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What are Strategies

Strategies are pre-built, max-leverage positions on within Jupiter Lend. They allow you to enter an automated looping position in a single click, without manually configuring leverage, collateral, or debt parameters. Each strategy uses a pegged vault where the collateral and debt assets are correlated (e.g., JupSOL/SOL, INF/SOL). The JupSOL and INF vaults use on-chain redemption rates as their oracle price rather than market prices, so market price fluctuations do not directly cause liquidations; the syrupUSDC and LBTC vaults are priced with Chainlink feeds (see Depeg risk). For a definition of pegged vaults and other key terms, see Protocol Details. Strategies are built on top of Multiply. They follow the same mechanics, the same liquidation rules, and the same fee structure. The difference is that Strategies automate the setup at maximum leverage: you deposit, the protocol handles the rest.
Strategies vs Multiply: Multiply lets you choose any leverage level on any supported vault. Strategies apply maximum leverage automatically on a curated set of pegged vaults. If you want flexibility on leverage or vault selection, use Multiply. If you want a one-click max-leverage position on a pre-vetted pair, use Strategies.
Strategies are pre-built templates that apply maximum leverage. You should understand the risks of each strategy before entering a position.

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How it works

Opening a new strategy position usually takes a single transaction: it creates your position (including the Position NFT), flash-borrows the debt needed for max leverage, swaps it into the collateral asset, deposits it with your own deposit, and borrows against the position to repay the flashloan.If the best swap route is too large to fit in the same transaction as the position creation, the app splits the opening into two transactions, back to back:
  1. Create Position: creates your position account on-chain (including the Position NFT).
  2. Apply Leverage: deposits your collateral and applies max leverage, as above.
If you already have an existing position in that strategy, one transaction adds more collateral.
Each position is represented by a Position NFT sent to your wallet. Do not burn this NFT while the position is open. It is required to manage and withdraw your funds.
Withdraw All fully unwinds your position in a single transaction. The system swaps your collateral to repay all outstanding debt via a flashloan, then returns the remaining assets to your wallet.To reduce the position instead of closing it, use the Unwind partially with a better execution price link below the button. It opens the position page, where you can unwind part of the position, repay debt, or withdraw collateral.
The APY displayed on each strategy is the Supply APY (what your collateral earns) multiplied by the leverage, minus the Borrow APY (what you pay on the debt) multiplied by the leverage minus one: APY = Supply APY × leverage − Borrow APY × (leverage − 1). For example, at 16x with a 6% Supply APY and a 5.5% Borrow APY: (6% × 16) − (5.5% × 15) = 13.5%.This APY fluctuates in real time based on supply and demand in the underlying lending pools. It is not fixed.The APY shown applies to your net value (total collateral minus total debt), not to your total position. With high leverage, your net value is a small fraction of the total position.
Each strategy has a capacity limit: the borrow headroom available in the strategy’s underlying vault. Because every deposit is looped at maximum leverage, this effectively caps the total amount that can be deposited across all users.The capacity status is shown on each strategy card:
  • Available: deposits are open.
  • Filling fast: capacity is running low.
  • Filled: no new deposits can be made until existing positions are closed or the ceiling is raised.

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Available Strategies

All current strategies use pegged vaults with correlated asset pairs. Each strategy’s risk level and yield source depend on the underlying assets.
The JUICED Loops (USDC and USDT) are winding down: new deposits are closed, incentives have been removed, and new borrowing is limited to a minimum. If you hold a JUICED Loop position, please close it. The app shows a wind-down notice announcing that these vaults will close, with an unwind link, and withdrawing, repaying, and deleveraging remain available. Borrowing costs on these vaults will be raised to encourage the remaining positions to close.
The USDe Loop (USDe / USDG, Bitwise x Ethena Market) is closed to new deposits and its market is winding down: positions must be unwound before a due date to be announced. Do not close a large position with a single-transaction withdrawal, which swaps the collateral on DEXs in one go. Follow the migration guide to unwind gradually or to move the loop to the Sentora Market.
Assets are correlated and the blockchain-maintained redemption rate is used as oracle. There is no market price risk. The main risk is that SOL borrow rates spike for a sustained period of time.
Assets are correlated. INF holds a basket of LSTs and enhances their yield via swap fees between them. There is no market price risk. The main risk is that SOL borrow rates spike for a sustained period of time.
Assets are correlated. syrupUSDC is backed by overcollateralized loans issued via institutional grade custodians. The main risks are that syrupUSDC depegs or borrow rates spike for a sustained period of time.
Assets are correlated. LBTC yield is generated via staking rewards on Babylon network. The main risks are that slashing occurs to LBTC’s underlying or cbBTC borrow rates spike for a sustained period of time.

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Risks

Strategies use max leverage on pegged vaults. While pegged vaults significantly reduce market price risk compared to standard Multiply positions, they do not eliminate all risk. Maximum leverage means your safety margin is reduced by design: your debt-to-collateral ratio sits close to the Liquidation Threshold from the moment the position is opened, so smaller adverse movements in rates or asset value can push the position toward liquidation faster than at lower leverage. Max leverage risk: the higher the leverage, the smaller the buffer between your current ratio and the Liquidation Threshold. At max leverage, even small changes in Borrow APY, Supply APY, or asset behavior have an outsized impact on your . Strategies are designed for users who understand this trade-off. Rate risk: borrow rates are variable. If the Borrow APY exceeds the Supply APY for a sustained period, your position loses value over time. At max leverage, this effect is amplified, and the Position Health deteriorates faster than at lower leverage. Depeg risk: for most strategies (JupSOL, INF), the oracle uses on-chain redemption rates, so a market depeg does not affect your position. However, for strategies backed by external mechanisms (syrupUSDC, LBTC), a depeg of the collateral asset or a failure in its underlying could impact your position. Liquidation: if your debt-to-collateral ratio reaches the , part of your collateral is automatically sold to repay the debt. Liquidation penalties vary by vault and apply only to the liquidated portion. For pegged vaults, liquidation is primarily driven by rate divergence over time, not sudden price drops. Smart contract risk: Strategies use the same Jupiter Lend smart contracts as Borrow and Multiply. All contracts have been audited, but no protocol is completely risk-free.

Liquidation Calculator

Before entering a Strategy, simulate how borrow rate changes affect your position at max leverage over time. The Liquidation Calculator estimates how long it would take for a position to reach liquidation under different rate scenarios.

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Fees

Strategies use the same fee structure as Borrow and Multiply. There are no additional fees for using Strategies.
Borrowing interest accrues on the total leveraged debt, not just your initial deposit. Each deposit and withdrawal involves swaps, which carry standard network and swap fees.

Using Strategies: Step-by-Step Walkthrough

Learn how to enter, manage, and exit a Strategy position.