What is Multiply?
Multiply is an automated leverage feature on Jupiter Lend that lets you increase your exposure to an asset by borrowing against your collateral and reinvesting it in a single, atomic transaction.
What are the fees?
Multiply has no extra fees, it uses the same fee structure as Borrow.
What is the Position NFT?
Each Borrow or Multiply position is represented by a Position NFT, created at the moment the position is opened and sent to your wallet.
This NFT stores all the position data, including collateral, debt, and risk parameters, and represents ownership of the position. This one is transferable: moving it to another wallet transfers the entire position.
Do not burn this NFT, as it is required to manage and withdraw the funds associated with the position.
What about liquidations?
If price movements between the collateral and the borrowed asset, or an increase in your debt value, cause your position to exceed this threshold, the Health Factor will drop below 1.0 and part of your collateral may be automatically sold to repay the loan.
How to avoid liquidation:
- Avoid maxing out leverage and keep a safety buffer.
- Reduce leverage (Unwind) if your position becomes risky.
- Monitor your position regularly from the Lend dashboard.
What are the risks?
Multiply uses leverage, which amplifies both gains and losses. As a result, positions can reach liquidation faster during adverse price movements.
Your position is safe as long as the Health Factor stays above 1.0. If it drops below this level, part of your collateral is automatically sold to restore balance.Liquidation penalties apply only to the liquidated portion.
Higher leverage can increase returns, but it also increases liquidation risk.
Where does the yield come from?
The yield can be dependent on the underlying yield (such as the LST/yield bearing token) or it can be due to borrow demand in the liquidity layer.
Why do I receive less of my xToken deposited as collateral when I Unwind?
When you Unwind, the protocol first repays your borrowed amount using part of your collateral.
You may receive less of your original token back because:
- A portion was sold to repay the debt
- Swap and network fees applied during the process
- Or you received wSOL, which is the wrapped version of SOL, you can unwrap it at any time in your wallet.
The difference doesn’t mean a loss, it’s simply the settlement of your loan and fees happening in one transaction.
What’s the difference between Unwind and Deleverage?
- Unwind is the new name. It lets you close part or all of your Multiply position, automatically repaying your loan and converting the rest back to your collateral.
- Deleverage was the old name for the same action.
Why depeg values differ between Multiply and Unwind?
The depeg value shows the percentage difference between the DEX on-chain price and the oracle price.
Because Multiply and Unwind execute swaps in opposite directions, they interact with liquidity differently:
- Multiply: swaps debt → collateral
- Unwind: swaps collateral → debt
Since market depth and routing conditions change depending on the direction, the depeg shown for each action can differ.