Multiply is the leveraged side of Offerbook, in its own section of the header: loop yield-bearing assets or open a leveraged long on any collateral, at a fixed rate, for a fixed term, with no liquidations.
A Multiply position is built on regular Offerbook loans: every open lend offer is usable as leverage, and the position follows the same rules as any loan: fixed terms, no price-based liquidations during the loan, and a hard maturity. What Multiply adds is the packaging: the position is opened against your USDC deposit, sized by a leverage multiple, and unwound as a whole.
Leverage amplifies both gains and losses on the collateral asset. A Multiply position also remains a fixed-term loan: as the interface states, close or repay within the term or you lose your deposit. There are no price-based liquidations, but there is no way around maturity either. Opening and closing the position involve swapping between USDC and the collateral asset, which exposes both legs to slippage; the estimated APYs displayed do not include these open and close swap fees.
The Multiply section
The Multiply page has two parts:
- Yield Loops: cards for the supported yield-bearing assets, showing the estimated looped APY after borrow cost (for example, “25.6% at 6.6×”), computed per asset from live USDC offers, with the available liquidity, the number of USDC offers, and the yield source (30-day average). Open and close swap fees are not included in the estimate.
- All Multiply Offers: a grid of every open offer usable as leverage, one card per collateral, for offers where at least 2× is available. Each card shows the maximum long multiple (“2.18× SPCX, up to $9,835.33”), the loan interest for the term and its APY equivalent, and the two structural reminders: no liquidation (no margin calls on price drops) and the fixed term (repay by the due date or lose your deposit).
The per-asset Multiply page
Clicking an asset opens its Multiply page, with header stats (native yield as a 30-day average, best estimated looped APY, maximum leverage, available liquidity), an APY chart (average estimated APY, the asset’s native APY, and the average borrow APY, over 24H, 7D or 30D), and the table of live offers usable for the loop: estimated APY, maximum leverage, borrow APY, duration, LTV, and available USDC.
Offers whose borrow cost exceeds the asset’s yield show a negative estimated APY, flagged Below holding: at those terms, looping earns less than simply holding the asset. The table makes this explicit rather than hiding those offers.
Opening a position
The Multiply widget on the asset page is where the position is opened:
- The selected offer’s terms are summarized: estimated looped APY, the asset’s native yield, the borrow cost including fee (an offer at 7% APY shows a 8.75% borrow cost, the all-in rate), the LTV, and the available liquidity
- Slippage presets (0.01%, 0.05%, 0.1%) control the tolerance on the entry swap
- You deposit USDC, and the position is opened at the offer’s leverage
Lending on Multiply assets
Each asset page also has a Lend tab: lend USDC against the looped asset, at a fixed rate, with the standard offer mechanics. The widget adds one loop-specific number, the loop break-even rate: price your offer below it and it becomes the top loop; above it, loopers earn more by simply holding the asset, and your offer competes on duration and LTV only.
As the interface states when posting: you are posting an offer, not depositing. Your USDC only moves (and starts earning) when a borrower fills it, partial fills are allowed (minimum $10), unfilled liquidity is withdrawable at any time, and the offer expires after 7 days at most, like any lend offer.
What it costs
A Multiply position carries the economics of the underlying loan: the borrow cost displayed is all-in (offer APY plus the upfront fee), network fees and account rent apply, and the estimated looped APY nets out the borrow cost but not the open and close swap fees. See Fees and Costs. 
