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Put xStocks to work tutorial

Borrow against xStocks on Kamino

Kamino runs a lending market on Solana built around xStocks: deposit SPYx or QQQx as collateral and borrow USDC without selling. If the stock falls far enough, the loan is liquidated.

  • 5 min read
  • Advanced
  • Checked 29 Sep 2026
Best for
Experienced DeFi users who understand collateral, borrow rates and liquidation.
You'll need
  • A Solana wallet such as Phantom or Solflare
  • SPYx or QQQx to use as collateral
  • A little SOL for network fees
Cost
A variable borrow rate that rises as the market fills up
Open Kamino

New to crypto? StonkBuilder Learn explains wallets, recovery phrases and scams, and the Solana beginner's guide sets up a wallet step by step.

Worked example

A $4,000 loan against $10,000 of SPYx

Your positionIllustrative
SPYx deposited$10,000
USDC borrowed$4,000
Loan-to-value40%
Liquidated below$5,714
A drop of42.9%

Loan-to-value

40%70%
0%100%
  • Your loan-to-value today
  • Example liquidation threshold (not Kamino's figure)
Illustrative settings, not Kamino's: with a 70% liquidation threshold, a $4,000 loan against $10,000 of SPYx is liquidated if the collateral falls below about $5,714, a 43% drop.

Step by step

  1. Open the xStocks market

    On kamino.com, go to Borrow and pick the xStocks market, which accepts xStocks such as SPYx and QQQx as collateral.

  2. Deposit collateral

    Supply your SPYx. Kamino shows how much you can borrow, based on the asset's loan-to-value setting.

  3. Borrow well under the limit

    Borrow USDC, but leave a wide buffer: the closer you are to the liquidation threshold, the smaller the fall that triggers liquidation.

  4. Watch weekends and news

    The stock market closes but xStocks keep trading, so a weekend move can hit your loan before or right at Monday's open.

  5. Repay and withdraw

    Repay the USDC plus interest to unlock your SPYx.

Open Kamino

Good to know

  • Kamino's xStocks market accepts assets such as SPYx and QQQx as collateral to borrow USDC.[1]
  • In April 2026 the market had $6.3M of USDC supplied and $5.75M borrowed, 92% utilization.[1]
  • The borrow rate follows the market's interest-rate curve and rises with utilization.[1]
  • Chainlink Data Streams supplies sub-second prices for xStocks used as collateral on Kamino.[2]
  • Depositing xStocks as collateral earns a higher xPoints tier than holding.[3]
  • Liquidation, smart-contract and oracle risks come with Kamino's protocol and fall on you; read its docs before borrowing.[4]

Sources

  1. xStocks news: How Kamino turned xStocks into a lending market (13 May 2026) xstocks.fi/news/how-kamino-turned-xstocks-into-a-lending-market
  2. xStocks news: xStocks Vaults go live on Kraken (14 Sep 2026) xstocks.fi/news/xstocks-vaults-go-live-on-kraken-bringing-defi-yield-to-tokenized-equities-on-an-exchange
  3. xStocks DeFi dashboard: xPoints defi.xstocks.fi/points
  4. Kamino docs kamino.com/docs
  5. Kamino kamino.com/
  6. xStocks news: Deeper on-chain liquidity (9 Feb 2026) xstocks.fi/news/upgrading-xstocks-markets-with-deeper-onchain-liquidity

Checked on 29 Sep 2026. xStocks change; the linked pages are the source of truth.