Jupiter Exchange lending vaults hold $1.03 billion

The quick take

Price: Jupiter Exchange ($JUP) trades at $0.253, +0.3% ↑ in 24 hours.
Trigger: Borrowers owe $633.4 million across 83 vaults, about 61% of the collateral’s value.
Watch: Jupiter Perps LP ($JLP) is the largest single collateral at $285.6 million, or 28%.

Jupiter Exchange lending vaults held $1.03 billion in collateral as of 6:45 p.m. ET on Wednesday, according to Jupiter Exchange‘s own lending data. Borrowers had drawn $633.4 million in loans against it.

That puts open debt at about 61% of the collateral’s dollar value. The lending book is spread across 83 vaults, each pairing one collateral token with one borrowed token.

What happened

Most of the borrowing is in dollars. $USDC loans total $409.3 million, or 65% of all vault debt, per Jupiter’s vault data read at 23:45 UTC.

Solana ($SOL) is the second-largest borrowed asset at $171.3 million. Jupiter’s own stablecoin, $JupUSD, accounts for $30.1 million, and $USDT for $14.4 million.

On the lender side, Jupiter’s Earn pools hold $568.6 million across 7 tokens. The $USDC Earn pool alone holds $476.3 million and pays about 4.4% a year with rewards included.

What backs the loans

The largest collateral is Jupiter Perps LP ($JLP), Jupiter’s perps liquidity pool token, at $285.6 million. That is 28% of all collateral in the vaults.

Next come $JupSOL at $200.4 million, $SOL at $178.3 million and $dfdvSOL at $124.7 million. $JupSOL and $dfdvSOL are staked-SOL tokens, so their value tracks $SOL.

Together, $SOL and those two staked-SOL tokens back $503.4 million, about 49% of the total. The yield-bearing dollar token $sUSDai adds $62.5 million.

Why the mix matters

Most of the dollar loans sit on top of collateral that moves with $SOL. $SOL trades at $82.89 on CoinGecko, down 11.9% over 7 days.

When collateral prices fall, the vaults’ cushion shrinks while dollar debts stay the same size. Each vault sets its own limits, so the effect differs from one pair to the next.

$JLP adds a different kind of exposure. Its value depends on the assets in Jupiter’s perps pool and on traders’ results against it.

Two trackers, two readings

DefiLlama lists Jupiter Lend at $974.5 million in total value locked as of 22:12 UTC. Its count leaves borrowed funds out.

DefiLlama also shows $912.4 million borrowed, well above the $633.4 million summed from Jupiter’s own vault data. The two count loans in different ways, and the reason for the gap is not confirmed. This post uses Jupiter’s figure for vault debt.

What to watch next

$SOL’s price, since about half of the collateral moves with it.
The value of $JLP, the largest single collateral.
$USDC borrowing of $409.3 million against $476.3 million in the $USDC Earn pool.

Bottom line: Jupiter Exchange’s lending book is large, but about three-quarters of its collateral is tied to $SOL or $JLP, so its health follows those two.