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Token Leverage (Multiply)

Amplify your token exposure by using it as collateral to borrow another asset, convert that back into more of the original token, and redeploy, all in one transaction. This is the Multiply (leverage loop) feature.

Example: You hold WBTC and want 3x leveraged exposure to BTC. VII Finance borrows WETH against your WBTC, converts the WETH back to more WBTC, and deposits it, looping until your target leverage is reached.

When to use this: You are bullish on your collateral asset and want amplified exposure without selling. The net cost is the borrow interest on WETH, which ideally stays lower than any yield or appreciation you earn on the collateral.

How leverage is applied

At 3x leverage with 0.01 WBTC (~$705):

  • Total WBTC collateral after looping: 0.03 WBTC (~$2,115)
  • WETH debt: 1.09 WETH (~$2,257)
  • Your LTV is 76% against a liquidation LTV of 75%
  • Net APY shows the gain from leveraged exposure minus borrow cost
Liquidation risk

Leverage amplifies both gains and losses. A sharp drop in your collateral's value relative to the borrowed asset accelerates you toward liquidation. Use leverage conservatively and monitor your health score.

Prerequisites​

  • Wallet that supports EIP-7702 connected to VII Finance (Here's the list of all wallets that are supported)
  • WBTC (or another token) in your wallet
  • Enough ETH for gas fees

Step 1: Open the Markets Page​

Navigate to Markets using the top navigation bar. You will land on the Create Positions page with the Tokens tab active.

Create Positions page — Tokens tab active, listing USDT, WBTC, WETH, USDe, USDC vaults with Asset, Total supplied, Supply APY, Total Borrowed, Borrow APY columns

Step 2: Find the Debt Token Vault and Click Borrow​

Find the vault for the token you want to borrow (e.g. WETH). You will borrow WETH against your WBTC collateral. Hover the row. Supply, Borrow, and Leverage buttons appear on the right.

Tokens table with WETH row hovered, showing Supply and Borrow action buttons on the right

Click Borrow.

Step 3: Switch to the Leverage Tab​

You arrive on the Create Position page with the Borrow tab active. Click the Leverage tab to switch.

Create Position page for WBTC/WETH — Leverage tab active, showing Supply WBTC collateral input with token dropdown, Leverage slider (0x–5.5x), Borrow Asset WETH auto-selected, and position metrics. Left panel shows Liquidity, Max Multiplier 3.7x, Max ROE 12%, and Pair details / Collateral WBTC / Debt WETH tabs.

The right panel shows:

  • Supply [token]: the collateral dropdown lets you pick any eligible token (e.g. WBTC, USDe, USDC, USDT)
  • Leverage slider: drag to set your multiplier (e.g. 0x to 5.5x for WBTC/WETH)
  • Borrow Asset: the debt token for this vault (e.g. WETH), auto-selected

The left panel shows:

  • Liquidity, Max Multiplier, Max ROE: at-a-glance vault stats
  • Pair details tab: Oracle Price, Supply APY, Borrow APY, Max LTV, Liquidation LTV
  • Collateral [token] tab: LTV risk parameters for your chosen collateral
  • Debt [token] tab: borrow rate and available liquidity

Select your collateral token from the dropdown (e.g. WBTC). Enter your collateral amount.

Step 4: Set Your Leverage​

Drag the Leverage slider to your desired multiplier. The range depends on the pair's Max LTV. For WBTC/WETH, the slider goes up to 5.5x.

Leverage form with 0.01 WBTC entered as collateral, leverage slider at 3.2x, and Borrow Asset auto-filled to 1.09 WETH (~$2,257). Metrics panel shows Net APY 0.00%, Sub account #1, Current price $70.53K, Liquidation price $63.97K, Your LTV 76.19%, Liquidation LTV 75.00%

As you move the slider:

  • Borrow Asset amount updates: more leverage = more debt = more collateral after looping
  • Your LTV rises: higher leverage leaves less buffer before liquidation
  • Net APY updates: gain from leveraged asset exposure minus borrow cost
  • Liquidation Price updates: the collateral price at which liquidation is triggered
A practical starting point

Start at 2x–3x leverage. The maximum multiplier is limited by the vault's LTV ratio. Going near the max leaves very little buffer for price moves.

Step 5: Review Metrics and Submit​

Before submitting, review the full metrics panel:

Leverage metrics panel and Submit button — showing Leverage slider 3.2x, Borrow Asset 1.09 WETH, Net APY 0.00%, Sub account #1, Current price $70.53K, Liquidation price $63.97K, Your LTV 76.19%, Liquidation LTV 75.00%, Swap with refresh icon, Price impact, Slippage tolerance 0.1%, Routed via 1Inch, Estimated gas fee under 0.01 USD, and Switch Network button

MetricWhat it means
Net APYLeveraged asset yield minus borrow interest
Sub accountThe Euler sub-account that will hold this position
Current priceLive oracle price of the collateral asset
Liquidation priceThe collateral price at which liquidation is triggered
Your LTVCurrent loan-to-value ratio
Liquidation LTVMaximum LTV before liquidation is triggered
SwapEstimated swap route (click the refresh icon for the latest quote)
Price impactEstimated slippage from swapping within the loop
Slippage toleranceMaximum acceptable slippage (default 0.1%)
Routed viaDEX aggregator used (e.g. 1Inch)
Estimated gas feeApproximate transaction cost
Refresh the swap quote

Click the refresh icon next to Swap before submitting to get the latest on-chain quote. The loop involves swapping the borrowed asset back to the collateral asset, and stale rates can result in worse effective leverage.

Know your liquidation price

Check the Liquidation Price before confirming. Even correlated assets can diverge enough during volatile markets to trigger liquidation at high leverage.

If your wallet is on the wrong chain, click Switch Network and approve the switch.

Click the submit button. Your wallet confirms a batch transaction that executes the full leverage loop atomically:

  1. Deposits your collateral (e.g. WBTC) into the collateral vault on your sub-account
  2. Borrows the debt asset (e.g. WETH) against it. The borrowed tokens are sent directly to the on-chain Swapper contract (not your wallet)
  3. The Swapper executes WETH → WBTC via 1Inch (or another DEX aggregator)
  4. The resulting WBTC is re-deposited into the collateral vault on your sub-account
  5. The above steps are computed to hit your target leverage in one atomic transaction. There is no actual looping; the math determines the single borrow amount needed upfront
Nothing arrives in your wallet

Unlike a standard borrow, no tokens are sent to your wallet during this transaction. The borrowed debt and re-converted collateral all stay within the protocol's sub-account and vault system. Your net gain is increased collateral exposure on your sub-account.

Managing Your Leveraged Position​

After confirmation, go to Dashboard, then the Borrow tab. Your position card shows your total leveraged collateral value, debt value, health score, and LTV.

Your leveraged collateral is also visible under the Supply tab, since the collateral vault holds your WBTC shares. The Borrow tab gives you the consolidated view with health score and management actions.

Dashboard Your Portfolio — Borrow tab active, showing position card with Collateral Value, Debt Value, Health Score, LTV, Liquidation LTV, and Edit Position button

Click Edit Position to open the position detail page where you can:

Debt section:

  • Repay: pay back debt to reduce leverage and improve health score
  • Borrow: increase your debt to add more leverage

Collateral section:

  • Supply: add more collateral to improve your health score
  • Withdraw: remove collateral (only if health score allows)
  • Disable: remove the asset from acting as collateral
Unwinding the position

To fully exit: repay all debt and withdraw your collateral. If you don't have enough of the debt token on hand, withdraw some collateral first, swap it to the debt token, and repay in stages.