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Market isolation

Each Kamino Borrow market is a self-contained environment with its own accepted collateral assets, borrowable assets, risk parameters, and liquidity. Collateral deposited in one market cannot be used to borrow from another, and the markets do not share liquidity or risk exposure. This isolation limits contagion — a liquidation cascade or parameter change in the JLP Market has no effect on positions in the Main Market.

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Available markets

Main Market

The primary market supporting Solana’s core assets: SOL, wETH, tBTC, USDC, USDT, and liquid staking tokens including JitoSOL, mSOL, and bSOL. The deepest liquidity and the broadest asset selection across all Kamino markets.

JLP Market

Optimised for JLP (Jupiter Liquidity Provider tokens) as collateral. Enables JLP holders to borrow against their LP position without unwinding it.

Altcoins Market

Supports higher-volatility assets with correspondingly tighter risk parameters and lower LTV ratios. Designed for assets that do not qualify for the Main Market’s parameters.

Prime Market

Institutional-grade market with custom risk configurations. Designed for larger positions and counterparties with specific requirements.

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Cross Mode

Cross Mode is the default position mode. A single Cross Mode position can hold multiple collateral assets and multiple debt assets at the same time. Position health — your LTV — is calculated across all assets in the position together, so the combined collateral value is weighed against the combined debt. This cross-collateralization means that strong performance in one asset can offset weakness in another, but it also means that the health of every debt in the position is tied to the performance of all collateral. Cross Mode applies more conservative LTV parameters than Isolated Mode because the risk interactions between multiple assets are more complex.

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Isolated Mode

Isolated Mode supports a single collateral asset and a single debt asset per position. In exchange for this constraint, Isolated Mode offers higher LTV ratios than Cross Mode for the same asset pair — the simplified structure allows the protocol to extend more borrowing capacity. Not all asset pairs support Isolated Mode; eligibility is determined per pair based on liquidity and risk characteristics.
Isolated Mode is currently in beta with limited pair availability. Available pairs include SOL/PYUSD, USDC/USDT, and select LST/SOL combinations.

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Elevation Groups (eMode)

Assets within the same category can be configured as an elevation group, allowing significantly higher LTV ratios between them. The rationale is correlation: if collateral and debt are closely correlated assets — for example, JitoSOL as collateral and SOL as debt — the two values tend to move together, which substantially reduces the risk that a price move will push the position into liquidation. A JitoSOL/SOL position can therefore safely operate at much higher LTV than a JitoSOL/USDC position. Elevation Groups are the mechanism that powers Kamino’s Multiply product, enabling capital-efficient leveraged exposure to correlated asset pairs. → See Concepts for the full eMode rate and leverage table.