A strategy that keeps capital in yield-bearing positions on Kamino rather than fully deployed in Solana (SOL) generated roughly $2,190 in fees, interest and position profits during a month in which SOL fell 21%, according to portfolio figures shared by an analyst on X.

While SOL lost 21% over the period, the cash portion of the strategy gained 2%, leaving the holder with greater purchasing power for future SOL purchases. Kamino's portfolio dashboard showed $2.19K in fees and interest, alongside two Multiply positions with combined profits above $2,190. Both Multiply positions carried loan-to-value (LTV) readings above 75%, making collateral prices and borrowing conditions key risks to monitor.

The approach uses decentralized finance to earn returns on idle funds while waiting for better buying opportunities. That combination — interest paid on deposited funds plus leveraged exposure maintained through borrowing — is the mechanism behind the fee, interest and profit readings in the dashboard figures below. The latest portfolio figures illustrate how it performed during a month of weakness for SOL.

Cash Earnings Outpace SOL's Monthly Performance

Analyst gum on X compared SOL's monthly decline with returns from cash held on Kamino. The post reported a 21% fall in SOL against a 2% gain from the cash position. According to the post, that difference left the same capital able to purchase roughly 29% more SOL.

The strategy keeps funds available without leaving them entirely idle. Rather than committing everything to SOL during a falling market, it puts unused capital to work, allowing the holder to earn while waiting for a more attractive entry price. In this instance, the yield on standby capital rather than market timing produced the purchasing-power gap over the month.

The post also noted a withdrawal of approximately $2,200 from the account, intended for bills and a dinner with family — an indication that the earnings were being used beyond the portfolio itself.

The screenshots show figures from two consecutive periods. The earlier dashboard displayed roughly $1.74K in fees and interest, while the later image showed that figure reaching approximately $2.19K by October 30.

Two Multiply Positions Record Higher Profits

The later screenshot listed two active positions labeled AUTO/wYLDS. One displayed $1,579.18 in profit, while the other recorded $612.51, for combined P&L of approximately $2,191.69.

The earlier screenshot showed profits of $1,261.11 and $474.85, together amounting to roughly $1,735.96. The difference between the two combined readings is about $455.73.

The portfolio chart showed upward movement across both periods. The earlier view covered October 18 through October 24, while the later seven-day chart extended through October 30, with a late rise followed by a small retreat.

Displayed net APY figures also increased between the screenshots. The later positions showed 31.23% and 29.68%, compared with 28.01% and 26.55% previously. These are dashboard readings, not guaranteed returns over future periods.

Leverage and Exchange Activity Need Close Attention

The later positions carried LTV ratios of 76.56% and 75.85%, versus 76.61% and 75.00% in the earlier screenshot. These readings indicate substantial borrowing against the positions' collateral, which brings risks beyond ordinary asset ownership. When collateral prices drop, LTV ratios could rise, and depending on platform rules, positions approaching liquidation thresholds may face forced closure. For anyone tracking comparable setups, the practical checkpoint is the distance between those LTV readings and the platform's liquidation threshold, monitored alongside borrowing costs and collateral prices as conditions change.

A Coinglass exchange chart shows Binance leading the left panel at $167.86 million. Gate follows with $109.32 million, while OKX records $107.90 million. Coinbase and Bitget logged $85.18 million and $84.99 million, respectively.

The right panel shows an alternate ranking. Coinbase leads at $742,650, followed by Binance at $478,930 and Bitstamp at $430,570. Gate has $371,570 recorded, and Kraken shows up twice.

The chart does not identify the measured activity or explain its color coding. Therefore, the red and green blocks cannot establish buying, selling or liquidation direction. These exchange figures also cannot be directly linked to the Kamino portfolio's earnings.

The screenshots depict only a short period rather than actual performance through a prolonged downturn. Actual results will depend on changing yields, borrowing costs and collateral prices. Withdrawal and liquidation conditions also remain relevant in the case of leveraged DeFi positions.