Jupiter Vaults strategies: lending and looping

A vault’s strategy is the plan its curator follows to earn yield with the deposited funds. Each vault page describes its strategy under the vault name, and the curator alone runs it. See Curators. Vaults use two kinds of strategy:

Lending

The vault lends its USDC and earns the interest borrowers pay.

Looping

The vault borrows against a yield-bearing asset to increase its exposure to that asset’s yield.

Lending vaults

A lending vault lends its USDC to borrowers and earns the interest they pay. It lends on one or both of these protocols:

	Offerbook	Jupiter Lend
How it works	Peer-to-peer loans at a fixed rate. The vault publishes loan offers, and borrowers lock collateral to take them.	A pooled lending protocol with variable rates. The vault supplies USDC and moves it between markets to follow the best rates.
Learn more	Lending on Offerbook	Earn on Jupiter Lend

On Offerbook, Jupiter’s peer-to-peer lending market, some vaults accept a wide range of collateral, and others lend only against one asset, such as sUSDai or nOPAL. If a borrower does not repay by maturity, the vault claims the collateral and may sell it.

Looping vaults

A looping vault holds a yield-bearing asset, borrows USDC against it, and buys more of the same asset with the borrowed USDC. Repeating this raises the vault’s exposure to the asset’s yield, minus the cost of borrowing.

Looping multiplies both the yield and the risk. If the asset loses value, or its yield falls below the borrowing cost, losses are amplified.

The risks also depend on where the vault borrows:

Where the vault borrows	What can go wrong
Jupiter Lend	The position can be liquidated if the collateral’s value falls too far against the debt. See Liquidation.
Offerbook	The loans have a fixed term and no price-based liquidation, but the vault must repay or renew them before maturity.

The vault’s Allocation and Risks sections show which applies.

Underlying assets

Some vaults are exposed to yield-bearing tokens backed by real-world assets (RWA):

Asset	What it is
sUSDai	A yield-bearing stablecoin
nOPAL	A token from Plume’s Nest, backed by short-dated Brazilian credit card receivables

These tokens carry their own risks, including the issuer’s ability to freeze or redeem them. See Strategy and market risks.

Vault allocation

A vault shows its allocation in three places:

Where	What you see
The strategy tag under the vault’s name, such as “Stablecoin Lending”	Select it to open Vault strategy, which splits the funds by type: Lending, Looped, Market making, Idle and Other.
The Allocation section of the vault page	Each market the vault uses, with its Share of the vault, its value in dollars and the market’s APY. A Jupiter Lend position spread over several markets is one Jupiter Lend row, with the number of markets, such as “3 markets”: open it to see each lending market, then select a market for its supply APY, rewards APY and the token the vault holds for it. These are market rates, before vault fees.
Curator Activity	Each strategy action recorded onchain. See Track curator activity

While the vault’s value is being checked again, the Allocation section says “The vault AUM is being validated again.” and shows the last validated allocation.

Lending

Looping

​Lending vaults

​Looping vaults

​Underlying assets

​Vault allocation

Lending vaults

Looping vaults

Underlying assets

Vault allocation