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Sentora is launching a new isolated USDe market on Jupiter Lend, the Sentora Market, and the Bitwise x Ethena Market is winding down. This guide covers how to move a USDe loop from one market to the other, or how to exit the Bitwise x Ethena Market gradually.
All positions in the Bitwise x Ethena Market must be unwound by 27 September 2026 to avoid accruing negative interest. Given the size of the market (over $250m notional USDe), the migration method below is strongly recommended to minimise slippage.
In the Bitwise x Ethena Market, the USDe loop borrows USDG (Paxos’ Global Dollar) against USDe collateral. In the Sentora Market, USDe collateral backs a PYUSD (PayPal USD, issued by Paxos) debt. Both markets are isolated from each other and from the Jupiter Market.

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Your options

There are two ways to close a Bitwise x Ethena position. Both are done gradually, in loops, rather than in a single operation.
Do not use the Unwind action on the Multiply page to close your position, and do not unwind in a single operation. If your position is $250k notional or more, unwind gradually using the loops below. On-chain USDG and PYUSD liquidity can be thin during the migration window, and Jupiter is not responsible for losses from slippage on DEX liquidity it does not control.

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Option A: Migrate to the Sentora Market

This loop is the most capital-efficient way to move liquidity from the Bitwise x Ethena Market to the Sentora Market. Each pass repays part of your USDG debt, frees USDe collateral, redeploys it in the Sentora Market, and converts the PYUSD borrowed there back into USDG for the next pass. The example below assumes you hold $1m of USDe in the Bitwise x Ethena Market against $940k of USDG debt. The loop, repeated until the Bitwise x Ethena position is fully unwound:
  1. Source USDG outside the market.
  2. Repay USDG debt in the Bitwise x Ethena Market.
  3. Withdraw USDe from the Bitwise x Ethena Market.
  4. Deposit USDe and borrow PYUSD in the Sentora Market.
  5. Convert PYUSD to USDG, then go back to step 2.
1

Source USDG outside the market

Buy USDG on Solana from any major venue, for example Jupiter Spot. The amount you hold sets how many loops you need:Loops required ≈ notional position size ÷ USDG heldFor example, $200k of USDG unwinds a $1m position in roughly 5 loops.
2

Repay debt in the Bitwise x Ethena Market

Open the Bitwise x Ethena Market and go to your position under Multiply. On the position page, select the Repay Debt tab.
The USDe / USDG Multiply position page, with the Repay Debt tab highlighted among Multiply, Unwind, Add Collateral, Withdraw Collateral, Repay Debt and Borrow Debt

The Repay Debt tab on a USDe / USDG Multiply position.

Enter as much USDG as your balance allows, then click Repay and approve the transaction in your wallet.
The Repay form with 200,000 USDG entered, a Safe position status and the Repay button

Repay form filled with the USDG you hold.

3

Withdraw collateral

Select the Withdraw Collateral tab and withdraw the maximum USDe the position now allows. Click Withdraw and approve the transaction.
The Withdraw form with 214,000 USDe entered, a Safe position status and the Withdraw button

Withdraw form set to the maximum USDe the position allows.

4

Deposit into the Sentora Market

From the Earn page, use the market selector at the top left of the Jupiter Lend interface and select Sentora, the entry marked New.
The market selector showing the Jupiter Lend and Ethena icons and the Sentora entry marked New

The market selector with the Sentora entry.

Go to Borrow and open the USDe / PYUSD vault. In the Actions tab, choose Deposit & Borrow: deposit the USDe you just withdrew and borrow the maximum PYUSD the vault allows against it, in a single transaction. Click Deposit & Borrow and approve.
The Deposit & Borrow form with 214,000 USDe to deposit and 200,946 PYUSD to borrow, and the Deposit & Borrow button

Deposit & Borrow form in the Sentora Market: USDe deposited, PYUSD borrowed.

Borrowing close to the vault’s LTV (Loan-to-Value) limit leaves little room between your position and its Liquidation Threshold. Check the resulting Position Health before confirming.
5

Convert PYUSD to USDG

Swap the PYUSD to USDG on your preferred venue, for example Jupiter Spot. Watch slippage on each swap.
6

Repeat from step 2

Use the USDG you now hold and repeat until your Bitwise x Ethena position is fully unwound.

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Option B: Exit entirely

If you are leaving the Bitwise x Ethena Market rather than migrating, unwind gradually through Repay & Withdraw.
Do not use the Unwind action on the Multiply page to close your position. Liquidity can be thin during the wind-down period, and Jupiter does not control liquidity held on DEXs. Jupiter will not take responsibility for funds lost to slippage.
1

Source USDG outside the market

As in Option A: buy USDG on Solana, for example on Jupiter Spot. The amount you hold sets how many loops you need.
2

Repay and withdraw

Open the Bitwise x Ethena Market, go to Borrow and open the USDe / USDG vault. In the Actions tab, select Repay & Withdraw, then repay USDG and withdraw the USDe this frees, in a single transaction.
The USDe / USDG vault page with the Actions tab open and the Repay & Withdraw action highlighted

The Repay & Withdraw action in the Actions tab of the USDe / USDG vault.

3

Convert enough USDe to USDG to fund the next repayment

Only convert what you need to cover the remaining debt; the rest stays as USDe. Swap USDe to USDG on any on-chain venue, for example Jupiter Spot. Watch slippage on each swap.
4

Repeat from step 2

Continue until your USDG debt is zero, then withdraw all remaining USDe. You finish holding USDe, which you can keep or convert as you choose.

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Slippage notice

Jupiter does not control DEX liquidity for USDe, USDG or PYUSD and is not responsible for losses from slippage incurred while unwinding or migrating. Positions above $250k notional should never be unwound in a single operation.
Always verify you are on jup.ag before connecting a wallet.

Markets

Assets, parameters and risks of the Bitwise x Ethena Market.

Using Multiply

How the Repay Debt and Withdraw Collateral tabs work on a Multiply position.

Using Borrow

How the Actions tab combines Deposit & Borrow and Repay & Withdraw into one transaction.

Lend FAQ

Frequently asked questions about the Bitwise x Ethena Market.