Kamino Finance vs MarginFi: Quick Compare (2026)
Kamino Finance is a lending platform rated 9.2/10 with $2.19B TVL, best for Lending, LST collateral, leveraged staking. MarginFi is a lending platform rated 8.2/10 with $72M TVL, best for Cross-margin lending + MRGN points.
Need a deeper breakdown? Use editorial comparison pages and full platform reviews before you decide.
Head-to-Head Comparison
| Feature | Kamino Finance | MarginFi |
|---|---|---|
| Rating | 9.2/10 | 8.2/10 |
| TVL | $2.19B | $72M |
| APY | 15–30% | Variable |
| Best for | Lending, LST collateral, leveraged staking | Cross-margin lending + MRGN points |
| Not best for | Not ideal for users who want simple, passive staking — Kamino's Multiply and leveraged strategies carry liquidation risk. Users who don't monitor positions actively can lose capital during rapid SOL price drops. | Not ideal for users who dislike uncertainty around points/airdrop tokenomics — MarginFi's points system has been running since 2023 with no token launch yet. Users wanting clear, predictable yields should use Kamino or Jupiter Lend. |
| Founded | 2022 | 2022 |
Fees Comparison
Kamino Finance Fees
| Fee | Value |
|---|---|
| Lending spread | ~0.5-1% |
| Multiply fee | 0.1% |
| Vault management fee | 10% of yields |
| Withdrawal fee | None |
MarginFi Fees
| Fee | Value |
|---|---|
| Lending spread | ~0.5-1.5% |
| No deposit/withdrawal fee | 0% |
| Liquidation penalty | 5% |
| Flash loan fee | 0.05% |
Pros & Cons
Kamino Finance
Pros
- #1 Solana lending protocol by TVL ($2.19B)
- Multiply: leverage JitoSOL/mSOL up to 3x
- Auto-managed CLMM vaults with auto-compounding
Cons
- Complex product surface area
- Multiply positions carry liquidation risk
MarginFi
Pros
- 75% LTV — highest of major Solana lenders
- MRGN token rewards
Cons
- UI can be confusing for first-time users
When to Choose Kamino Finance
Best for: Lending, LST collateral, leveraged staking
Honest limitation: Kamino's $2.19B TVL makes it systemically important to Solana DeFi, which means a Kamino exploit would have cascading effects. The Multiply product uses leveraged positions that amplify both gains and losses.
When to Choose MarginFi
Best for: Cross-margin lending + MRGN points
Honest limitation: MarginFi's $102M TVL is the smallest among P1 Solana lending platforms, which reflects both its newer position and past controversies around team transparency. The points-to-token conversion timeline remains unclear.