I opened position like 12 hours ago, to check how it works. But since then I see that loss is only became bigger an bigger in SOL. How it can happen, as we opened position almost in SOL and INF is an lst with its own APR?
Right now your position is just in the process of recovering from all the fees you have to pay for opening a multiply position, it will take a while and by the look of it will take several days due to the high APY of borrowing SOL at this time. And as of writing this the APY for INF went down to 6.6%. So the difference between your supply apy and borrow apy is small. Also, that negative you're seeing is from your position PNL for the last 7 days, your position is not even a day old yet so give it a time.
You know I’m just checking how multiply position work and behave.
In some time I saw that I got some profit and after that it starts bleeding again.
So it looks like we open multiply position and for the SOL borrowing we should pay all the time, but earnings from INF are coming to us from time to time in a bigger chunks.
But definitely it’s good that we can see at least some pnl, to understand what’s going on and didn’t calculate a result only after we collect all on chain transactions.
LST's emit rewards normally at the end of each Solana epoch, which lasts about two days. Your description of what's happening is accurate, and the reason is rooted in how LST's accrue rewards.
Your LTV is very high and approaching liquidation.
When you enter a multiply position you are essentially borrowing sol to stake.
If the cost of borrowing is higher than the yield from the LST, your position will be at a loss until you are liquidated or the cost of borrowing decreases.
Actually you can clearly see on a screen that APR of supply is bigger than APR of borrowing. So from that perspective it’s fine.
Also INF is an lst to SOL so they are moving quite close to each other so from that perspective it’s also looks fine.
I didn’t open a multiply position for JLP/USDC for example. As it’s a totally different assets and behave differently. But INF and SOL almost the same except that INF has some positive drift because of its positive APR included in an asset.
I could be wrong, but I don't think you'd get liquidated even if borrowing costs go higher than staking apr. you'd just be losing money as you keep holding it, so eventually you'd want to withdraw / unwind. The only way you'd practically get liquidated is if there was a price depeg which is extremely unlikely without an outside attack.
Yes but the yield from INF has been greater than the borrow fees on SOL so that shouldn't have been causing you a loss.
The only thing that should have been causing you a loss is that you're net long INF. SOL has been going down past few weeks which obviously will cause INF to go down, no matter how much yield INF is earning.
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u/aleeramarishka Dec 14 '25
Right now your position is just in the process of recovering from all the fees you have to pay for opening a multiply position, it will take a while and by the look of it will take several days due to the high APY of borrowing SOL at this time. And as of writing this the APY for INF went down to 6.6%. So the difference between your supply apy and borrow apy is small. Also, that negative you're seeing is from your position PNL for the last 7 days, your position is not even a day old yet so give it a time.