Borrowing

Borrowing on Offerbook is fixed and predictable: you lock collateral, receive USD Coin (USDC), and repay the principal + interest to unlock it. The rate and the duration are agreed when the loan starts and never change, there are no price-based liquidations, and loans run from 1 to 30 days. You can borrow against tokens or collectibles; what each market accepts is covered in Markets.

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How to start a loan

Everything starts from the Borrow view in the header. There are three paths to a loan as a borrower:

• Fill an open lend offer for instant terms set by the lender
• Create your own borrow offer, from Create your own offer in the Borrow list or Create Offer > Borrow in the header, and wait for a lender to fill it
• Send a counter offer on an open lend offer whose terms are close but not quite right. See Counter Offers

You can also advertise the terms you want through an intent, which is free, off-chain and locks nothing. To browse every offer and intent on one screen instead, use the Pro view.

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The Borrow view

The Borrow page opens on the Borrow tab. Leverage, next to it, opens a leveraged long on any collateral: pick the Asset to long (leveraged with USDC), set Your deposit and the term, and take one of the offers, sorted by highest leverage. See Multiply. A banner at the top of the page lets you switch to the classic experience at any time. The Borrow tab is one card that follows your request:

• Borrow against: Choose collateral opens a searchable selector with category tabs (All, Collectibles, Bridged, DeFi, LSTs, Memecoins, RWA, Stablecoins). Pick a single asset, several at once (up to 10, with Select all), or a collectible collection; the offer list then covers them all.
• Amount to borrow: the USDC amount you want.
• Term: 7d, 14d or 30d, or + for a custom term.

Below, the card ranks every lender’s offer for that request, with the number of offers and a sort menu: Best rate, Lowest cost or Least collateral. Each row is labeled by its lender (username or shortened address), with what the offer asks you to lock and its LTV (“Lock 544.75 ONyc · 80% LTV”), the amount, the APR, the duration and the total cost. Lenders whose escrow cannot cover your full amount come after the others, with what they can fund (“Draws 190 max, 310 short”). A ↻ marker next to the duration means loans from that offer can be extended (see Loan Extensions). Show terms expands a row into the full breakdown: the rate, the LTV, what you lock and what you receive, the interest, the platform fee, the estimated network fees and rent, the repay-by date and the Total to repay. A line at the bottom of the card sums up the selected offer (“Repay 503.6 USDC on Oct 29 · 544.75 ONyc locked until then”) above the Borrow button.

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Posting your own ask from the Borrow page

Among the offers, Create your own offer shows the rate that would put you below every lender, and opens a composer on the same card (“Your ask · 500 USDC · 14 days”):

• Rate · all-in: set it with the − and + buttons; an indicator places it against the market (“Won’t fill · well off the market as it stands”). Rates are all-in: the protocol stores the offer rate and adds the 25% fee back on top.
• More options: Partial fills with a minimum fill (25% of the amount by default), Allow extensions, and the expiration (1d, 3d or 7d).
• The interest over the term, the repayment amount and its date are shown before you publish.
• post free instead advertises the same terms as an intent: nothing locked, a signature only.

For the full creation flow, with pricing presets and the fill score, use Create Offer > Borrow in the header, described in Creating a borrow offer.

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Filling a lend offer

When you accept a lend offer, the loan starts immediately and the loan duration begins. Your collateral transits through the escrow and is locked onchain automatically, in a single transaction, and the USDC is transferred to you. If the offer allows partial fill, you can accept any amount at or above its Minimum Fill Amount; otherwise the offer must be filled in full. Before you confirm, Show terms spells out exactly what will happen: the collateral you lock, the USDC you receive, the rate and LTV, and the full cost breakdown (interest, the 25% platform fee, estimated network fees and rent) down to the Total to repay and its due date. The lender is shown by username when they have set one. At this stage, you can add the loan’s maturity date to your calendar using the calendar button provided in the interface. Calendar reminders fire 2 hours before maturity.

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Creating a borrow offer

Create Offer > Borrow, in the header, opens the Ask for a Loan page, a creation flow in three steps: Collateral, Terms, and Publish. The Dashboard’s Offers tab links to the same page with the Borrowing side already picked. An offer’s expiration determines how long it stays open to be filled: 1 to 7 days, set at creation (the Create Offer flow offers 1, 3 and 7-day presets). The longer an offer stays open, the longer your terms stay fillable even if the collateral price or market rates move against you. Cancel and relist if the market has moved; expired offers can be renewed in one click. Published offers cannot be edited. You can cancel an offer at any time before it is accepted, at no fee. Once an offer expires, you can renew it directly from Dashboard > Offers, with the option to adjust the LTV, instead of recreating it from scratch. If nobody fills your offer before it expires, no loan is created and you owe nothing. Counterparties can also send counter offers on your offer, proposing a different LTV, rate (APY), duration or amount. They appear beneath your offer in Dashboard, an activity dot shows on the Dashboard link, and you can accept one (the loan starts immediately at the counter terms) or ignore them.

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Borrowing costs

Network fees and account rent also apply to the onchain transactions involved. Rent is a deposit, not a fee: part of it returns when the related accounts close.

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Your Escrow

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Your Dashboard

Everything you do as a borrower lives under Dashboard, with the Borrowing side selected. A Status filter and a Columns menu narrow the tables.

• Positions: your open loans, with your net equity, position value, debt, open PnL and net APY at the top. Loans are split into two groups: Looped positions, the leveraged ones created with Multiply, where PnL applies, and Standard loans, plain borrowing against collateral, without PnL. Each loan follows the statuses Active, Repaid, Expired and Defaulted.
• Offers: your open borrow offers. Cancel them before they are filled, or renew them once expired.

Select several offers or loans to cancel, renew or extend them together, in fewer wallet prompts, with the result shown row by row.

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Repayment

Repay from Dashboard > Positions, using the action button on the right of the loan’s row. If the loan is extendable, the row leads with Extend instead and Repay moves into the row menu. Extending rolls the loan into a fresh period on the same terms rather than closing it (see Loan Extensions). Repay opens a panel with two choices:

• Repay in full (default): you pay back the principal still owed plus the interest for the full loan duration, and your collateral comes back to your wallet. The loan closes.
• Pay down part: you enter an amount of principal to repay now, or use MAX. The loan keeps running to the same deadline. Token collateral comes back in proportion to what you pay, and the panel shows how much returns to your wallet. An NFT stays locked until you repay in full.

Paying down part of the loan does not reduce the interest: the full interest for the loan duration is still owed when you repay the rest. The loan must keep a small minimum of principal, so a paydown cannot cover exactly all of it: to clear the principal, use Repay in full. If your wallet covers the whole loan, MAX switches to Repay in full. After a paydown, the loan shows a Paid down badge, and its panel lists what is still owed, the collateral still locked and the history of paydowns, with a Repay button for the rest.

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Examples

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Accessing liquidity against a held asset

A user holds a tokenized onchain asset valued at approximately $10,000, with limited onchain liquidity. Rather than selling the asset, they want to access USDC liquidity for a short period. They create a borrow offer with the following terms: A lender accepts the offer. Once the loan starts, the collateral is locked for 3 days, and the borrower receives 8,000 USDC. During the loan, no price-based liquidation can occur, regardless of market price movements.

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If the borrower repays

At maturity, the borrower repays the borrowed amount plus interest: The loan is closed, and the collateral is returned directly to the borrower’s wallet.

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If the borrower does not repay

After maturity, the lender can claim the collateral by signing a transaction: a 0.1% fee is deducted from the collateral, and the rest is sent to the lender (no fee on NFT collateral). The borrower can still repay and recover the collateral until the lender claims.

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Insurance: protecting against a price drop

The same borrow mechanic can protect against a downside on a volatile asset you want to keep exposure to. This use case is surfaced as Get Insured in the interface, but it relies on the same loan flow as any other borrow offer. A user holds an asset valued at approximately $1,500 and is concerned about a price drop over the next few days, but does not want to sell. By creating a borrow offer using this asset as collateral, they receive USDC immediately, and decide at maturity whether to repay (and recover the asset) or not (and keep the USDC). Two outcomes at maturity:

• The asset stays above 1,000 USDC: the user repays (principal + interest + fees) and recovers the collateral. The cost is the interest plus the 25% upfront fee: the price of the protection.
• The asset drops below 1,000 USDC: the user can choose not to repay. The lender claims the collateral, and the user keeps the 1,000 USDC, now worth more than the depreciated asset.

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Mistakes to avoid