SOL LST strategies
SOL LST strategies are the only Multiply strategies where SOL price movements have zero impact on position health. Both collateral and debt are denominated in SOL — the position gains or loses based entirely on the spread between staking yield and borrow rate. See The SOL-denominated advantage for the full explanation.
Debt asset: SOL
Yield source: Liquid staking rewards (Solana Proof-of-Stake yield) Because both sides of the position are denominated in SOL, SOL price volatility does not affect the LTV ratio or liquidation risk. You hold an LST against SOL debt — if SOL falls 50%, both your collateral value and your debt value fall by the same amount.
| Market | Assets | Max Leverage | Notes |
|---|---|---|---|
| Jito Market | JitoSOL | 10x | Isolated market, 90% LTV eMode, SOL IR cap |
| Main Market | mSOL, bSOL, JupSOL, dfdvSOL, adraSOL | 7.5x | eMode elevation groups |
Borrow Rate > Staking Yield, Net APY turns negative and debt grows relative to collateral. This is the only meaningful risk vector for these strategies under normal conditions.
JLP strategies
Collateral: JLP (Jupiter Liquidity Provider token)Debt asset: USDC, PYUSD, or USDG
Yield source: Trading fees from Jupiter perpetuals platform
Max leverage: ~3.2x (JLP Market, 67% LTV, Liquidation LTV 80%) JLP is a basket token holding SOL, ETH, BTC, USDC, and USDT — approximately 65% crypto-native assets and 35% stablecoins. Leverage amplifies both the fee yield and the directional exposure to crypto prices. Unlike SOL LST strategies, JLP Multiply carries direct market risk: if JLP falls in USD terms, the position approaches liquidation. The ~35% stablecoin component provides partial downside buffer. eMode is not applied — JLP does not qualify as a correlated asset against USDC debt. Available vaults: JLP/USDC, JLP/PYUSD, JLP/USDG
Stablecoin and RWA strategies
These strategies loop a yield-bearing stablecoin or real-world asset token against stablecoin debt. The goal is leveraged yield with minimal directional exposure to crypto prices.RWA strategies carry risks that are absent from crypto-native strategies: counterparty risk, default risk on the underlying loan pool, and redemption liquidity constraints. The collateral may not be liquidatable as rapidly as on-chain assets in a stress scenario.
xStocks strategies
Collateral: Tokenized stocks (xStocks)Debt asset: USDC
Available assets: APPLx, GOOGLx, HOODx, MSTRx, NVDAx, QQQx, SPYx, TSLAx
Max leverage: Up to 3.7x xStocks Multiply provides leveraged exposure to tokenized equity prices settled on-chain. This is a purely directional strategy — if the underlying stock price falls, the position can be liquidated. There is no yield-bearing component offsetting the borrow cost; the entire thesis is price appreciation of the underlying equity.
Stable loops
Stablecoin-to-stablecoin looping strategies pair a yield-bearing stablecoin as collateral against a standard stablecoin as debt. When both sides are pegged to USD, leverage multiplies the yield spread with minimal directional price risk. Example: CASH/PYUSD — up to 10x leverage on the spread between CASH yield and PYUSD borrow rate.Strategy comparison
| Strategy | SOL Price Risk | Market Liquidation Risk | Primary Risk | Max Leverage |
|---|---|---|---|---|
| SOL LST | None | None | Borrow rate | 10x |
| JLP | High | Yes | Price + borrow rate | ~3.2x |
| Stablecoin / RWA | Low | Low | Borrow rate + RWA default | 8.3x |
| xStocks | High (equity) | Yes | Price + borrow rate | 3.7x |
| Stable loops | None | None | Borrow rate spread | 10x |