Offerbook has two markets, Tokens and Collectibles, selectable in the header, and each is viewed through the Borrow and Lend toggle next to it. Both markets run on the same loan mechanics: fixed rate, fixed duration, no price liquidations. What changes between them is the collateral, how offers are organised, and what you should evaluate before lending or borrowing. The journeys themselves are covered in Borrowing and Lending.
Reading the market table
All market views share the same table, except the Collectibles Lend view, which is a grid of individual items (see Collectibles). Each row is something to borrow or lend against: an asset in the Tokens market, a collection or RWA partner in the Collectibles market. Badges next to the name show how many offers and intents are currently open on it.
| Column | Meaning |
|---|
| APR (7d) | The annual percentage rate (APR) over the last seven days, shown as a trend with its current value |
| APR (Median) | The median rate currently quoted |
| LTV (Median) | The median loan-to-value (LTV) ratio currently quoted |
| Available | Borrow mode only. USDC available to borrow. A second line shows the additional liquidity advertised through intents, where present |
| Ask | Lend mode only. USDC currently asked by borrowers |
| Open Loans | Value of the loans currently open, with their count |
| Utilization | Share of the supplied liquidity currently used by open loans |
Tokens
The market for fungible collateral. Eligible collateral covers tokens verified on Jupiter through VRFD and tokenised real-world assets (RWAs) such as xStocks. The market table lists every asset currently available.
- Borrow view: the My Collaterals selector lists your eligible assets, and the table shows what you can borrow, asset by asset
- Lend view: pick the collateral you accept, or keep Any Collateral, and the table shows the demand for each asset
Category chips above the table (RWA, DeFi, Bridged, Memecoins, LSTs) filter the rows, and the Filters button refines further.
Offers backed by low-liquidity tokens display a warning in the interface, both at offer creation and on the offer page: the collateral may be hard to sell at the indicated price if the lender receives it.
Intents in the token market
Assets with active intents carry an intent badge, and the advertised liquidity appears under Available alongside onchain offers. This liquidity is not committed: it reflects terms that users have advertised off-chain. To act on it, create an offer matching those terms, as described in Intents.
Collectibles
The market for non-fungible token (NFT) and trading card game (TCG) collateral. Offers are organised per individual item — one card, one open offer — except for PFP collections with a floor price, where lend offers can target the entire collection (collection offers).
- Borrow view: your collectibles become collateral, and the market table groups the available liquidity by collection or partner
- Lend view: a grid of individual items whose owners are asking for a loan, each with a Lend button showing the requested USDC amount. A sidebar filters by category (Trading Card Games, PFPs), APY, duration and loan amount; you can also search, restrict to a collection, or sort by best APY
Eligible collateral
- Whitelisted NFT collections — shown as collection chips at the top of the page
- Partner collectibles — physical cards professionally graded, tokenised 1:1 by Phygitals and Collector Crypt, held in insured vaults and typically redeemable for shipment through the partner’s platform
Partner items carry a read-only Item details panel on the offer page (grade, grader, cert number, category, language, link to the partner’s platform). The loan mechanics are identical to any other NFT collateral; redemption of the physical card is handled entirely by the partner, outside of Offerbook.
Defaults and claims
On default, the lender claims and receives the item itself, not its USDC value. The 0.1% transfer fee charged on token collateral does not apply to NFT or RWA collateral. See Fees and Costs.
Collectibles are less liquid than tokens, and the value of an individual item depends on its grade, rarity and resale market. As a lender, only lend an amount you would accept holding the item for, since a default leaves you with the card rather than the USDC.
