> ## Documentation Index
> Fetch the complete documentation index at: https://kamino.com/docs/llms.txt
> Use this file to discover all available pages before exploring further.
# Opening a Position
> Step-by-step guide to opening a leveraged position in Kamino Multiply
## Step 1: Select a Vault in Multiply
Access the Multiply product interface and choose your desired vault (e.g., mSOL Multiply Vault) from the available options.
## Step 2: Configure Your Position
Select your deposit token, amount, and leverage multiplier. You may deposit either:
* The underlying asset (e.g., SOL)
* The yield-bearing asset (e.g., JLP or JitoSOL)
The smart contract automatically swaps assets as needed. Position values display in SOL for SOL Multiply and USD for JLP Multiply.
### Net APY Indicator
**[Net APY](/docs/products/multiply/concepts#net-apy--the-fundamental-equation) is the key metric** reflecting position yield. It accounts for asset yield earned, supply interest earned, and borrow fees paid.
**Profitability threshold:**
* Net APY > underlying asset APY = position earns yield
* Net APY \< underlying asset APY = you pay interest
## Step 3: Review Position Simulation
### Overview Tab
Displays a position simulation with estimated yields based on 180-day historical data. For example, if average APY was 10%, your "Estimated Net Earnings" projects 10% returns over that period.
### My Position Tab
Shows detailed position value simulations before deposit confirmation, allowing you to verify parameters before committing.
