# Using Leverage

> import ThemedImage from '@theme/ThemedImage';

:::warning Differences in Leverage Support
The Curve UI generally supports **one-click leverage** for loans. This means users can directly "loop" their positions with a single click, without manually repeating the borrowing and buying process.

While one-click leverage is available for most markets, there may still be some **discrepancies** depending on the market. As a rule of thumb:  
If one-click leverage is supported, a second tab labeled **"Leverage"** will appear next to the standard **"Create Loan"** tab.
:::

<figure>
<ThemedImage
    alt="Leverage tab interface"
    sources={{
        light: require('@site/static/img/user/llamalend/guides/borrow/leverage/leverage_tab_light.png').default,
        dark: require('@site/static/img/user/llamalend/guides/borrow/leverage/leverage_tab_dark.png').default,
    }}
    style={{ width: '250px', display: 'block', margin: '0 auto' }}
/>
</figure>

- **Newer markets** support leverage through **aggregators**, which can route through external liquidity sources for more efficient execution.  
- **Older markets** (especially the early deployed mint markets) rely solely on Curve's internal liquidity, which can result in higher price impact — especially when leveraging large amounts.

## Opening a Leveraged Loan

When creating a leveraged loan, users can choose to deposit either the **collateral token** or **crvUSD** *(depositing crvUSD is only possible on newer markets)*.  
If **crvUSD** is selected, it will be automatically swapped into the collateral asset before leveraging up the position.  
After that, simply select the amount of **crvUSD** to borrow.

Of course, you can also adjust the number of **bands (N)** used for the position.

<figure>
<ThemedImage
    alt="Leveraged loan parameters"
    sources={{
        light: require('@site/static/img/user/llamalend/guides/borrow/leverage/borrow_light.png').default,
        dark: require('@site/static/img/user/llamalend/guides/borrow/leverage/borrow_dark.png').default,
    }}
    style={{ minWidth: '350px', width: '60%', display: 'block', margin: '0 auto' }}
/>
</figure>

After setting these parameters, the UI will display an overview containing all relevant details about your leveraged position:

<figure>
<ThemedImage
    alt="Leveraged loan overview"
    sources={{
        light: require('@site/static/img/user/llamalend/guides/borrow/leverage/borrow_overview_light.png').default,
        dark: require('@site/static/img/user/llamalend/guides/borrow/leverage/borrow_overview_dark.png').default,
    }}
    style={{ minWidth: '300px', width: '50%', display: 'block', margin: '0 auto' }}
/>
</figure>

The overview includes:

- **Total leverage** used in the position  
- **Expected** collateral amount after looping, including aggregator route, **average swap price**, and **price impact**
- **Loan details** – Standard information such as **Health**, and the following extra information if `Advanced Mode` is enabled: **Band range**, **Number of bands (N)**, **Post-loan borrow rate** and **Loan-to-Value ratio (LTV)**

After opening a loan, you will see the details of your loan in the loan details tab:

<figure>
<ThemedImage
    alt="Leveraged loan details"
    sources={{
        light: require('@site/static/img/user/llamalend/guides/borrow/leverage/loan_details_light.png').default,
        dark: require('@site/static/img/user/llamalend/guides/borrow/leverage/loan_details_dark.png').default,
    }}
    style={{ minWidth: '450px', width: '80%', display: 'block', margin: '0 auto' }}
/>
</figure>

## Leveraging Up

To increase your leverage you can simply go back to the `LEVERAGE` tab and borrow more using the `BORROW AMOUNT` box.

## Leveraging Down

To reduce your leverage you need to repay debt from your wallet in the `LOAN` tab under `REPAY`.  

Otherwise, you must fully [close your loan](leveraged-loans.md#closing-a-leveraged-loan), and [open a new loan](./leveraged-loans.md#opening-a-leveraged-loan).

## Closing a Leveraged Loan

To repay (or **deleverage**) your loan, you can either use your **collateral balance**, or repay directly using **crvUSD** or the **collateral token** from your wallet *(repaying with either asset is only supported on newer markets)*.

<figure>
<ThemedImage
    alt="Leveraged loan repayment"
    sources={{
        light: require('@site/static/img/user/llamalend/guides/borrow/leverage/repay_light.png').default,
        dark: require('@site/static/img/user/llamalend/guides/borrow/leverage/repay_dark.png').default,
    }}
    style={{ minWidth: '300px', width: '50%', display: 'block', margin: '0 auto' }}
/>
</figure>

Once the repayment parameters are selected, the UI will update to show the latest stats and expected state of your loan after repayment.

<figure>
<ThemedImage
    alt="Repayment overview"
    sources={{
        light: require('@site/static/img/user/llamalend/guides/borrow/leverage/repay_overview_light.png').default,
        dark: require('@site/static/img/user/llamalend/guides/borrow/leverage/repay_overview_dark.png').default,
    }}
    style={{ minWidth: '300px', width: '50%', display: 'block', margin: '0 auto' }}
/>
</figure>

:::info Closing a Leveraged Loan
When closing a leveraged loan by repaying with collateral, you will receive your collateral back in the borrowed token (crvUSD above), instead of your original collateral (sDOLA above).

This is because the system swaps all collateral (sDOLA above) to repay the debt (crvUSD), and sends you back all remaining assets.

To receive back your original collateral (sDOLA above) you must repay your debt from your wallet. 
:::