Skip to main content
Offerbook is a permissionless, peer-to-peer money market for any onchain assets on Solana. It allows users to borrow or lend USDC at fixed rates, for a user-defined period (1 to 30 days), using onchain assets as collateral, without price-based liquidations and without relying on price oracles. USDC (the only asset that can be borrowed or lent on Offerbook) is the liquidity exchanged between borrower and lender. Collateral is the onchain asset locked by the borrower for the duration of the loan, and can be any Solana asset (verified tokens on Jupiter, RWAs such as xStocks, or NFTs from whitelisted collections). See Markets for what each market accepts. Unlike classical lending protocols, Offerbook is built around time-based loans. Risk is managed by duration, not by collateral price fluctuations. Both borrowers and lenders can publish offers with their own terms, expressing their intentions openly in the offerbook. Lend offers are available for 24 hours. Borrow offers are available for 1 to 7 days (set by the borrower). Expired offers can be renewed without recreating them. Alongside onchain offers, users can post intents: free, off-chain advertisements of the terms they want, matched automatically against live offers. See Intents.

​
A Fixed-Term Credit Market

Offerbook is best understood as a fixed-term credit market. Every loan has a known duration, a known return, and a known outcome at maturity. For lenders, returns are driven by three variables: collateral quality, loan duration, and APY (Annual Percentage Yield, the annualized return for the lender, fixed for the entire loan duration). For borrowers, it means full control over loan terms and no price-based liquidations.

Borrowers can

  • Create borrow offers with custom terms
  • Accept existing lend offers
  • Use any supported onchain asset as collateral
  • Repay at any time before maturity

Lenders can

  • Create lend offers with custom terms
  • Accept existing borrow offers
  • Accept offers partially or in full
  • Earn fixed yield over a known duration
Partial fill is configurable per offer. The offer creator (borrower or lender) can enable or disable partial fill, and set a Minimum Fill Amount in USD. Partial fill is not available for offers using NFT collateral.
The header has five sections: Tokens, Collectibles, Positions, Affiliate and Statistics. Tokens and Collectibles are markets, and each has two modes selected with the Borrow and Lend toggle next to it. Borrow mode shows what you can borrow against your assets; Lend mode shows what you can lend against. Each market view has up to three actions: Ask for a Loan (Borrow mode), Offer to Lend (Lend mode) and Post an Intent (both modes). A global Create Offer button also sits in the header. The two markets are described in Markets, and the journeys in Borrowing and Lending. Positions is your account view, with four tabs: Loans, Offers, Intents and Analytics, each filterable by side (Borrowing, Lending) and by status. Analytics charts your cumulative volume, your interest earned and paid, and your default outcomes. The borrower and lender actions inside Positions are covered in Borrowing and Lending, and intent management in Intents. Affiliate manages your referral link (see Affiliate & Referrals), and Statistics shows protocol-wide activity (see Statistics). The Chat widget, in the bottom-right corner, hosts public channels and direct messages between users (see Chat).

​
Key Terms

The onchain asset locked by the borrower for the duration of the loan. The lender can claim this asset if the loan is not repaid after maturity.Collateral can be any Solana asset (verified tokens on Jupiter, RWAs such as xStocks, NFTs from whitelisted collections).
The liquidity provided by the lender and received by the borrower. On Offerbook, USDC is the only asset that can be borrowed or lent.
The ratio (in %) between the borrowed USDC amount and the collateral value. It represents how much liquidity is taken out compared to the value of the collateral locked.Example: If you lock $1,000 worth of collateral and set the LTV to 70%, you can borrow 700 USDC.
The fixed time period during which the collateral is locked and the loan is active. Loan duration is set when creating the offer (by the borrower for a borrow offer, or by the lender for a lend offer) and can range from 1 to 30 days. Common presets are 3D, 7D, and 30D.The countdown starts when the offer is accepted (the loan begins), not when the offer is published. Once the loan starts, the duration cannot be changed.
Published offers expire after a set period, separate from the loan duration:
  • Lend offers expire after 24 hours (fixed).
  • Borrow offers expire after 1 to 7 days (set by the borrower at creation).
Once an offer expires, it can be renewed directly without recreating it from scratch.Offer expiration and loan duration are two separate timers. An offer can be accepted at any point within its expiration window; the loan duration then starts from that moment.
A free, off-chain, signed advertisement of the terms a user wants, on either side of the market. An intent locks no funds and cannot be filled directly: Offerbook matches it against live onchain offers and surfaces the matches in the creator’s dashboard. Intents accept loan durations of 1 to 90 days, while offers created through the interface support 1 to 30 days. See Intents.
The annualized cost of borrowing, paid by the borrower. Fixed for the entire loan duration. Displayed when creating a borrow offer and in offer listings.
The annualized return for the lender. Fixed for the entire loan duration. Displayed when creating a lend offer.
The effective rate accounts for platform fees and is automatically displayed in the offer summary.Effective APR (borrower side) combines the offer APR with the 25% upfront fee on interest. Because the fee is paid in addition to the interest, the actual cost of the loan is higher than the headline APR.Example: an offer at 30% APR becomes 37.5% Effective APR (30% × 1.25).Effective APY (lender side) combines the offer APY with the 10% fee deducted at repayment. Because the fee is taken out of the interest received, the actual return is lower than the headline APY.Example: an offer at 5% APY becomes 4.5% Effective APY (5% × 0.9).
The point at which the loan duration ends. At maturity, the borrower should have repaid the loan (principal + interest). If not, the lender can claim the collateral.
When a loan is not repaid after maturity, the lender can claim the collateral by signing a transaction. This action triggers the collateral transfer: the collateral is sent directly to the lender (not sold on the market). The lender receives the collateral token itself.Unlike price-based liquidations in classical lending protocols, this event can only happen after maturity, never during the loan. A 0.1% fee is deducted from the collateral at transfer (no fee on NFT/RWA collateral).The transfer is not automatic. It only happens when the lender claims. The borrower can still repay and recover the collateral at any time, as long as the lender has not claimed it.
The offer creator (borrower or lender) can enable or disable partial fill:
  • Partial fill enabled: the offer can be accepted partially. The creator sets a Minimum Fill Amount in USD (e.g., $10, $25, $100), which is the minimum amount a counterparty can accept per transaction.
  • Partial fill disabled: the offer can only be filled in full by a single counterparty.
When an offer is partially filled, fees apply to the filled portion only, and the remaining amount stays available to other counterparties.Partial fill is not available for offers using NFT collateral, since an NFT cannot be partially transferred.
A proposal to modify the terms of an existing open offer before accepting it. Any user can send a counter offer on any open offer, adjusting one or more of: LTV (Loan-to-Value, the ratio between borrowed USDC and collateral value), the rate (APY), duration, expiration, and the partial-fill rule.The original offer creator can review counter offers received and either accept one (starting the loan at the counter-offer terms) or ignore them. The original offer remains open and visible to other users while counter offers are pending.Counter offers do not lock any funds until accepted. Multiple counter offers can be open against the same original offer at the same time. See Counter Offers for details.
A loan can have one of four statuses:
  • Active: the loan is running, between offer acceptance and maturity.
  • Repaid: the borrower has repaid the loan, the collateral has been returned to their wallet.
  • Expired: the loan has passed maturity without being repaid. The lender can claim the collateral, and the borrower can still repay until they do.
  • Defaulted: the lender has claimed the collateral after maturity. The loan is closed.
A dedicated wallet, separate from your main Solana wallet, used to hold funds while interacting with Offerbook. Each user has one escrow wallet. All funds transit through the escrow when creating or accepting offers.For lenders: the escrow is visible in the interface. USDC is deposited into it as part of offer creation, and lenders can create multiple offers from the same balance.For borrowers: the escrow is used in the background. Collateral transits through the escrow automatically in a single transaction. When the borrower repays, collateral is returned directly to their wallet.

​
How Offerbook Loans Work

Offerbook loans are time-based, not price-based. This is the core difference with classical lending protocols. Once a loan starts:
  • Collateral is locked onchain for the full duration of the loan
  • Loan terms cannot be changed
  • No margin calls or price-based liquidations can occur before maturity
Borrowers can choose to repay the loan at any time. The full interest for the agreed duration is owed regardless of when the repayment occurs.
If the loan is not repaid by maturity, the lender can claim the entire collateral at any time by signing a transaction. The transfer is not automatic, but you cannot rely on any delay. Always plan to repay before the loan expires.
With time-based loans, risk management is shared between lenders and borrowers. The collateral value at maturity can be higher or lower (in USD terms) than the amount borrowed.

​
Loan Lifecycle

A loan on Offerbook follows a deterministic lifecycle.
1

Offer created

A borrower or lender publishes an offer in the offerbook with their desired terms (collateral, USDC amount, LTV, APR/APY, loan duration, partial fill settings). Lend offers are visible for 24 hours; borrow offers for 1 to 7 days. Expired offers can be renewed without recreating them.
2

Offer accepted — Loan starts

A counterparty accepts the offer, partially or in full. The loan starts immediately. Collateral is locked onchain via a smart contract (a PDA, or Program Derived Address, which is a program-owned account on Solana with no private key). The loan duration begins at this moment.A calendar reminder can be added at this stage to track the loan’s maturity date. The reminder fires 2 hours before maturity.
3

Loan active

The loan runs for its full duration. Collateral cannot be accessed by either party. No price-based events can occur. The borrower can repay at any time.
4

Loan resolved

At maturity, the loan resolves in one of two ways:
  • Repaid: the borrower repays principal + full interest. Collateral is returned directly to the borrower’s wallet. Loan status: Repaid.
  • Not repaid: the lender can claim the collateral by signing a transaction (this triggers the collateral transfer). A 0.1% fee is deducted from the collateral (no fee on NFT/RWA). The borrower can still repay until the lender claims. Loan status: Defaulted.
If an offer expires without being accepted, it is automatically removed from the offerbook. No fees are charged.

​
Offers and Loans

Both borrowers and lenders can create offers. For each offer, the following terms are defined:
ParameterDescriptionConfigurable?
Collateral asset and amountThe onchain asset locked as securityYes
USDC amountThe liquidity borrowed or lentYes
LTVRatio between USDC amount and collateral value (in %)Yes (linked to USDC amount)
APR / APYCost of borrowing (APR) or return for lending (APY), annualizedYes
Loan durationTime period of the loan (starts at acceptance)Yes (1 to 30 days)
Allow partial fill + Minimum Fill AmountWhether partial acceptance is allowed and the minimum fill amount in USDYes (except NFT collateral)
Offer expirationHow long the offer stays visible (separate from loan duration)Lend: 24h fixed / Borrow: 1 to 7 days
Together, these parameters determine an offer’s attractiveness. Matching occurs when the terms align with current market demand. The role-by-role journeys are detailed in Borrowing and Lending.

​
Oracles and Pricing

Offerbook does not use price oracles for loan execution. Loans are time-based with fixed terms, so there are no price-based liquidations or margin calls, and no onchain price tracking is required.
Prices shown in the interface are provided by Jupiter’s pricing API and are informational only. They help users estimate values such as LTV, but do not affect loan execution or outcomes.Tokenized stocks (xStocks) are valued using the underlying stock price rather than the on-chain market price, giving more accurate LTV and balance estimates.

​
Why Offerbook?

USDC is the only asset that can be borrowed or lent on Offerbook. This simplifies the experience for both sides: borrowers and lenders only need to choose the collateral asset and the loan terms. Offerbook can be used with any Solana asset as collateral, and is optimized for specific use cases:

Fixed-term loans

Simple loan management with predictable terms, duration, and outcomes.

Illiquid assets

High-value assets with low onchain liquidity (such as RWAs) can be used as collateral without price-based liquidation or price manipulation risk.

Advanced DeFi assets

LP positions, PT tokens, and other complex assets can be used as collateral.

Insurance

Borrow USDC against a volatile asset to access liquidity now, with the option to walk away at maturity if the asset’s value has dropped below the borrowed amount. Surfaced as Get Insured in the app interface.

Multiply

Turn USDC into a leveraged long on a collateral asset by borrowing against it. Surfaced as Multiply on the Borrow view.
On the lending side, Offerbook provides a way to earn yield at fixed terms, with clearly defined risk at loan maturity.

​
Offerbook vs Jupiter Lend

Offerbook and Jupiter Lend are both lending products within the Jupiter ecosystem, but they serve different use cases and operate on different models.

​
The Offerbook model

ParameterDetail
ModelPeer-to-peer. Borrowers and lenders publish offers expressing their intentions, and are matched directly through an order book.
RatesFixed. Set by the user at offer creation and locked for the full loan duration.
Loan durationUser-defined (1 to 30 days). Starts when the offer is accepted.
If not repaidAfter maturity, the lender can manually claim the collateral. The borrower can still repay until the lender claims. No price-based events during the loan.
OraclesNone. Prices in the interface are informational only.
Collateral monitoringNone during the loan.
Borrowable assetsUSDC only.
CollateralAny Solana asset (verified tokens, RWAs such as xStocks, NFTs from whitelisted collections).

​
The Jupiter Lend model

ParameterDetail
ModelPool-based. Lenders supply assets to shared liquidity pools, borrowers draw from those pools.
RatesVariable. Adjusted automatically based on supply and demand.
Loan durationPerpetual. Positions remain active until the user repays or is liquidated.
If not repaidContinuous price-based liquidation. Positions are partially or fully liquidated if collateral value drops below a threshold.
OraclesYes (Pyth, Chainlink, Redstone). Used for real-time valuation and liquidation triggers.
Collateral monitoringContinuous. Position Health updated in real time.
Borrowable assetsMultiple (SOL, USDC, and other supported assets).
CollateralEligible assets only (SOL, JupSOL, mSOL, JitoSOL, stablecoins, and others per vault).
Use Offerbook when you want fixed terms, no liquidation risk during the loan, or need to borrow against assets with low onchain liquidity. Use Jupiter Lend when you want flexible, perpetual positions with continuous collateral monitoring and variable rates.

​
Supported Assets

Collateral

  • Any Solana asset (verified tokens)
  • RWAs (such as xStocks)
  • NFTs (whitelisted collections only)

Borrowed / Lent asset

  • USDC only
Asset availability may vary depending on integrations and standards.

​
Where to Go Next

Markets

What you can borrow and lend against: the Tokens and Collectibles markets.

Borrowing

From asking for a loan to repayment, step by step.

Lending

From posting an offer to claiming collateral, step by step.

Intents

Advertise the terms you want, free and off-chain.