# Jupiter Lend Fees Methodology

## 1. Overview

Fees for Jupiter Lend measure the economic value generated from interest accrued on active loan positions. These fees are paid by borrowers and are calculated based on the utilization of capital within the protocol's lending infrastructure on Solana. Total fees are determined by applying protocol-defined fee parameters to the interest accumulated over specific time intervals, representing the gross costs incurred by users to utilize the protocol's liquidity.

## 2. Data sources

- **Blockchain events**: `Operate`, `UpdateRateDataV1`, `UpdateRateDataV2`, and `UpdateTokenConfig` instructions from the `Liquidity` program on Solana
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Jupiter Lend instruction parsing and sequencing

- **Purpose**: Identify and order all relevant protocol interactions to establish a timeline of state changes.
- **Logic**: Instructions are parsed from the `Liquidity` program on Solana, specifically targeting `Operate` for balance changes, `UpdateRateDataV1` and `UpdateRateDataV2` for interest rate model updates, and `UpdateTokenConfig` for protocol fee adjustments. These instructions are sequenced by asset and block timestamp to reconstruct a continuous history of the protocol's lending environment.
- **Key fields**: `block_timestamp`, `token_address`, `borrow_amount`, `supply_amount`

### Component B: Interest accrual calculation

- **Purpose**: Calculate the total interest generated by outstanding loan positions.
- **Logic**: Borrow and supply balances are tracked as running totals for each asset. For every period between instructions, a utilization rate is calculated as the ratio of the current borrow balance to the supply balance. This utilization is applied to the active interest rate curve—either the V1 single-kink model or the V2 double-kink model—to determine the applicable interest rate in basis points. Compound interest is then accrued on the outstanding borrow balance based on the number of days elapsed since the previous instruction.
- **Key fields**: `interest_accrued_this_period`, `active_loan_balance`, `rate_bps`

### Component C: Protocol fee application and USD conversion

- **Purpose**: Apply protocol-specific fee rates and normalize all values to USD.
- **Logic**: Protocol-defined fee rates are extracted from the most recent `UpdateTokenConfig` instructions and joined to the interest accrual data. Total fees are calculated by multiplying the accrued interest by the active protocol fee rate. These amounts are normalized by decimal precision and multiplied by end-of-day price feeds for the respective assets. Daily totals are aggregated using UTC day boundaries.
- **Key fields**: `fee`, `fees`, `price_usd`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value users pay to use a protocol (gross fees, user-paid fees).

Fees

Lending

Fluid acts as a lending, vault, and DEX platform for seamless DeFi interaction.

Fluid is a non-custodial lending, vaults, and DEX protocol built by Instadapp. Instadapp was founded by Samyak Jain & Sowmay Jain and launched in 2018.

FLUID tokenholders own and govern the protocol. They currently earn a cut of the fees generated through Fluid lending, vault and DEX services. Instadapp's investors include Coinbase Ventures, Pantera Capital, Robot Ventures, etc.

Jupiter Lend

Fees

Fees

Chain breakdown