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.
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, JUICED/USDC). Because these vaults use on-chain redemption rates as their oracle price rather than market prices, market price fluctuations do not directly cause liquidations. 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.
How it works
Depositing
Depositing
When you deposit into a strategy, two transactions are required:
- Create Position — creates your position account on-chain (including the Position NFT).
- Apply Leverage — deposits your collateral, borrows the debt asset, swaps it back into the collateral asset, and redeposits it. This loop repeats until max leverage is reached.
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.
Withdrawing
Withdrawing
Withdrawing 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.Partial withdrawals are not supported for Strategies. You always withdraw 100% of your position.
APY
APY
The APY displayed on each strategy is calculated based on the difference between the Supply APY (what your collateral earns) and the Borrow APY (what you pay on the debt), multiplied by the leverage.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.
Capacity
Capacity
Each strategy has a capacity limit that caps the total amount that can be deposited across all users. This limit controls how much leverage the strategy can take on collectively.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.
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.| Strategy | Collateral / Debt | Risk | Yield source |
|---|---|---|---|
| JupSOL Loop | JupSOL / SOL | Low | SOL staking rewards |
| INF Loop | INF / SOL | Low | LST basket yield + swap fees |
| JUICED Loop - USDC | JUICED / USDC | Low | T-bill yield |
| JUICED Loop - USDT | JUICED / USDT | Low | T-bill yield |
| SyrupUSDC Loop | syrupUSDC / USDC | Medium | Overcollateralized institutional loans |
| LBTC Loop | LBTC / cbBTC | Medium | Babylon network staking rewards |
JupSOL Loop — Low Risk
JupSOL Loop — Low Risk
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.
INF Loop — Low Risk
INF Loop — Low Risk
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.
JUICED Loops (USDC / USDT) — Low Risk
JUICED Loops (USDC / USDT) — Low Risk
Assets are correlated and yield is generated via T-bills. The main risk is that borrow rates spike for a sustained period of time.
SyrupUSDC Loop — Medium Risk
SyrupUSDC Loop — Medium Risk
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.
LBTC Loop — Medium Risk
LBTC Loop — Medium Risk
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.
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.
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.