Multiply on Jupiter Lend is an automated leverage mechanism that builds an amplified position by recursively borrowing and redepositing collateral within a single atomic transaction.
It allows users to maintain higher exposure to an asset, while keeping liquidation and risk parameters consistent with standard borrowing.
Core logic
The Multiply mechanism is based on looped lending, where each loop borrows against existing collateral, swaps the borrowed asset into additional collateral, and redeposits it.
This process repeats until the desired leverage ratio is reached.
Example:
For a 2× leverage on SOL:
- The user supplies 10 SOL as base collateral.
- The protocol borrows USDC (or another stable asset) against this collateral.
- Borrowed USDC is swapped to SOL using Jupiter’s Ultra Swap aggregator.
- The purchased SOL is redeposited as collateral until the leverage ratio reaches the 2× target.
The end state:
- Total exposure = 20 SOL
- Collateral value = $4,000
- Debt value = $2,000
- Liquidation and risk parameters remain consistent with the Borrow vault.
This process is atomic, all operations are executed within a single Solana transaction, ensuring that no intermediate state is exposed to liquidation or front-running risk.
Unwind (reduce leverage)
Unwind is the reverse of Multiply.
It lets users decrease leverage by selling a portion of their collateral and using the proceeds to repay part of their debt, all in a single transaction.
This feature allows users to safely reduce exposure, take profits, or restore a healthier Health Factor without closing the entire position. The remaining collateral is simply returned to your wallet.
How it works:
When triggered, Jup Lend automatically swaps a small part of the collateral through the Jupiter router, uses it to repay the outstanding debt, and updates the vault.
The position’s collateral ratio improves immediately.
- Partial Unwind: reduce leverage by a chosen amount (e.g., from 3× to 2.2×).
- Full Unwind: sell enough collateral to repay the full debt and return the rest to the wallet.
After an Unwind, it is normal and expected to receive different assets in your wallet:
- Part/All of your collateral asset is used to repay the debt.
- Any remaining deposit asset that was excess after the involved swap, is returned to your wallet.
There are no additional fees, Unwind uses the same parameters and rates as Borrow.
Each vault remains isolated, and the operation follows the same oracle-based pricing and liquidation logic as other modules.