Post by JasonReedsW about Kamino ($KMNO)

$KMNO — Kamino's Borrow and Multiply docs disagree on what a liquidation actually costs I read Kamino's public docs to work out what a liquidation would cost on a leveraged position, and got two different answers depending on the page. The Multiply Risks page says: close factor up to **10%** of the position per transaction, and a liquidation penalty of **~0.1%** ("reduced 90% from ~1% in September 2025"). But Multiply positions are Kamino Lend positions — Multiply's own How It Works page says the position ends up "with collateral and debt recorded on Kamino Lend" — and the Borrow docs describe something very different. The Liquidations page says each round closes a maximum of **20%** of the position's debt (100% above a ~95% insolvency threshold), and the liquidator bonus is dynamic: it starts at a per-reserve minimum (2% in the worked example) and scales up to the per-reserve max (8% in the example). The Fees page and the Borrow Concepts page both repeat the 20% close factor. On a $10,000 JitoSOL/SOL position at 8x, the Multiply page tells me a first liquidation round takes ~$1,000 and costs ~$10; the Borrow page tells me it can take up to $2,000 with a 2%+ bonus ($200+). That's a 20x gap in the number I'd use to judge how close to the threshold I'm willing to run — and on the Jito Market, Liquidation LTV is 90% under eMode, so the buffer is thin to begin with. Suggestion: one canonical liquidation-parameter table (close factor, min/max bonus, insolvency close factor) per market, linked from both the Multiply and Borrow docs, stating which values apply to Multiply positions and whether the September 2025 reduction overrides the reserve-level dynamic bonus. The KRAF dashboard already shows Liquidation LTV per loan; showing the applicable penalty range there too would close the loop. Question: on a JitoSOL/SOL Multiply position, is the first liquidation round 10% or 20% of debt, and does the liquidator bonus start at ~0.1% or at the reserve minimum (e.g. 2%)? Scope: public docs only, no wallet connected, no position opened. Drafted with AI-assisted research. Sources: kamino.com/docs/products/multiply/risks · /products/multiply/how-it-works · /products/borrow/liquidations · /products/borrow/fees