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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, in the Loop section 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 displayed do not include these open and close swap fees.

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The Loop page

The Loop page lists every stable yield-bearing asset on the book as a card: loop it with borrowed USDC, or lend USDC against it and earn the rate loopers pay.
  • Assets with live USDC offers show the estimated looped APY and its multiple (“37.4% at 9.9×”), the USDC available to borrow, the value in active loans and the range of lend APYs, with a Lend USDC shortcut
  • Assets without offers show their native yield, flagged “unlooped”: the first lender sets the rate (Post the first offer)

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The per-asset Loop page

Clicking an asset opens its Loop page, with header stats (native yield, best estimated looped APY, maximum leverage, available liquidity), 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 widget’s Loop tab 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 Multiply: 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 Portfolio like any other loan, with a Multiply type badge.

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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 Portfolio > Loans: the Multiply side filter isolates them, and each row carries a Multiply type badge with its live PnL and expected 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 Loop 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 the borrow cost but not the open and close swap fees. See Fees and Costs.