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Documentation Index

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Offerbook is a peer-to-peer lending protocol on Solana. Users borrow or lend USDC against onchain collateral (the asset locked by the borrower for the duration of the loan). Loan duration is set by the offer creator (1 to 30 days), with no price-based liquidations and no oracles. This FAQ covers the most common questions.

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Assets

Any Solana asset (verified tokens on Jupiter, RWAs such as xStocks) can be used as collateral. NFTs will be supported after launch. The collateral you choose directly affects how attractive your offer is.
USDC (a dollar-pegged stablecoin) is the only asset that can be borrowed or lent on Offerbook.

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Offers

Both borrowers and lenders can create offers through a step-by-step flow: choose a side (borrow or lend), define the collateral asset and amount, USDC amount, LTV (Loan-to-Value, the ratio between borrowed USDC and collateral value), APR (Annual Percentage Rate, for borrowers) or APY (Annual Percentage Yield, for lenders), loan duration, expiration, and partial fill preferences. The offer is then published in the offerbook.Lenders: Make sure your escrow wallet has sufficient USDC before publishing. Offers without enough balance will not be visible to other users.
No. To change the terms of an offer, you need to remove it and create a new one. However, once an offer expires, you can renew it directly without recreating it (with the option to adjust the LTV before renewing).
Yes. An offer can be removed at any time before it is accepted. No fees are charged.
Lend offers expire after 24 hours (fixed). Borrow offers expire after 1, 3, or 7 days (set by the borrower at creation).This is separate from the loan duration: the loan countdown only starts when an offer is accepted, not when it is published.
It depends on the offer creator’s settings. When creating an offer, the creator can enable or disable partial fill, and set a Minimum Fill Amount (in USD). If partial fill is enabled, you can accept any amount equal to or greater than the Minimum Fill Amount. If disabled, the offer can only be filled in full.Partial fill is not available for offers using NFT collateral.
There is no fixed minimum or maximum at the protocol level. The Minimum Fill Amount can be set per offer when partial fill is enabled.
No. Users can have multiple offers active at the same time.

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Loans

A loan starts when an offer is accepted. Once matched, the 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) and the USDC is transferred. All loan terms are fixed and immutable from that point. The loan duration begins at this moment.
Loan duration is set by the offer creator (borrower or lender) and can range from 1 to 30 days. Common presets are 3D, 7D, and 30D. The countdown starts when the offer is accepted, not when it is published. Once the loan starts, the duration cannot be changed.
Offer expiration is how long the offer stays visible in the offerbook (24 hours for lend offers, 1 to 7 days for borrow offers). Loan duration is how long the loan lasts once the offer is accepted (1 to 30 days). These are two separate timers.
Yes. Borrowers can repay the loan at any time before maturity. The full interest for the agreed loan duration is owed regardless of when the repayment occurs. There is no partial interest or fee reduction for early repayment.
After the loan duration ends, 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). A 0.1% fee is deducted from the collateral at transfer (no fee on NFT/RWA).The collateral 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.
Do not rely on this window. The lender can claim at any moment after maturity. Always plan to repay before the loan expires.
No price-based liquidation, margin call, or forced closure can occur during the loan. However, the collateral is still exposed to price fluctuations. If its value changes significantly, this affects the outcome at maturity for both sides.
A loan can have one of three 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.
  • Defaulted: the loan has reached maturity without being repaid. The lender can claim the collateral.
The 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) for the full duration of the loan. Neither the borrower nor the lender can access it during this period.
The borrower pays the principal plus the full interest for the loan duration. The collateral is returned directly to the borrower’s wallet. The lender receives the USDC (principal + interest, minus the 10% repayment fee) in their escrow wallet.
For tokens where yield accrues in the token value itself (such as liquid staking tokens), the collateral value will grow during the loan. For tokens where yield must be actively claimed, the yield may not be accessible while the collateral is locked.

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Fees

Offerbook applies fees at three stages:
  1. At loan start: 25% of the estimated total interest is taken immediately (USDC), paid by the borrower.
  2. At repayment: 10% of the interest is deducted from the lender’s return.
  3. At collateral transfer: If the borrower does not repay and the lender claims the collateral, 0.1% is deducted from the collateral (no fee on NFT/RWA).
The borrower pays the fee at loan start (25% of estimated interest). The lender pays the fee at repayment (10% deducted from interest received) and at collateral transfer (0.1% deducted from collateral received).
The Effective APR (borrower) and Effective APY (lender) account for platform fees and are displayed in the offer summary.
  • Effective APR is higher than the offer APR because the 25% upfront fee is added on top of the interest. Example: an offer at 30% APR becomes 37.5% Effective APR (30% × 1.25).
  • Effective APY is lower than the offer APY because the 10% fee is deducted from the interest received. Example: an offer at 5% APY becomes 4.5% Effective APY (5% × 0.9).
If a lender fills a borrow offer, the borrower receives the USDC amount minus the fee. If a borrower fills a lend offer, the borrower pays the fee right after receiving the USDC.
No. The full interest for the agreed loan duration is always owed, regardless of when the repayment occurs.
Yes. Using Offerbook requires paying Solana account rent (in SOL) for onchain accounts:
  • User account: ~0.00234 SOL (one-time, first interaction)
  • Escrow account: ~0.00204 SOL (one-time, first interaction)
  • Token account: variable, paid per unique token deposited in your escrow (first deposit only)
  • Offer account: ~0.00941 SOL per offer created
Token accounts cannot currently be closed to recover the rent.
Offerbook offers a referral system that applies at every stage where a fee is charged. By default, each fee is split:
  • Referred user: 20% of the fee
  • Referrer: 30% of the fee
  • Protocol: 50% of the fee
The referred user benefit goes to the side paying or receiving at that stage: the borrower at loan start, the lender at repayment and collateral transfer.If both sides of the loan were referred, the 30% referrer share is split equally between the two referrers.
Yes. Fees are set in the onchain configuration and can be updated by protocol admins. The rates described above are the current defaults.

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Risks

If you do not repay before the end of the loan duration, the lender can claim your entire collateral at any moment. While you can technically still repay until the lender claims, do not rely on this window. Repayment timing is your responsibility. The full interest is always owed, even if you repay early.
Collateral value is not monitored during the loan. If the collateral loses significant value before maturity and the borrower does not repay, you receive the collateral token directly (not USDC), and may need to sell it at a loss. The higher the LTV (Loan-to-Value, the ratio between borrowed USDC and collateral value), the higher this risk. You must also manually claim the collateral after maturity.
No price-based liquidation, margin call, or forced closure can occur during the loan. However, the collateral is still exposed to price fluctuations. If its value changes significantly, this affects the outcome at maturity for both sides.
No. Offerbook loans are time-based. Market price movements during the loan do not trigger any liquidation or margin call. After maturity, if the borrower has not repaid, the lender can claim the collateral by signing a transaction. This is a direct transfer, not a sale on the market.
Yes. Offerbook has been audited by Spearbit.

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Escrow Wallet

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. For borrowers, it is used in the background and is not visible.
Yes. Lenders need to deposit USDC manually before creating offers. You can create offers without sufficient balance, but they will not be visible to other users until the balance covers them.
Yes. Lenders can create multiple lend offers from the same USDC balance, and all of them are visible at the same time. When one offer is accepted and the USDC leaves the escrow, any remaining offers that are no longer covered by the balance are hidden automatically.
Yes. You can withdraw USDC at any time. If withdrawing makes your balance insufficient to cover active offers, those offers are automatically hidden.
When a borrower repays a loan, the USDC (principal + interest, minus the 10% fee) returns to the lender’s escrow. It can be reused for new offers without withdrawing to your wallet first.
For borrowers, the escrow is invisible. Collateral transits through the escrow automatically in a single transaction when creating or accepting an offer. When the borrower repays, collateral is returned directly to their wallet.
Using the escrow requires paying Solana account rent (in SOL):
  • User account: ~0.00234 SOL (one-time, first interaction)
  • Escrow account: ~0.00204 SOL (one-time, first interaction)
  • Token account: variable, paid per unique token (first deposit of each token)
The first time you deposit a given token into your escrow costs more (rent for the new token account); subsequent deposits of the same token cost less. Token accounts cannot currently be closed to recover the rent.