Demo — not yours · the instrument runs on illustrative figures — connect a wallet to price your own
Your bitcoin, still yours
Borrow against your bitcoin, keep the bitcoin
1.00 BTC
$95,000 at today’s price · you keep all of it
You receive
$39,900 CDT
It earns
$3,152/yr at 7.9%
Interest costs
$1,197/yr at 3.0%
Net to you
$1,955/yr
$39,900 of liquidity, and it pays you $1,955 a year to hold it.
You still own 1.00 BTC. Nothing was sold, and Bitcoin has 42% to fall before the clock starts.
No wallet. Same floors for everyone today. Real measured data.
Bitcoin you hold
1.00 BTC
Liquidity you want
42% LTV
Put it to work in
Balanced
Max 73% LTV on BTC. a spread of venues.
see a live position first — demo wallet →By borrowing you agree to the Terms of Service. Your signature records it, and names that document.
What the other choice cost
You needed $39,900. Selling would have taken 0.42 BTC.
You borrowed
1.00 BTC still held
Cash in hand
$39,900
Bitcoin sold
0.00 BTC
Position earns
$1,955/yr
You sold instead
0.58 BTC left
Cash in hand
$39,900
Bitcoin sold
0.42 BTC
Position earns
$0/yr
Same cash either way. One of them keeps 0.42 BTC and pays you to wait.
What would actually break it
The honest part
Bitcoin falls, your loan does not. These are the numbers that decide whether that matters.
Survives a drop of
−42%
before the clock starts
Then you get
8 hours
to add collateral or repay — not an instant close
Bitcoin would need to reach
$54,658
for that clock to start at all
Yield covers interest
2.6×
while the venue holds its rate
Your bitcoin is not the first thing sold
Venue recall
If you are liquidated, the engine walks the venues you deployed into and drags back whatever is liquid, straight against the debt. Only what it cannot cover comes out of your collateral. It measures what actually arrived rather than what the venue claims it sent.
deployed
$39,900
all of what you borrowed
recallable now
$35,112
88% of the debt
if a venue is locked
$25,137
63% of the debt
worst case from BTC
$14,763
the rest comes from collateral
On the balanced mix, $35,112 of a $39,900 loan repays itself before a single satoshi is sold. Even if a venue returns nothing the balance is still yours, it just cannot arrive in time. Which venues you picked is what sets that number, and it is the same choice that set your yield.
1,245 real positions, measured on-chain
measuredThe route is the trade
Every one of these is someone borrowing on Aave, Spark, Morpho or Compound and putting it somewhere. Borrow rate and venue yield both read from chain. The spread between two rows is far larger than the spread between two protocols — which is why the route, not the venue you borrowed from, is the decision. These routes are the root system: every inefficiency closed here feeds the core the rest of the network grows from.
Route
Pos
Net carry
%
AUSD → Staked USDat
15
+11.53
apxUSD → ApyUSD
19
+9.01
USDT → Fluid [USDC]
15
+3.91
USDC → Morpho Vault V2 [USDC]
182
+3.44
USDS → StUsds
21
+2.59
PYUSD → StakingVault
26
+1.98
USDe → Staked USDe
25
+0.62
USDC → USD3
78
+0.22
RLUSD → Morpho Vault V2
37
-0.36
USDC → supply on Compound
20
-0.78
PYUSD → Morpho Vault V2 [PYUSD]
54
-2.43
GHO → UmbrellaStakeToken
21
-3.75
Routes positive
17
580 positions
Routes negative
8
239 positions, right now
Median net carry
+0.60%
weighted mean +1.31%
Already closed
~50%
of carry positions opened
Nearly a third of these positions are underwater as measured. The worst is 21 borrowers paying 3.75% to stake into a module returning zero — that is not a modelling artifact, it is what they are doing. Picking the row is the whole skill, and it is a skill because the rows are this far apart.
Deeper in
Past borrowing, there is a second job
Judging the people who set risk parameters — then setting them yourself. That layer stays shut until you open it.
Hold to scan
Risk desk — sealed
Read a curator’s doctrine, catch it drifting from its mandate, size across several of them. Author your own once you can judge someone else’s.
Borrow against your bitcoin
Open
Read a curator’s doctrine
Sealed
Size across several curators
Sealed
Set parameters yourself
Sealed
Figures illustrative — Bitcoin at $95,000, borrow rate 3%, venue rates 4–12%. Not live data, not advice.
Borrowing against volatile collateral can lose you the collateral. The 8-hour delay is time, not a guarantee.