> ## 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.
# Migrating from the Bitwise x Ethena Market to the Sentora Market
> How to move a USDe loop from the Bitwise x Ethena Market to the new Sentora Market on Jupiter Lend, or exit gradually, with minimal slippage.
Sentora is launching a new isolated USDe market on Jupiter Lend, the **Sentora Market**, and the [Bitwise x Ethena Market](/user-docs/earn/lend/markets#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.
## 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.
| Option | Who it is for | Result |
| ------------------------------------ | ---------------------------------------------- | ---------------------------------------------------------------------- |
| **A. Migrate to the Sentora Market** | Anyone who wants to keep the USDe loop running | Position re-established in the Sentora Market with the lowest slippage |
| **B. Exit entirely** | Anyone leaving the Ethena markets | Debt repaid, USDe collateral withdrawn |
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.
Buy USDG on Solana from any major venue, for example [Jupiter Spot](https://jup.ag/spot). The amount you hold sets how many loops you need:
**Loops required ≈ notional position size ÷ USDG held**
For example, \$200k of USDG unwinds a \$1m position in roughly 5 loops.
Open the [Bitwise x Ethena Market](https://jup.ag/lend/ethena/market) and go to your position under **Multiply**. On the position page, select the **Repay Debt** tab.
Enter as much USDG as your balance allows, then click **Repay** and approve the transaction in your wallet.
Select the **Withdraw Collateral** tab and withdraw the maximum USDe the position now allows. Click **Withdraw** and approve the transaction.
From the Earn page, use the market selector at the top left of the Jupiter Lend interface and select **Sentora**, the entry marked **New**.
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.
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.
Swap the PYUSD to USDG on your preferred venue, for example [Jupiter Spot](https://jup.ag/spot). Watch slippage on each swap.
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.
As in Option A: buy USDG on Solana, for example on [Jupiter Spot](https://jup.ag/spot). The amount you hold sets how many loops you need.
Open the [Bitwise x Ethena Market](https://jup.ag/lend/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.
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](https://jup.ag/spot). Watch slippage on each swap.
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](https://jup.ag) before connecting a wallet.
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Assets, parameters and risks of the Bitwise x Ethena Market.
How the Repay Debt and Withdraw Collateral tabs work on a Multiply position.
How the Actions tab combines Deposit & Borrow and Repay & Withdraw into one transaction.
Frequently asked questions about the Bitwise x Ethena Market.