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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.

This page provides a clear overview of the key terms and metrics used across Jupiter Lend products.

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Vault

A vault is a market on Jupiter Lend composed of a collateral asset and a debt asset (e.g., SOL/USDC, mSOL/SOL, JUICED/USDC). The term “vault” can refer to two distinct things depending on context:
  • Position vault — a user’s individual borrowing position in a given market. Each Borrow or Multiply position creates its own position vault, identified by a Position NFT. This is the meaning used on the Borrow and Multiply pages.
  • Lending pool / market — the shared liquidity layer for a given asset pair, used by all participants. This is the meaning used on the Earn and Statistics pages.
When the distinction matters, the documentation specifies “position vault” or “lending pool”.

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Pegged Vault

A pegged vault is a vault where the collateral and debt assets are correlated and priced using on-chain redemption rates rather than market prices. Examples include JupSOL/SOL, INF/SOL, JUICED/USDC. Because the price comes from on-chain redemption rates, market price fluctuations do not directly cause liquidations on pegged vaults. The main liquidation risk comes from rate divergence (Borrow APY exceeding Supply APY for a sustained period). Pegged vaults are used in Strategies and in some Multiply positions.

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Position NFT

Each position in a vault is represented by an NFT. This NFT represents the vault, including its debt and collateral assets. The NFT can be moved freely; transferring it to another wallet transfers the entire position. Do not burn this NFT. It is required to manage and withdraw the funds associated with the position.

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Position Parameters

The annual return on the position’s net value (total collateral minus total debt). Formula: ((supply amount × supply APY) - (borrow amount × borrow APY)) / (supply amount - borrow amount). All amounts in USD. The result applies to net value only, not total collateral.
The maximum percentage of the collateral that can be borrowed against. Also called Loan-to-Value.
The debt-to-collateral ratio at which the position becomes eligible for partial liquidation. Always higher than the LTV.
The ratio above which the position exits the tick system and is fully liquidated to zero.
The collateral price at which the position would reach the Liquidation Threshold. Generally shown as liquidation price / current price of collateral.
An additional amount taken from your collateral during liquidation to reward the liquidator. Varies by vault. For example, with a 1% penalty, for every 100ofcollateralsoldduringliquidation,anextra100 of collateral sold during liquidation, an extra 1 is given to the liquidator.
The status that shows how close your position is to liquidation. It reflects your current debt-to-collateral ratio relative to the Liquidation Threshold. The closer you are to the threshold, the higher the risk.
Dollar value of debt divided by dollar value of collateral (D/C ratio).
The ratio of borrowed assets to total supplied assets in a pool. Higher utilization means more of the pool’s liquidity is actively being used by borrowers, which typically results in higher interest rates for both lenders and borrowers.
A specific debt-to-collateral ratio level inside a vault. Jupiter Lend groups positions with similar ratios into ticks for efficient liquidation processing. Ticks are spaced by 0.15% and are shared globally within a vault.
A loan that is borrowed and repaid within a single atomic transaction. Jupiter Lend uses flashloans internally to enable looped operations like Multiply, Strategies, and Unwind, where multiple steps (borrow, swap, redeposit) execute together. The user does not interact with the flashloan directly.
Rate earned per year for supplying the collateral asset.
Rate paid per year for borrowing the debt asset.
The collateral absorbed by the protocol from a borrower who becomes undercollateralized.
The borrower’s debt settled during the process of collateral absorption in liquidation.

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Withdrawal Limits

The minimum level the withdrawal ceiling can contract to. Further expansion happens from this base.
The active withdrawal ceiling. If it is $0, 100% of users can withdraw.
The rate at which limits increase or decrease over the given duration.
The time window for which the limits expand at the given rate.
Amount available for instant withdrawal.
Safety non-withdrawable amount reserved to guarantee liquidations.

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Borrow Limits

The minimum available borrowing amount for a vault. Further expansion happens from this base.
The active borrowing ceiling.
Maximum ceiling above which it is not possible to borrow.
The rate at which borrowing limits adjust over time.
The time window for which the limits expand at that rate.
Amount available for instant borrowing.