Turn Variable Into Fixed

Trade thePrice of Time

Onchain Interest Rate Markets

Enter Protocol→
$2.4B
Total Notional
23
Markets
∞
Leverage
24/7
Clearing
One Exchange
Every Market
Morpho
Aave
Euler
Compound
Silo
Fluid
Spark
Venus
Lista
Curve
Moonwell
Benqi
Dolomite
Kinetic

How It Works

Follow the trade from quote, to accrual, to settlement.

1

Borrower Requests Quote

The borrower sends a quote request into the exchange.

2

Backers Fill The Orderbook

Backers respond with competing quotes in the orderbook.

3

Best Backer Selected

The best quote wins and the other backers drop out.

4

Borrower Sends Signed Order

The borrower signs and hands the order to the exchange.

5

Exchange Pulls From Pool

The exchange pulls the winning backer’s liquidity through the pool.

6

Borrower FRT Minted

The borrower receives FRT and the fixed-rate trade is live.

BR
Borrower
EXC
Exchange
Book
Orderbook
B1
Backer A
B2
Backer B
B3
Backer C
SO
Signed
PL
Pool
FRT
Borrower FRT