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A counter offer is a proposal to modify the terms of an existing open offer before accepting it. Instead of accepting an offer as-is, any user can suggest different terms back to the offer creator. Counter offers do not lock any funds until accepted, and the original offer stays open and visible to other users while counter offers are pending. Counter offers work the same way for borrowers and lenders: anyone can counter an open offer, and any offer creator can receive counters. Your counter takes the opposite side of the original offer — countering a lending offer puts you on the borrowing side, and countering a borrowing offer puts you on the lending side.

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Sending a counter offer

Open the offer you want to negotiate and click Counter. The counter form opens with the original terms shown at the top and your proposed terms below, pre-filled from the original. Adjust one or more of:
  • LTV — the loan-to-value ratio between borrowed USDC and collateral value. Changing it updates the locked and borrowed amounts accordingly
  • APY — the rate you propose
  • Duration — the loan length, in days
  • Expiry — how long your counter offer stays open
  • Allow partial fills — inherited from the original offer; toggle it and set a Min fill (USD) if you want a different rule
A colored indicator shows how likely your terms are to fill (for example, “Great chance to fill” or “Unlikely to fill quickly, high risk for lenders”), so you can gauge your proposal before sending. You need to hold enough of the asset to back the counter offer when you send it; if you do not, the form shows “Not enough … to back this counter offer”. Nothing is locked until the creator accepts. Click Review counter offer to confirm and sign. Your counter is pinned to the original offer, so the creator sees it alongside their offer. You cannot edit a sent counter offer; if you want to change the terms, cancel it and send a new one.

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Receiving counter offers on your offers

When someone sends a counter offer on one of your open offers, it appears beneath your offer in Positions, so you can review and respond in context. You are alerted in two places: an activity dot on the Positions link, and a notification through your connected channels if enabled in Settings. You can either:
  • Accept the counter offer: the loan starts immediately at the counter-offer terms, and your original offer is consumed by this acceptance
  • Ignore it: your original offer stays open, and other counterparties can still accept it at the original terms or send their own counter offers
Multiple counter offers can be open against the same original offer at the same time. Accepting one of them closes the original offer; any other pending counter offers are no longer actionable.