> ## Documentation Index
> Fetch the complete documentation index at: https://docs.jup.ag/llms.txt
> Use this file to discover all available pages before exploring further.

> ## Agent Instructions
> These docs cover what users see and do on jup.ag, Jupiter Mobile and Jupiter Wallet.
> Universal Deposit, the GUM route in Jupiter Bridge and other GUM integrations on jup.ag are built by GUM. For how they work, their full fee rules, security model and APIs, the reference is the GUM docs: start from https://docs.gum.ag/llms.txt.
> When the GUM docs and these docs differ on how a GUM product behaves on jup.ag, describe the jup.ag experience from these docs and the mechanics and fees from the GUM docs.

# Migrating from the Bitwise x Ethena Market to the Sentora Market

> How to move a USDe loop from the Bitwise x Ethena Market to the new Sentora Market on Jupiter Lend, or exit gradually, with minimal slippage.

Sentora runs a new isolated USDe market on Jupiter Lend, the [**Sentora Market**](https://docs.jup.ag/user-docs/earn/lend/markets.md#sentora-market), live since 30 September 2026, and the [Bitwise x Ethena Market](https://docs.jup.ag/user-docs/earn/lend/markets.md#bitwise-x-ethena-market) is winding down. This guide covers how to move a USDe loop from one market to the other, or how to exit the Bitwise x Ethena Market gradually.

> [!WARNING]
>
> **All positions in the Bitwise x Ethena Market must be unwound before the market's due date** to avoid accruing negative interest. The date is not final yet and will be added to this page once it is set. Given the size of the market, the migration method below is strongly recommended to minimize slippage.

In the Bitwise x Ethena Market, the USDe loop borrows USDG (Paxos' Global Dollar) against USDe collateral. In the Sentora Market, USDe collateral backs a PYUSD (PayPal USD, issued by Paxos) debt. Both markets are isolated from the Jupiter Market.

## Your options

There are two ways to close a Bitwise x Ethena position. Both are done gradually, in loops, rather than in a single operation.

| Option | Who it is for | Result |
| - | - | - |
| **A. Migrate to the Sentora Market** | Anyone who wants to keep the USDe loop running | Position re-established in the Sentora Market with the lowest slippage |
| **B. Exit entirely** | Anyone leaving the Ethena markets | Debt repaid, USDe collateral withdrawn |

> [!NOTE]
>
> If you opened your loop from Strategies (the USDe Loop), your position is not listed under Multiply or Borrow: it is in the Strategies section of the [Bitwise x Ethena Market](https://jup.ag/lend/ethena/market) page. Open it, select the **Withdraw** tab, and click **Unwind partially with a better execution price**: this opens the position page, with the **Repay Debt** and **Withdraw Collateral** tabs used below. Do not click **Withdraw All**, which closes the whole position in a single operation.

While your wallet holds a position in the USDe / USDG vault, the migration notice shows on every Lend page, whichever market you are on, and in the header of your own Portfolio. It offers to unwind the position, or to withdraw it when it carries no debt.

> [!WARNING]
>
> Do not use the **Unwind** action on the Multiply page to close your position, and do not unwind in a single operation. If your position is \$250k notional or more, unwind gradually using the loops below. On-chain USDG and PYUSD liquidity can be thin during the migration window, and Jupiter is not responsible for losses from slippage on DEX liquidity it does not control.

***

## Option A: Migrate to the Sentora Market

This loop is the most capital-efficient way to move liquidity from the Bitwise x Ethena Market to the Sentora Market. Each pass repays part of your USDG debt, frees USDe collateral, redeploys it in the Sentora Market, and converts the PYUSD borrowed there back into USDG for the next pass.

The example below assumes you hold \$1m of USDe in the Bitwise x Ethena Market against \$940k of USDG debt.

The loop, repeated until the Bitwise x Ethena position is fully unwound:

1. Source USDG outside the market.
2. Repay USDG debt in the Bitwise x Ethena Market.
3. Withdraw USDe from the Bitwise x Ethena Market.
4. Deposit USDe and borrow PYUSD in the Sentora Market.
5. Convert PYUSD to USDG, then go back to step 2.

**1. Source USDG outside the market**

Buy USDG on Solana from any major venue, for example [Jupiter Spot](https://jup.ag/spot). The amount you hold sets how many loops you need:

**Loops required ≈ notional position size ÷ USDG held**

For example, \$200k of USDG unwinds a \$1m position in roughly 5 loops.

**2. Repay debt in the Bitwise x Ethena Market**

Open the [Bitwise x Ethena Market](https://jup.ag/lend/ethena/market) and, in the Multiply section of the Market page, open your USDe / USDG position. On the position page, select the **Repay Debt** tab.

![The USDe / USDG Multiply position page, with the Repay Debt tab highlighted among Multiply, Unwind, Add Collateral, Withdraw Collateral, Repay Debt and Borrow Debt](https://mintcdn.com/jupiter-support/ZeeTSFJctcWt4cBS/images/lend/sentora-migration/bitwise-repay-debt-tab.jpg?fit=max\&auto=format\&n=ZeeTSFJctcWt4cBS\&q=85\&s=1b1ededd5d59e9c53b39d52b04fb06cc)

The Repay Debt tab on a USDe / USDG Multiply position.

Enter as much USDG as your balance allows, then click **Repay** and approve the transaction in your wallet.

![The Repay form with 200,000 USDG entered, a Safe position status and the Repay button](https://mintcdn.com/jupiter-support/ZeeTSFJctcWt4cBS/images/lend/sentora-migration/bitwise-repay-form.jpg?fit=max\&auto=format\&n=ZeeTSFJctcWt4cBS\&q=85\&s=cac1ec7afb63033677bef4bfe1aed151)

Repay form filled with the USDG you hold.

**3. Withdraw collateral**

Select the **Withdraw Collateral** tab and withdraw the maximum USDe the position now allows. Click **Withdraw** and approve the transaction.

![The Withdraw form with 214,000 USDe entered, a Safe position status and the Withdraw button](https://mintcdn.com/jupiter-support/ZeeTSFJctcWt4cBS/images/lend/sentora-migration/bitwise-withdraw-form.jpg?fit=max\&auto=format\&n=ZeeTSFJctcWt4cBS\&q=85\&s=655eb47e5140dfcb502be9e96f8408c6)

Withdraw form set to the maximum USDe the position allows.

**4. Deposit into the Sentora Market**

In the market toggle at the top left of the Jupiter Lend interface, select the Sentora icon, the second entry. Once selected, it reads **Sentora** and is marked **New**.

In the Borrow section of the Market page, open the USDe / PYUSD vault. In the **Actions** tab, choose **Deposit & Borrow**: deposit the USDe you just withdrew and borrow the maximum PYUSD the vault allows against it, in a single transaction. Click **Deposit & Borrow** and approve.

![The Deposit & Borrow form with 214,000 USDe to deposit and 200,946 PYUSD to borrow, and the Deposit & Borrow button](https://mintcdn.com/jupiter-support/ZeeTSFJctcWt4cBS/images/lend/sentora-migration/sentora-deposit-borrow-form.jpg?fit=max\&auto=format\&n=ZeeTSFJctcWt4cBS\&q=85\&s=ec633fed465b68b70a0fb58617dc43e1)

Deposit & Borrow form in the Sentora Market: USDe deposited, PYUSD borrowed.

The PYUSD you can borrow is also capped by the PYUSD available in the market: borrowing stops once PYUSD utilization reaches its maximum, and the vault has its own [borrow limit](https://docs.jup.ag/user-docs/earn/lend/protocol-details.md#borrow-limits). If the form shows **The Borrow Ceiling has been reached.**, you can only borrow the amount it shows as borrowable. More becomes available when lenders supply PYUSD or borrowers repay, so a large migration can be held up until then.

> [!NOTE]
>
> Borrowing close to the vault's LTV (Loan-to-Value) limit leaves little room between your position and its Liquidation Threshold. Check the resulting Position Health before confirming.

**5. Convert PYUSD to USDG**

Swap the PYUSD to USDG on your preferred venue, for example [Jupiter Spot](https://jup.ag/spot). Watch slippage on each swap.

**6. Repeat from step 2**

Use the USDG you now hold and repeat until your Bitwise x Ethena position is fully unwound.

***

## Option B: Exit entirely

If you are leaving the Bitwise x Ethena Market rather than migrating, unwind gradually through **Repay & Withdraw**.

> [!WARNING]
>
> Do not use the **Unwind** action on the Multiply page to close your position. Liquidity can be thin during the wind-down period, and Jupiter does not control liquidity held on DEXs. Jupiter will not take responsibility for funds lost to slippage.

**1. Source USDG outside the market**

As in Option A: buy USDG on Solana, for example on [Jupiter Spot](https://jup.ag/spot). The amount you hold sets how many loops you need.

**2. Repay and withdraw**

Open the [Bitwise x Ethena Market](https://jup.ag/lend/ethena/market) and, in the Borrow section of the Market page, open the USDe / USDG vault. In the **Actions** tab, select **Repay & Withdraw**, then repay USDG and withdraw the USDe this frees, in a single transaction.

![The USDe / USDG vault page with the Actions tab open and the Repay & Withdraw action highlighted](https://mintcdn.com/jupiter-support/ZeeTSFJctcWt4cBS/images/lend/sentora-migration/bitwise-repay-and-withdraw.jpg?fit=max\&auto=format\&n=ZeeTSFJctcWt4cBS\&q=85\&s=7cfecac15c8e2ad90463a9db52daa24b)

The Repay & Withdraw action in the Actions tab of the USDe / USDG vault.

**3. Convert enough USDe to USDG to fund the next repayment**

Only convert what you need to cover the remaining debt; the rest stays as USDe. Swap USDe to USDG on any on-chain venue, for example [Jupiter Spot](https://jup.ag/spot). Watch slippage on each swap.

**4. Repeat from step 2**

Continue until your USDG debt is zero, then withdraw all remaining USDe. You finish holding USDe, which you can keep or convert as you choose.

***

## Slippage notice

> [!WARNING]
>
> Jupiter does not control DEX liquidity for USDe, USDG or PYUSD and is not responsible for losses from slippage incurred while unwinding or migrating. Positions above \$250k notional should never be unwound in a single operation.

> [!NOTE]
>
> Always verify you are on [jup.ag](https://jup.ag) before connecting a wallet.

***

> [card] [Markets](https://docs.jup.ag/user-docs/earn/lend/markets.md#bitwise-x-ethena-market)
>
> Assets, parameters and risks of the Bitwise x Ethena Market.

> [card] [Using Multiply](https://docs.jup.ag/user-docs/earn/lend/guides/using-multiply.md)
>
> How the Repay Debt and Withdraw Collateral tabs work on a Multiply position.

> [card] [Using Borrow](https://docs.jup.ag/user-docs/earn/lend/guides/using-borrow.md)
>
> How the Actions tab combines Deposit & Borrow and Repay & Withdraw into one transaction.

> [card] [Lend FAQ](https://docs.jup.ag/user-docs/earn/lend/faq.md#bitwise-x-ethena-market)
>
> Frequently asked questions about the Bitwise x Ethena Market.


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