How to Use Suilend: Lend, Borrow and Loop on Sui (2026 Guide)

To use Suilend, connect a Sui wallet at suilend.fi, deposit an asset such as USDC or SUI to start earning interest, and, if you want a loan, borrow against that deposit while keeping your borrowed value well below the liquidation threshold. Your deposits and loans sit in one account, held as an Account NFT in your wallet.

This is the practical guide: wallets, supplying, borrowing with Suilend's live USDC and SUI parameters, its separate markets (including the Ember Market for eEARN) and looping. For background on Suilend, SEND and SpringSui, read our Suilend overview. All parameters below were read from Suilend's on-chain market objects on 12 October 2026.

Before you start: wallet, gas and the right USDC

Suilend is a non-custodial lending protocol on Sui. As of 12 October 2026, DefiLlama tracks about $166.8 million of deposits in Suilend lending, with about $76.7 million borrowed (for how it compares with NAVI and Scallop, see Sui lending protocols compared). You need three things.

• A Sui wallet. Suilend's wallet guide still points to "Sui Wallet", which Mysten Labs has since folded into Slush. Our Sui wallet guide compares Slush, Nightly, OKX Wallet and Ledger.
• A little SUI for gas. Every action is a Sui transaction; a few SUI is plenty.
• The asset you want to supply. For USDC, use native Circle USDC on Sui. Suilend's main market still lists the old Wormhole-bridged USDC reserve, but its on-chain config on 12 October 2026 has a deposit limit of zero and a 0% open LTV, so it accepts no new deposits and gives no borrowing power.

Then open suilend.fi, check the address in your browser bar carefully (fake lending front ends are a common way to steal approvals, see our guide to wallet drainers), and connect. The Lend page opens on the Main Market; a selector switches to other markets.

How to supply assets on Suilend

Supplying is the lowest-risk use of Suilend, because there is no loan to be liquidated.

1. On the Lend page, find the asset (for example USDC) and open it.
2. Choose Deposit, enter an amount and review the deposit APR shown.
3. Approve the transaction in your wallet and wait for confirmation.
4. Interest accrues continuously; there is nothing to claim for base interest.

What you actually hold: cTokens and the Account NFT

When you deposit, Suilend mints cTokens for that reserve and places them in your account (Suilend calls the account an "obligation"). A cToken is a receipt whose exchange rate rises as borrowers pay interest; the app shows its value in the underlying asset.

The account itself is represented by an Account NFT that appears in your wallet after your first deposit. Suilend's Account NFT page is blunt: whoever holds the NFT owns the account. Transfer it and the position goes with it; burn it and you lose access, and Suilend cannot recover either. The upside is you can move a whole position to a cold wallet without unwinding.

Where the deposit APR comes from

Your yield has two parts:

• Base interest. Borrowers pay interest into the pool and depositors receive it, minus a protocol spread. Suilend's yield explainer says the spread is usually 20% of borrow interest, and the on-chain spread for both USDC and SUI was 20% on 12 October 2026. In formula form: supply APR ≈ borrow APR × utilisation × (1 − 0.20). The borrow APR follows a kinked curve against utilisation.
• Reward incentives. Suilend runs two-week reward periods on many reserves. On 12 October 2026 the main-market USDC and SUI reserves were paying incentives in sSUI, Suilend's SpringSui liquid staking token, to both depositors and borrowers. You claim them separately (how to claim).

The table below is our snapshot, computed from each reserve's on-chain rate curve, balances and reward schedule at about 18:00 UTC on 12 October 2026, with sSUI valued at the SUI price. Rates move constantly; use the live figure in the app.

High utilisation cuts both ways for suppliers: the Ember Market USDC pool pays more because 94% of it is lent out, but less USDC is free to withdraw. Suilend's risk page warns that at 100% utilisation withdrawals fail until borrowers repay or new deposits arrive. These are APRs, not APYs (see APY vs APR).

How to borrow on Suilend: borrow limit, open LTV and close LTV

To borrow, choose the asset, pick Borrow, enter an amount and sign. What matters is the two lines Suilend draws on your account.

• Open LTV sets your borrow limit. You can open new borrows only while your weighted borrows stay below the sum of each deposit's value times its open LTV.
• Close LTV sets your liquidation threshold. If your weighted borrows rise above the sum of each deposit's value times its close LTV, the account can be liquidated.

Suilend's liquidations page shows it as a health bar: when it reaches the light blue liquidation-threshold line, the account can be liquidated. With mixed collateral, both lines are weighted averages. The gap between them is your buffer; price moves and accrued interest can still carry you across it. For the general concept, see LTV explained and our guide to the health factor.

Two details from Suilend's contract code:

• Borrow weight. Riskier assets count for more than their dollar value. DEEP and WAL had a weight of 1.6 on 12 October 2026, so a $1,000 WAL loan uses $1,600 of your limit; USDC and SUI are 1.0.
• Conservative pricing. For the borrow limit, collateral is valued at the lower of spot and Pyth's smoothed (EMA) price, and debt at the higher. Liquidation uses spot. In a fast market your borrow limit can look tighter than expected.

A worked example: SUI collateral, USDC loan

Say you deposit 10,000 SUI at $1.069 (the on-chain price at 18:00 UTC on 12 October 2026), so $10,690 of collateral.

• Borrow limit: 70% × $10,690 ≈ $7,483 (slightly less if Pyth's EMA price is below spot).
• Liquidation threshold: 75% × $10,690 ≈ $8,018.
• You borrow $5,000 USDC, an LTV of about 47%.

Your account becomes liquidatable when 75% of your collateral is worth less than your debt: 0.75 × 10,000 × price < $5,000, which happens below about $0.667 per SUI, a 38% fall. Interest moves that line: at about 6.65% APR the debt grows roughly $330 a year, lifting the liquidation price to about $0.71 if you never repay.

What a liquidation costs

In the current contract a liquidator can repay up to 20% of your weighted borrows at a time and takes the repaid amount in collateral plus the reserve's liquidation bonus and a protocol liquidation fee. For SUI collateral that is 3% + 3.99%, roughly 7% on the repaid slice. In our example, a $1,000 repayment would take about $1,070 of your SUI. (Suilend's docs illustrate 5%; live reserve settings apply.) Loans of $100 or less can be liquidated in full. More in our guide to DeFi loan liquidations.

Main Market, isolated assets and isolated markets (including the Ember Market)

Suilend is not one pool. On 12 October 2026 the Suilend app's market list showed seven markets: the Main Market, plus the Ember, Bitwise, Securitize, Matrixdock, Bucket and Elixir markets.

• Main Market. Most deposits and the blue-chip assets: SUI, sSUI, USDC, USDT, BTC variants and larger Sui tokens.
• Isolated assets inside the Main Market. Suilend's isolated-assets page says an isolated asset must be the only asset borrowed in an account, and the collateral backing it can't support other borrows. On 12 October 2026, SEND, BLUE, NS and several smaller tokens were isolated in the Main Market, all with 0% open LTV.
• Isolated markets. These are separate lending markets with their own reserves, parameters and rate curves. Suilend's isolated-markets page says they let Suilend list less liquid assets, or offer higher LTVs, without adding risk to the Main Market. They still carry every lending risk; Suilend's 2025 losses happened in isolated pools.

The Ember Market

Yes, there is an Ember market on Suilend. The object 0x74d92cb0… is a Suilend lending market of type EMBER_MARKET, listed in the app as "Ember Market". On 12 October 2026 it had four reserves: USDC, USDsui, eEARN and one other token.

• eEARN, Ember's yield-bearing USDC vault token, is collateral only: 85% open LTV, 90% close LTV, deposit cap of 15 million eEARN, with about 8.01 million deposited.
• USDC is the borrowable side: a 7.5 million USDC deposit cap, about 3.42 million supplied and 3.21 million borrowed. The app also blocks new USDC borrows above 95% utilisation in this market.
• Pricing. The eEARN reserve uses the same Pyth price feed as USDC. eEARN is therefore valued at about $1 on Suilend, even though each eEARN redeems for more than one USDC at Ember's rate. Interest on your USDC debt, not price, steadily raises your LTV.

The Ember Market exists mainly for one trade: deposit eEARN, borrow USDC, buy more eEARN. That is a loop.

Looping on Suilend: how to do it manually, and the rules

Looping means borrowing against collateral and redepositing what you buy as more collateral, until you reach a target leverage. DeFi looping explained covers the concept; here is the Suilend version.

Option 1: Suilend Strategies (one click)

Suilend's Strategies page packages common loops: per its documentation, sSUI/SUI, USDC sSUI/SUI and others, and the current app also includes an eEARN/USDC loop on the Ember Market with leverage up to 4.5x. It builds the loop in one transaction and lets you adjust or exit later. Suilend charges no management fee, only 0.02% when unstaking sSUI. You still own the account and its liquidation risk.

Option 2: Manual looping, step by step

1. Deposit eEARN as collateral in the Ember Market (our example).
2. Borrow USDC, keeping well below the 85% open LTV.
3. Use the USDC to get more eEARN through Ember, then deposit it.
4. Repeat until you reach your target. With LTV x per round, the maximum leverage approaches 1 ÷ (1 − x): about 6.7x at 85%.
5. Write down your liquidation point and set a reminder to check it.

The return on a loop is roughly: net yield ≈ leverage × asset yield − (leverage − 1) × borrow rate, plus or minus rewards and fees. At 4.5x and the snapshot Ember Market USDC borrow rate of about 7.6%, eEARN would need to yield about 5.9% a year just for the loop to break even (3.5 × 7.6% ÷ 4.5), and more than 7.6% for leverage to beat simply holding eEARN. If the borrow rate jumps, as it does when utilisation passes the curve's kink at 90%, the loop can lose money every day.

An sSUI/SUI loop works the same way. Suilend's Strategies docs note that the SUI price feed values both SUI and its LSTs, so the risk is the spread between staking yield and the SUI borrow rate, not SUI's price. On 12 October 2026, sSUI incentives to SUI borrowers roughly offset the base SUI borrow rate, but budgets change every two weeks.

Suilend's looping rules: you can lose rewards

Suilend doesn't ban looping, but it can switch off your incentives for it. Its rewards FAQ defines looping as depositing and borrowing the same non-stablecoin asset, or the same or different stablecoins, with examples such as depositing USDT and borrowing USDC. Flagged accounts stop earning rewards; to restore eligibility you repay the looped borrow in full and press "Restore Eligibility".

One nuance: the public contract code (checked 12 October 2026) only zeroes rewards automatically for the very same asset, and says looping "is currently allowed for correlated assets". Either way, don't count on incentives in a stablecoin loop, and check the dashboard for an eligibility warning.

Rewards, points and SEND in brief

Suilend's points seasons are archived. Its Season 2 page says S2 ran from 10 December 2024 to 30 May 2025 and converted into rewards such as SEND. Today's on-chain incentives are per-reserve token rewards in two-week periods, mostly sSUI, plus BLUE in the Ember Market.

SEND's supply, mdrops and governance are covered in our Suilend overview. Practically, on 12 October 2026 SEND was isolated in the Main Market with 0% open LTV: you can deposit it, but it adds nothing to your borrow limit.

What Suilend costs

• Deposits and withdrawals: no protocol fee in the reserve configs we checked; you pay Sui gas.
• Borrow fee: charged once on the amount borrowed and set per reserve. On 12 October 2026 it was 0% for USDC in both markets, 0.01% for SUI, 0.1% for suiUSDe and 0.3% for USDsui in the Main Market.
• Liquidation: the liquidator bonus plus protocol fee on any repaid slice, about 6–7% for the main collateral assets.
• Outflow limit: not a fee, but worth knowing. Each market has an hourly outflow rate limiter, about $5 million an hour for the Main Market and $2 million for the Ember Market on 12 October 2026. A very large exit in a busy hour may have to wait.

Risks and a safety checklist

Suilend lists its main risks on its risk page:

• Liquidation. Price moves, accrued interest and borrow-weight changes can all carry you over the close LTV.
• Oracle risk. Suilend uses Pyth and Switchboard prices. A wrong or stale price can cause wrongful liquidations; our price oracle guide explains the failure modes. Pegged pricing for eEARN or sSUI hides a different risk: a loss of value against the peg won't show up in the oracle.
• Rate spikes. Rates jump sharply once a pool passes its kink. On 12 October 2026 the Main Market USDC curve went from 7% at 93% utilisation to 15% at 97% and 150% at 100%.
• Utilisation and bad debt. At 100% utilisation suppliers can't withdraw, and shortfalls in uninsured isolated pools can be socialised across depositors.
• Smart-contract risk. Suilend's audit page lists Zellic and OtterSec audits (March 2024) and a Certora formal verification (February 2026). Audits reduce risk; they don't remove it.

Before you deposit, run through this checklist:

1. Bookmark suilend.fi and only connect from the bookmark.
2. Keep the Account NFT in the wallet you use; never send it anywhere you don't control.
3. Use native USDC, and confirm the market (Main or an isolated market) before you sign.
4. Borrow to at most half your borrow limit as a starting point, and write down the liquidation price.
5. Check the reserve's utilisation and where the rate curve kinks before you lever up.
6. For loops, calculate the break-even yield at today's borrow rate and assume incentives can disappear.
7. Size the position as if the protocol could fail (see how to check a DeFi protocol is safe).

Where JewelSwap fits

JewelSwap runs on Sui, MultiversX and Radix. On Sui it offers JWLSUI liquid staking and leveraged farms that borrow from Scallop. JWLSUI is not listed as a Suilend reserve as of 12 October 2026.

The overlap with this guide is Ember Loop (jeLOOP), a JewelSwap Labs vault that runs the eEARN/USDC loop on Suilend's Ember Market for you. You deposit USDC and receive jeLOOP; the vault buys eEARN, posts it as Suilend collateral and borrows USDC to a target of about 4.5x (around 77.5% LTV) using a flash loan. A keeper runs every 10 minutes; withdrawals are queued tickets, usually 10–30 minutes. Fees are 0.45% on entry, 1% on withdrawal and 10% of gains above the high-water mark. Ember Loop has been in public beta since 11 October 2026 and is unaudited; admin and upgrade rights sit with JewelSwap's 3-of-5 multisig, and a guardian can pause the vault or switch it into de-risk mode.

The trade-off versus a manual or Strategies loop: doing it yourself has no vault fees, but you watch the health bar and react to rate spikes. Ember Loop manages leverage for you but adds fees, queued exits, keeper dependence and its own contract risk on top of Suilend's and Ember's. Neither is risk-free. The Ember Loop app shows live yield estimates, and our Ember Loop guide and the Ember Loop docs explain the mechanics and risks in full.

Frequently asked questions

How do I use Suilend for the first time?

Connect a Sui wallet such as Slush at suilend.fi, keep a few SUI for gas, choose an asset on the Lend page and press Deposit. Your deposit starts earning interest straight away. To borrow, pick an asset, choose Borrow and stay well under your borrow limit. Your positions live in an Account NFT in your wallet.

What is the difference between open LTV and close LTV on Suilend?

Open LTV sets your borrow limit: you can't open new loans beyond it. Close LTV sets your liquidation threshold: if your weighted borrows rise above it, liquidators can repay part of your debt and take collateral at a discount. On 12 October 2026, Main Market USDC had a 77% open LTV and 80% close LTV, and SUI had 70% and 75%.

Can you loop on Suilend?

Yes. You can loop manually or use Suilend Strategies, which offers loops such as sSUI/SUI and, in the current app, eEARN/USDC on the Ember Market. Suilend's docs say accounts that deposit and borrow the same non-stablecoin asset, or stablecoins against stablecoins, stop receiving incentives until the loop is repaid and eligibility is restored.

Does Suilend still have points?

Suilend's Season 2 points ran from 10 December 2024 to 30 May 2025 and converted into rewards such as SEND. Today the incentives visible on-chain are per-reserve token rewards in two-week periods, mostly paid in sSUI. Check the Suilend app for any current campaign.

What happens if I get liquidated on Suilend?

A liquidator repays up to 20% of your weighted borrows and takes the same value of your collateral plus a bonus and protocol fee, about 6–7% extra for the main collateral assets as of 12 October 2026. Your account stays open with less debt and less collateral. Loans of $100 or less can be liquidated in full.

Is there an Ember market on Suilend?

Yes. Suilend runs a separate Ember Market where eEARN is collateral (85% open LTV, 90% close LTV on 12 October 2026) and USDC is borrowable. eEARN is priced with the USDC feed, so interest on the USDC debt, not price, is what usually pushes a position towards liquidation.

Keep reading

• What is Suilend? Sui lending, SEND and SpringSui
• Sui lending protocols compared: NAVI, Suilend and Scallop
• DeFi looping explained
• Health factor in DeFi lending
• Ember Loop: leveraged stablecoin yield on Sui

Educational content, not financial advice. Lending and looping can lose money, including through liquidation. Reserve parameters, balances, rates and reward schedules were read from Suilend's on-chain market objects at about 18:00 UTC on 12 October 2026; TVL and borrow totals are from DefiLlama on the same date. Rates change constantly; check the Suilend app before acting. Ember Loop details are from JewelSwap's Ember Loop documentation; Ember Loop is an unaudited beta.