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Multiply is the leveraged side of Offerbook, and it comes in two flavours, both built on regular Offerbook loans:
  • Yield loops on stable yield-bearing assets, on the Multiply page of the header
  • Leveraged longs on any collateral, from the Leverage tab of the Borrow view
Either way, the position follows the same rules as any loan: fixed terms, no price-based liquidations during the loan, and a hard maturity. What Multiply adds is the packaging: the position is opened against your USDC deposit, sized by a leverage multiple, and unwound as a whole.
Leverage amplifies both gains and losses on the collateral asset. A Multiply position also remains a fixed-term loan: as the interface states, close or repay within the term or you lose your deposit. There are no price-based liquidations, but there is no way around maturity either. Opening and closing the position involve swapping between USDC and the collateral asset, which exposes both legs to slippage. The estimated APYs price in the expected cost of these swaps, but the slippage you actually get can differ.

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The Multiply page

The Multiply page lists the stable yield-bearing assets on the book as cards, in two views:
  • Available (the default): the loops you can open right now, those that beat simply holding the asset and that lenders can fund, with swap costs priced into the estimate. Each card shows the asset price, its native yield, the estimated Multiply APY (“Est. Multiply APY up to 18.7%”), the USDC available, the term, and a Multiply button
  • All: every stable yield-bearing asset on the book, including loops that do not currently beat holding and assets no lender has priced yet. Those are flagged “unlooped” with their native yield: the first lender sets the rate (Post the first offer)

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The asset page

Clicking an asset opens its page (for example Multiply ONyc), with header stats (native yield and its source, best estimated looped APY, maximum leverage, available liquidity, and a Lend USDC shortcut), an APY chart (average estimated APY, the asset’s native APY, and the average borrow APY, over 24H, 7D or 30D), and the table of live offers usable for the loop: estimated APY, maximum leverage, borrow APY, duration, LTV, and available USDC.
Offers whose borrow cost exceeds the asset’s yield show a negative estimated APY, flagged Below holding: at those terms, looping earns less than simply holding the asset. The table makes this explicit rather than hiding those offers.

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Opening a loop

The Multiply tab of the widget on the asset page is where the position is opened:
  • The selected offer’s terms are summarized: estimated looped APY, the asset’s native yield, the borrow cost including fee (an offer at 6% APY shows a 7.50% borrow cost, the all-in rate), the LTV, and the available liquidity
  • Slippage presets (0.01%, 0.05%, 0.1%) control the tolerance on the entry swap
  • You deposit USDC and click Loop: the position is opened at the offer’s leverage
The reminder under the button states the deal plainly: close or repay within the term or you lose your deposit (no price-based liquidations). Once open, the position appears under Dashboard > Positions, in the Looped group of the Borrowing side.

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Leveraged longs from the Borrow view

The Leverage tab of the Borrow view opens a leveraged long on any collateral, not just yield-bearing assets: pick the Asset to long (leveraged with USDC), set Your deposit and the Max leverage slider, and take one of the best-leverage offers. If no offer matches, try a shorter minimum duration or another asset. The resulting position is a Multiply position like any other. See Borrowing.

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Closing or repaying a position

Multiply positions live under Dashboard > Positions, in the Looped group of the Borrowing side, with their PnL. Two ways out, from the row’s actions:
  • Close opens the Close position view: the collateral is swapped to USDC at market, the loan is repaid, and the remainder hits your wallet, in one wallet prompt. Before you confirm, the view recaps the position (APY, owed, time left), lets you set the exit-swap slippage (Auto, 0.01%, 0.05%, 0.1%), and shows what you deposited, what you receive (with a worst-case floor derived from the slippage) and the resulting PnL.
  • Repay settles the loan like any other Offerbook loan: you repay the owed USDC yourself and keep the collateral asset.

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Lending on Multiply assets

Each asset page also has a Lend tab: lend USDC against the looped asset, at a fixed rate, secured by collateral that keeps accruing yield if it ever lands in your hands. The form sets the amount, the APY, the duration in days, and the minimum LTV the borrower must lock (higher LTV means deeper loops, less cushion). The widget adds one loop-specific number, the loop break-even rate: price your offer below it and it becomes the top loop; above it, loopers earn more by simply holding the asset, and your offer competes on duration and LTV only. The ceiling starts from the asset’s native yield and prices in the 25% fee on interest and the two swaps a borrower pays to open and close (simulated through Jupiter at current market depth, spread over the duration), so longer durations raise it. As the interface states when posting: you are posting an offer, not depositing. Your USDC only moves (and starts earning) when a borrower fills it, partial fills are allowed (minimum $10), unfilled liquidity is withdrawable at any time, and the offer expires after 7 days at most, like any lend offer.

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What it costs

A Multiply position carries the economics of the underlying loan: the borrow cost displayed is all-in (offer APY plus the upfront fee), network fees and account rent apply, and the estimated looped APY nets out both the borrow cost and the expected cost of the open and close swaps; the net APY of an open position subtracts them too. See Fees and Costs.