Jupiter Lend TVL gap with Kamino Finance narrows to $80M

Jupiter Exchange ($JUP) is closing in on Kamino Finance ($KMNO) in Solana lending. Jupiter Lend TVL reached $1.32 billion at 1:41 p.m. ET on Sunday, according to DefiLlama. Kamino Lend stood at $1.40 billion, a gap of about $80 million, the smallest since July.

The quick take

Price: $JUP trades at $0.3298, up 0.1% in 24 hours; $KMNO is at $0.0407, up 0.3% (CoinGecko, 1:39 p.m. ET).
Trigger: Jupiter Lend TVL rose 10.1% in seven days while Kamino Lend fell 5.0%, per DefiLlama.
Watch: Whether Jupiter Lend closes a day above Kamino Lend for the first time in DefiLlama’s records.

What happened

A week ago the picture looked quite different. On Sept. 27 at 00:00 UTC, DefiLlama put Jupiter Lend at $1.18 billion and Kamino Lend at $1.47 billion. The gap between the two largest lending markets on Solana was then about $284 million.

Since then, the two lines have moved in opposite directions. Jupiter Lend’s TVL is up 10.1% over seven days and 1.4% over the last day. Kamino Lend’s TVL is down 5.0% over the week, with a small 0.5% gain over the last day.

The current gap is the smallest in DefiLlama’s daily data since July 24, when it was about $54 million. The two markets came even closer in mid-July, to about $19 million on July 15. Jupiter Lend has never closed a day above Kamino Lend in that data, which starts for Jupiter Lend in August 2025.

One detail matters when reading these numbers. DefiLlama counts TVL for a lending market as the deposits that are not lent out. Loans are tracked as a separate figure.

Why it moved

No single announcement explains the shift. The data instead shows steady deposit growth at Jupiter and a slow outflow at Kamino over the same seven days.

Stablecoins carry much of Jupiter’s lending business. Jupiter’s own Lend API showed about $505 million of USDC in its Earn vault at 17:44 UTC. That vault paid a 3.8% supply rate, or 4.2% with rewards included.

USDC is by far the largest asset in that vault. The next largest, JupUSD, held about $51 million at the same time.

Price swings in Solana ($SOL) do not explain the gap either. $SOL traded at $121.60 at 1:39 p.m. ET, almost unchanged over seven days, according to CoinGecko.

Who’s buying and selling

Borrowing tells a similar story. DefiLlama tracked $988 million in outstanding loans on Jupiter Lend at 17:00 UTC, up 3.9% from $951 million on Sept. 27.

Kamino Lend had $1.02 billion borrowed at 16:52 UTC. That is down 4.4% from $1.07 billion a week earlier. So borrowers, like depositors, have leaned toward Jupiter this week.

Together, the two markets hold $2.71 billion in TVL. That equals about 40% of the $6.72 billion in total DeFi TVL that DefiLlama shows for Solana.

The tokens have not tracked the deposit numbers. $JUP is down 1.1% over seven days, while $KMNO is down 10.7%, according to CoinGecko.

What to watch next

The first test is simple: whether Jupiter Lend’s daily TVL closes above Kamino Lend’s. That has not happened in DefiLlama’s data so far, and the gap was smaller in July without a crossover.

Rates are the second thing to follow. A change in rewards on either side could shift stablecoin deposits within days, since lenders can move funds between the two markets quickly.

Kamino still leads on both TVL and loans. One week of outflows does not change its position as the largest lending market on Solana by DefiLlama’s count.

Bottom line: Jupiter Lend has cut its distance to Kamino Lend by more than two-thirds in a week, but Kamino still leads Solana lending.