Jupiter Lend vs Kamino: Rates, Size and the PAXG Reward

Jupiter Lend vs Kamino size: supplied, loans and TVL

On DefiLlama’s numbers for 9 October 2026, Kamino has more supplied and paid lenders more, while Jupiter has more out on loan.

DefiLlama, 9 Oct 2026	Jupiter Lend	Kamino
Total supplied	$2.20B	$2.30B
Borrowed	$1.05B	$0.96B
TVL (supplied minus borrowed)	$1.15B	$1.34B
Interest to lenders, 30 days	$3.7M	$4.2M

DefiLlama’s TVL leaves out borrowed funds, so TVL plus borrowed equals total supplied. The “Jupiter overtakes Kamino” headlines counted deposits a different way, where Jupiter came out just ahead; on DefiLlama’s count it’s the other way round. None of these sizes tells you who’s safer or pays more.

Jupiter Lend vs Kamino rates today: USDC, SOL, USDT, USDG

Kamino pays lenders more on SOL and USDT, Jupiter edges USDC and USDG, and Jupiter is cheaper to borrow from on all four. Afternoon UTC, 9 October 2026:

Coin	Jupiter lend APY	Kamino lend APY	Jupiter borrow APY	Kamino borrow APY
USDC	4.54% (incl. 0.35% rewards)	4.47%	5.26%	5.98%
SOL	4.25%	4.39%	5.42%	5.72%
USDT	3.14%	4.65%	4.53%	6.09%
USDG	4.43%	4.35%	5.63%	5.91%

Jupiter’s USDC rate includes 0.35% of rewards, which can be cut any day. On interest alone (4.19%) it’s behind. Counting rewards, $1,000 for a month earns about $3.78 on Jupiter vs $3.73 on Kamino.

JupUSD, Jupiter’s own stablecoin, pays 5.61%, but 1.49% of that is rewards. USDG is Paxos’s Global Dollar; here’s how each one is backed.

Should you move from Jupiter Lend to Kamino, or back?

USDC, SOL or USDG: stay put. I wouldn’t move for gaps under 0.15 points that change by the hour. If you hold SOL for yield, compare lending it with staking it.

USDT: Kamino’s 1.51-point lead is about $151 a year on $10,000. But its USDT pool is small, about $11M with 93% lent out, so big deposits pull the rate down and a withdrawal might have to wait. Only move USDT you can leave there.

Features: if you just want to park stables, Jupiter’s Earn is the easier click, and its SOL/USDC vault lends up to 80% loan-to-value (LTV) against Kamino’s 74% on SOL. Our lending guide covers safe buffers; the Lend section of our Jupiter guide covers its fees and withdrawals.

Kamino suits Multiply (one-click leveraged loops), more markets and LST collateral like JitoSOL. Withdrawals there depend on what isn’t lent out. Its KMNO token and airdrop are a separate story. If 4.5% feels low, see other stablecoin yields, grouped by risk.

Kamino’s PAXG market pays you to borrow USDG (for now)

At 13:00 UTC on 9 October 2026, borrowing USDG in Kamino’s PAXG market paid about 11.7% a year net: 14.33% in rewards minus 2.64% interest. You put up PAXG, tokenised gold (one token, one troy ounce), and borrow USDG against it. It’s an isolated market, curated by Steakhouse Financial since July. In Kamino’s borrow screen, switch from Main to the PAXG market.

Rewards started on 7 October and have shrunk daily as borrowing grew:

• 7 October: 29.40%, $443k borrowed
• 8 October: 16.26%, $683k borrowed
• 9 October, 13:00 UTC: 14.33%, $973k borrowed

Do the maths and each day’s rate works out to roughly $110k to $140k a year in total: one pot, shared by more and more borrowers. Kamino hasn’t published the pot size or an end date. Check which token the reward pays in before counting it as dollars.

Say you deposit $10,000 of PAXG and borrow $5,000 USDG (50% LTV). At 11.7% net that’s about $49 a month if the rate held, which it won’t. You can borrow up to 75% LTV, but liquidation hits at 80%, so gold would have to fall 37.5%. Borrow the full $7,500 and a 6.25% dip does it.

What can go wrong

• About $171k of PAXG DEX liquidity sat on Solana on 9 October, $131k in one Raydium pool, so trading size costs you. The real mint is 5GgRAEmv8ZxF2PR5hY72Qs5x1bnQ6UK2RbTPoqJ3wSwW; check it before you swap.
• The reward nearly halved in a day and can stop.
• About $862k of USDG sat unlent at 13:00 UTC (53% utilisation, the share lent out). Near full, interest climbs fast: 3.73% at 90%, 9.17% at 98%, 32.21% at 100%.
• Gold can fall, and you’re trusting Paxos, Kamino’s contracts and its price feed.

If you already hold PAXG and want dollars without selling it, this is a nice bonus while it lasts. I wouldn’t buy gold just to farm it; our Oro guide compares other ways to hold gold on Solana.

Quick answers

Which is better, Jupiter Lend or Kamino?

For plain USDC or SOL lending, neither: on 9 October 2026 the rates were within 0.15 points. Kamino paid 1.5 points more on USDT and has Multiply. Jupiter has one-click Earn, cheaper borrowing and higher-LTV vaults. Pick the feature you’ll use, then compare live rates.

Is Jupiter Lend safe? Is Kamino safe?

Jupiter Lend lists 10 audit reports from six firms, two of them formal verification by Certora, and releases big withdrawals in steps, usually 25% of supply every six hours. Kamino publishes its lending audits from OtterSec, Offside Labs, Certora, Ackee and others. Audits lower the risk; they don’t remove it.