within a single Solana transaction, so either the whole position is built or nothing changes, and the position never sits half-built. The swap still executes at market prices within your slippage tolerance.
Unwind is the reverse of Multiply. It lets you decrease leverage by selling a portion of your collateral and using the proceeds to repay part of your debt, all in a single transaction.This allows you to reduce exposure, take profits, or restore a healthier Position Health without closing the entire position.How it works:When triggered, Jupiter Lend swaps part of the collateral through the Jupiter router, uses it to repay the outstanding debt, and updates the vault. The position’s collateral ratio improves immediately.
  • Partial Unwind: reduce leverage by a chosen amount (e.g., from 3x to 2.2x).
  • Full Unwind: sell enough collateral to repay the full debt and return the rest to your wallet.
After an Unwind, it is normal to receive different assets in your wallet. Part or all of your collateral asset is used to repay the debt, and any remaining amount after the swap is returned to your wallet.For Multiply positions where the supply token is SOL, you automatically receive native SOL when unwinding (no manual unwrapping required).Unwind adds no protocol fee and also uses a free flashloan, but its swap carries price impact and route fees. It uses the same parameters and rates as Borrow.Each vault remains isolated, and the operation follows the same oracle-based pricing and liquidation logic as other products.
Once a Multiply position is open, it can be managed at any time from the Position Management page. You can adjust leverage, manage collateral, and control debt to keep your position aligned with your risk tolerance and market conditions.Leverage adjustments: You can increase leverage using the Multiply tab or reduce it using Unwind. Reducing leverage repays part (or all) of the debt using collateral, improving position safety.Collateral management: Collateral can be added or withdrawn at any time. Adding collateral lowers risk. Withdrawals are only allowed if the position stays under the vault’s maximum LTV, which is below the .Debt management: You can borrow additional debt directly to your wallet or repay existing debt to reduce exposure. Repaying debt immediately improves the position’s safety.Monitoring and tracking: The Stats tab shows historical APYs and oracle prices. The History tab provides a full log of all actions taken on the position. Since Jupiter Lend v2, positions also track lifetime performance: Your Net Value at the top of the Multiply page, the PnL of your Multiply positions in the Multiply section of the market page, and the Position PNL on each position page. The lifetime PnL accounts for everything that affects the position: swap fees, interest paid and earned, and liquidations.Net APY: The Net APY shown for your position (labeled Final APY on the position page) is the return on your net value (total collateral minus total debt), not on your total collateral. With leverage, your net value is a fraction of your total position, so the effective return in absolute terms is smaller than it may appear at first glance.Risk awareness: Each position displays a Status indicator showing how close it is to the . Higher leverage makes positions more sensitive to price and yield changes, requiring closer monitoring.

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Position NFT

Each Multiply position is linked to a Position NFT (Non-Fungible Token) sent to your wallet when the position is created.
Do not burn or transfer the Position NFT while the position is open. It is required to manage and close the position through the interface.
When you close the position, the NFT stays in your wallet. If you later open a new Multiply position in the same vault pair, the NFT can be reused, so you do not pay the account creation fees again.

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Video walkthrough

Using Multiply: Step-by-Step Walkthrough

Learn how to open, manage and close a Multiply Position.

Learn more on Jupiter Academy

Scaling Exposure with Jupiter Multiply: a guided lesson on how Multiply works.