Kamino Multiply reducing leverage and exiting a position are two different actions on the same path: reducing leverage is a partial exit (Withdraw), and fully exiting is closing the position (Close Position). Both are done on the market page where you hold your Multiply position. The entry point is My Position or the Manage button on the position card. The key difference is: when reducing leverage, you only take out part of your collateral and repay the corresponding proportion of debt, and the position continues to exist. Closing the position means repaying all debt and withdrawing all collateral, completely ending the loop.
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First, find your position
On Kamino, go to the market page you used when you created your Multiply position (for example, the JitoSOL/SOL or mSOL/SOL loop vault page). The page will have a My Position area, or it will directly show your current position card. Click on it, and you will see the amount of collateral you deposited, the debt you borrowed, your current leverage multiple, and your health factor.
Reducing leverage: Partial Withdraw
The goal of reducing leverage is to lower risk exposure without fully exiting. The corresponding action is Withdraw.
In the position management interface, select Withdraw (not Close Position), then enter the amount you want to take out. The key point is: the collateral you withdraw will first be used to repay the corresponding proportion of debt, and only the remaining part will return to your wallet. The system automatically calculates how much debt you need to repay and how many assets you can get back.
One detail to note is that a partial exit will change your effective leverage multiple. If the proportion of collateral you withdraw does not match the proportion of debt repaid, leverage may not decrease linearly. A safer approach is to observe the "adjusted leverage" or "health factor" changes in the operation preview and confirm it has actually dropped to the level you want. The Kamino interface will show the adjusted position status after you enter the amount. Use this preview to check the result instead of just entering a number based on feeling.
Fully exiting: Close Position
If you want to completely end the position, select Close Position (or Close). This triggers a series of actions: repay all debt, withdraw all collateral, and return the final assets to your wallet. After the position is closed, this Multiply record on Kamino is no longer active.
One operational suggestion when closing a position: if the position size is large, exiting in steps is safer than closing all at once. Closing all at once triggers a large on-chain swap, which may cause significant slippage and eat into the asset value you should get back. Reducing leverage in batches and then closing the remaining part at the end can reduce this cost. Although Kamino's official documentation does not give a specific slippage threshold, "exiting large positions in steps" is a general operating principle for Multiply products.
What to verify after the operation
Whether you reduce leverage or close a position, a confirmed transaction does not mean the result matches your expectations. After completing the operation, go back to My Position or the market page and check three things:
Whether the debt decreased as expected. When reducing leverage, the collateral you withdrew should have offset the corresponding debt. If the debt balance has not changed, it may mean the operation only executed the withdrawal part without repaying debt, or the transaction did not complete as expected.
The amount of assets received in your wallet. After closing the position, your wallet should receive the remaining assets after deducting debt and fees. Check whether this number is close to the "estimated receipt" in the operation preview. A large gap may mean slippage or fees exceeded expectations.
Whether the position really disappeared (if you chose to close it). My Position should no longer show this active position. If it still shows, it may mean the closing operation only completed part of the steps.
When not to rush into operations
If your position's health factor is already very low and close to the liquidation line, the act of reducing leverage itself may trigger liquidation before the transaction is confirmed due to price fluctuations. In this case, the speed of the operation and the level of on-chain congestion will both affect the result. When the health factor is tight, first consider whether to add collateral to create a buffer, rather than executing an exit transaction in a marginal state. Kamino has an automatic deleveraging mechanism, but that is protocol behavior near the liquidation threshold and is not the same as your own active position management. Do not rely on it to replace your own exit decisions.
A leading global cryptocurrency platform,suitable for both beginners and experienced traders.
New user benefit: 20% off trading fees upon registration!！
References
- The Vault·How to use the Kamino Multiply strategy, 2026-11-02
- Dialect·Leverage Close Position (Kamino API), 2026-11-02
- Dialect·Multiply Withdraw (Kamino API), 2026-11-02
- GitHub·Kamino Skills: Leverage/Multiply Operations, 2026-11-02
