Market › Algorithmic › Jupiter Lend (Solana)

Jupiter Lend (Solana)

Takes as collateral: bitcoin

jupiter_lend_solana · on-chain isolated markets · ingesting

Include corporate in the market — financed by bitcoin the issuers hold, no lien

BTC collateral

283 BTC

partial

0.2% of Algorithmic

<0.1% of the market

Dollar debt against bitcoin

$11.3m

0.3% of Algorithmic

<0.1% of the market

Aggregate LTV

53.2%

+7.73 pts vs Algorithmic

Borrow rate (USD loans)

5.23%

+0.34 pts vs Algorithmic

Lend rate (USD loans)

4.70%

+1.33 pts vs Algorithmic

Liquidates at

$53,770

derived

35.1% below $82,847

Dollar loans only: other currencies are separate books, never added in

Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.

BTC collateral — the supplied amount of the venue's pegged-bitcoin reserves as each pool reports it — what is deposited, not what is pledged against a loan.
Liquidates at — the markets taken together at one threshold (they run 80%–90%, which puts it between $48,991 and $55,115); debt and collateral as each market reports them, thresholds as read on 2026-10-01 (2026-09/jupiter.json).

What “Liquidates at” is: one price for the whole book, not a forecast

"Liquidates at" is the bitcoin price at which this book, taken as one position, stops covering its debt at its liquidation thresholds — an aggregate, not a forecast: individual loans are levered differently and liquidate above it.

Dollar debt against bitcoin of Algorithmic — Jupiter Lend (Solana) 0.3%, 0.2% of its bitcoin collateral

Dollar debt against bitcoin of the market — Algorithmic 13%, 14% of its bitcoin collateral

Loan duration is not a venue figure on an on-chain pool: these markets are open-term, and a position runs until it is repaid or liquidated. A fixed term exists only where the venue writes one — the custodial desks (cefi_credit_rates.term_days) and Gavel's auction, which is fixed-rate and fixed-term by construction.

10 of 10 criteria researched. What the criteria are →

Markets — as served, not a venue rate

One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.

No BTC market rows are served for this venue. This venue runs no contracts, so there is no market state to read — the absence is a property of the venue class, not a gap.

Price

What does credit cost here, and how is the price formed?

Rate formation	algorithmic_utilisation source Jupiter Lend Liquidity program jupeiUmn818Jg1ekPURTpr4mFo29p46vygyykFJ3wZC on Solana — one rate per token, a function of that token's utilisation across EVERY vault drawing on the layer (not the single vault's): algorithmic_utilisation. Seen in Jupiter's API, 2026-09-30: all vaults borrowing the same token report the same rate, equal to the layer's. The rate curve itself was not read.
Term structure	open_ended source Jupiter Lend vaults on Solana (program jupr81YtYssSyPt8jbnGuiWon5f6x9TcDEFxYe3Bdzi) — a position is collateral and debt in one vault with no maturity: the API's vault record carries no term, and Jupiter's documentation (developers.jup.ag/docs/lend) describes positions that persist until repaid or liquidated. Documented, not read from the program.
Rate certainty	variable source Jupiter Lend Liquidity program jupeiUmn818Jg1ekPURTpr4mFo29p46vygyykFJ3wZC on Solana — a vault's borrow rate is the Liquidity layer's rate for the borrowed token, which moves with that token's utilisation; nothing is fixed at origination. Seen in Jupiter's API, 2026-09-30: every vault reports a current rate and no fixed one.

Quality

What stands behind a position, and what can change under the reader?

Oracle dependency	single source Jupiter Lend Vaults program jupr81YtYssSyPt8jbnGuiWon5f6x9TcDEFxYe3Bdzi on Solana — each vault names ONE oracle account for its collateral against its debt (39 distinct oracle accounts across 82 vaults; Jupiter's API, read 2026-09-30). A vault takes one collateral and lends one asset, so a position depends on its own vault's oracle and no other. The API lists each oracle's sources (the cbBTC -> USDC vault's is a single Chainlink source); the oracle accounts themselves were not decoded.
Default & liquidation	threshold source Jupiter Lend vaults on Solana — three per-vault ratios: the collateral factor (the most that can be borrowed), the liquidation threshold (a position above it can be liquidated, at the vault's liquidation penalty) and the liquidation max limit (a position above it is absorbed by the vault rather than liquidated on the market). Read per vault from Jupiter's API, 2026-09-30; the values for each bitcoin vault are in the collateral cell. Not decoded from the vault accounts.
Custody & backing	protocol_custodial source Jupiter Lend on Solana — collateral and lent tokens are held by the Liquidity program jupeiUmn818Jg1ekPURTpr4mFo29p46vygyykFJ3wZC; the 82 vaults are accounts of the Vaults program jupr81YtYssSyPt8jbnGuiWon5f6x9TcDEFxYe3Bdzi (each account's owner read by Solana RPC, slot 451976644). Both programs are executable under the upgradeable loader BPFLoaderUpgradeab1e11111111111111111111111, so their code can be replaced by whoever holds the upgrade authority, which was not read. That the Liquidity program holds the tokens is Jupiter's documentation and API (each vault's supply "at liquidity"); the token accounts were not read.
Recourse	non_recourse source Jupiter Lend vaults on Solana — liability is bounded by the position's collateral. A position past the liquidation max limit is absorbed by the vault (the API reports each vault's absorbed supply and absorbed debt); nothing in the published interface pursues the borrower. Documented and API-observed, not read from the program.
Track record	7 months observed source Derived from the first aggregator observation this dataset holds for the venue (defi_rates_llama, 2026-02-27; the registry holds no first_date for it). This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before the aggregator began listing it reads short here. The observer is the aggregator, not the venue's own contracts. Not typed, and not a claim about the venue's longevity.

Composition

Who and what makes up this market?

Collateral accepted	BTC vaults (17): cbBTC, WBTC, xBTC, LBTC source Jupiter Lend Vaults program jupr81YtYssSyPt8jbnGuiWon5f6x9TcDEFxYe3Bdzi on Solana (registry/resolution/2026-09/jupiter.json; program ids: developers.jup.ag/docs/lend/program-addresses). Jupiter's API lists 82 borrow vaults, 20 with a bitcoin-symbol collateral, read 2026-09-30; each vault account is owned by the Vaults program (Solana RPC, slot 451976644). Vaults with $1,000 or more of debt (17, about $12,692,986 in all, dollar values Jupiter's API's): cbBTC -> USDC 2L6xsj9zKbvxALDroGQHmPx2kCw8RqZ8yru4zceUoB6k — collateral factor 85%, liquidation threshold 90%, max limit 95%, about $7,872,430, 1010 positions; WBTC -> USDC 4L3GLQ8DNRLPC2xjjjAwJ449QFTGouZRZJFHshaLF47b — collateral factor 77%, liquidation threshold 82%, max limit 92.5%, about $1,078,432, 289 positions; xBTC -> USDG 5bKa8e5yN6KF8qfW8CgsQQ36KTBMYm23QaPBqiZa5b3G — collateral factor 77%, liquidation threshold 82%, max limit 92.5%, about $816,068, 229 positions; cbBTC -> USDT 7YfVBFSMmmyXRS97LsXgGhCzY1m7rM9mTk9dmj54eFo8 — collateral factor 85%, liquidation threshold 90%, max limit 95%, about $759,964, 96 positions; LBTC -> USDC 2F1ish76zdWCLMtmcsXAisem4198Qh3UYZFE7ABgBsS6 — collateral factor 75%, liquidation threshold 80%, max limit 90%, about $590,369, 434 positions; cbBTC -> EURC 2uUFCtNS9m84diiDWPDfzstPJhzNbLGGbvuxAhJiDJoy — collateral factor 77%, liquidation threshold 82%, max limit 92.5%, about $521,056, 150 positions; LBTC -> cbBTC DAAQyZCyKYLEku4A1jTUVbqxDHw9h9WjojNPeHNftZMV — collateral factor 88%, liquidation threshold 90%, max limit 95%, about $310,098, 122 positions; xBTC -> USDC HjwKzzmnEZtVsdAV2vax51BJV6FAHwipJzY9dK8bCdH — collateral factor 77%, liquidation threshold 82%, max limit 92.5%, about $272,248, 41 positions; and 9 smaller (WBTC -> EURC, cbBTC -> USDS, xBTC -> EURC, cbBTC -> WSOL, LBTC -> USDG, xBTC -> WSOL, LBTC -> JupUSD, WBTC -> USDS, cbBTC -> USDG). Listed with under $1,000 of debt: WBTC -> WSOL, WBTC -> USDG, xBTC -> USDS. Collateral mints: xBTC CtzPWv73Sn1dMGVU3ZtLv9yWSyUAanBni19YWDaznnkn (8 decimals); cbBTC cbbtcf3aa214zXHbiAZQwf4122FBYbraNdFqgw4iMij (8 decimals); WBTC 3NZ9JMVBmGAqocybic2c7LQCJScmgsAZ6vQqTDzcqmJh (8 decimals); LBTC LBTCgU4b3wsFKsPwBn1rRZDx5DoFutM6RPiEt1TPDsY (8 decimals); asset_peg holds each symbol as a bitcoin, measured — xBTC on this same Solana mint, cbBTC, WBTC and LBTC on their Base or Ethereum tokens, not on these Solana mints. Bitcoin is a small part of the venue: about $581,170,764 is borrowed across all 82 vaults, most of it against SOL staking tokens and JLP. ⚠ BOUND: a vault Jupiter's API does not list is not found; vault configuration is the API's, not decoded from account data.
Book depth & concentration	unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.)
Observability	price: partial — Observed through the aggregator (DefiLlama) for 93% of the 30-day debt and Jupiter's own API for 7%. The aggregator's rows are each pool's published borrow and supply rates as it reports them — not a read of the venue's own contracts, and not checked against one. The venue API is the venue's own publication, not an on-chain read. As of 2026-10-01. quantity: partial — Observed through the aggregator (DefiLlama) and Jupiter's own API: bitcoin collateral is the supplied amount of each pegged-bitcoin reserve, converted at the day's bitcoin reference, and debt is the borrowed amount per pool or vault. Each row names its observer. As of 2026-10-01. composition: none — Not obtainable from an aggregator — composition is loan-level and requires event ingestion, which is not planned for this venue.

What the loans are denominated in

Borrowed in	Assets	Size (USD equivalent)	In the loan asset	Read by
US dollars	USDC, USDG, USDS, USDT	$11.3m	—	contract read, 2026-10-13
euros	EURC	$717k	—	contract read, 2026-10-13
bitcoin (borrowed against bitcoin)	cbBTC	$297k	—	contract read, 2026-10-13
a token whose peg is not established	JupUSD, WSOL	$104k	—	contract read, 2026-10-13

Each currency is a separate book; the dollar equivalents compare sizes and are never added together.

Backing chain

Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.

How a chain is read, and what it does not claim

backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.

contract_escrow established — the protocol contract — the collateral is escrowed and neither the operator nor the borrower can move it
source
attribute · custody_model = protocol_custodial
Jupiter Lend on Solana — collateral and lent tokens are held by the Liquidity program jupeiUmn818Jg1ekPURTpr4mFo29p46vygyykFJ3wZC; the 82 vaults are accounts of the Vaults program jupr81YtYssSyPt8jbnGuiWon5f6x9TcDEFxYe3Bdzi (each account's owner read by Solana RPC, slot 451976644). Both programs are executable under the upgradeable loader BPFLoaderUpgradeab1e11111111111111111111111, so their code can be replaced by whoever holds the upgrade authority, which was not read. That the Liquidity program holds the tokens is Jupiter's documentation and API (each vault's supply "at liquidity"); the token accounts were not read.
representation incomplete
source
wrapper_registry · wrapper_registry.yaml as of 2026-09-02
deployment incomplete
whether each token is issued natively on this chain or bridged to it — a further link when bridged — is not in wrapper_registry.yaml, which is keyed by symbol, not by chain or address
- cbBTC established · direct_wrapped · identified by symbol
  CBBTC established · issuer Coinbase · custodial · holders [Coinbase]
  source
  issuer_doc
  coinbase.com/cbbtc — 'backed 1:1 and held in custody by Coinbase', cold storage
- LBTC established · yield_bearing · identified by symbol
  LBTC established · issuer Lombard · consortium · holders [Anchorage Digital Bank, Kraken Institutional]
  WAS 'Lombard'. Lombard is the protocol. Its documentation places the BTC in Lombard-owned, segregated, bankruptcy-remote accounts at Anchorage Digital Bank, with the active allocation at Kraken Institutional and Anchorage; Bitwise holds trading authority only. Mint, burn and bridge require majority consensus of a 14-member Security Consortium. No public split between the two custodians, so the pair is carried whole.
  source
  issuer_doc
  docs.lombard.finance/use/lbtc; anchorage.com 'Lombard Builds LBTC's Institutional Structure on Anchorage Digital'
- WBTC established · direct_wrapped · identified by symbol
  WBTC established · issuer BitGo · custodial · holders [BitGo]
  Reserves in 2-of-3 multisig with BitGo holding two keys. Since 2024 BitGo custodies jointly with BiT Global, a Hong Kong custodian part-owned by Justin Sun — a second name on the same bitcoin, recorded but not split because no share is published.
  source
  issuer_doc
  BitGo, 'Wrapped BTC Launches with BitGo Custody and Full Proof of Assets', blog.bitgo.com; proof-of-reserve at wbtc.network
- xBTC established · direct_wrapped · identified by symbol
  XBTC established · issuer OKX · custodial · holders [OKX]
  OKX's wrapped bitcoin on Sui, Solana, Aptos and X Layer. OKX states each xBTC is backed 1:1 by bitcoin it holds in custody, shown in its proof of reserves. The exchange is both issuer and holder; the legal entity holding the coins is not named in the material read.
  source
  issuer_doc
  okx.com/learn/what-is-xbtc; okx.com/xbtc; okx.com/help/okx-officially-launches-the-multi-chain-wrapped-token-xbtc (read 2026-09-30)

Recourse: non_recourse

source

attribute · recourse

Jupiter Lend vaults on Solana — liability is bounded by the position's collateral. A position past the liquidation max limit is absorbed by the vault (the API reports each vault's absorbed supply and absorbed debt); nothing in the published interface pursues the borrower. Documented and API-observed, not read from the program.

The generic axis set

Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.

Utilisation (venue roll-up)	collecting (not read yet) — the markets read here carry the collateral supplied, not the loan asset's supply, so a utilisation would divide by the wrong thing
Intermediation margin	+0.53 pts · derived borrow minus lend, as above borrow rate minus lend rate, both as above
Trailing realised average (7/30/90d)	7d 5.49% · 30d 5.23% · 90d 5.22% dollar loans, debt-weighted over the days observed (7 / 27 / 87 of 7 / 30 / 90); continuously compounded defi_rates_llama — the 30-day window's rows, gates and floor (098)
Rate volatility (30/90d)	30d 0.51 pts · 90d 0.49 pts the standard deviation of the daily debt-weighted borrow rate, in percentage points — not annualised the daily rate above
Spread to the pair aggregate	+0.34 pts vs Algorithmic · derived this venue's borrow rate minus its class's (4.90%), both as served on the spine /v1/market/tree — the venue's and its class's borrow rates
Spread to matched Treasuries	+1.10 pts vs the 1-month bill (4.13%) · derived the venue's borrow rate minus the 1-month bill, both continuously compounded. An open-term loan has no maturity of its own, so the bill stands for a 30-day window macro_rates — the 1-month Treasury bill, 2026-10-08 (Federal Reserve H.15)
Origination flow	collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only
Repayment flow	collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only
Aggregate and distributional LTV	53.2% latest day, as each market reports it; dollar loans only; the aggregate only — no distribution is read here defi_rates_llama — read from the venue's own contracts, pool by pool
Residence distribution	collecting (not read yet) — how long positions stay open needs each loan's history; it is held for Morpho Blue and the Aave v3 chains and not yet computed
Liquidation incidence	collecting (not read yet) — liquidations are read from events for Morpho Blue and the Aave v3 chains, and as positions past threshold where a pool is read account by account
Top-10 concentration share	collecting (not read yet) — borrower concentration is read where a pool is read account by account (21 venues)

Source: Board of Governors of the Federal Reserve System (H.15, H.4.1, H.6).

There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.

Access routes

Surveyed — no listable route. No route met the published criteria. surveyed 2026-08-30

https://mcp.jup.ag/

Answered initialize on 2026-08-30 · 75 tools observed

Not listed: Criterion 2 not yet verified: operator documentation for this endpoint has not been confirmed.

Ask for this by machine

REST	GET https://api.bitcoincreditstack.com/v1/market/venues/jupiter_lend_solana
MCP	get_venue({ venue_id: "jupiter_lend_solana" }) get_venue({ venue_id: "jupiter_lend_solana", include: ["axes", "headline"] })

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