Borrow

Borrow USDC against BTC or ETH at 0% APR. Your loan settles on the option expiry you choose, no liquidation along the way. The price of the loan is a cap on your upside, set when the loan opens.

1. Post BTC or ETH as collateral
2. See your quote: loan amount + cap level (the call strike). APR is 0%
3. Receive USDC. Your collateral is collared until maturity, floor bought, cap sold
4. Repay by the deadline. Get your collateral back

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Note

The cap is the cost. There is no interest. At origination a call is sold on your collateral, if the price finishes above the cap at maturity, that upside settles to the desk. Below the cap, every dollar of your collateral’s move is yours. You know the exact trade-off before you sign.

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What drives your cap level:

Factor	Effect
LTV	Borrow less against your collateral → higher cap, more upside kept
Term	Shorter term → cap closer to spot but reset sooner
Implied volatility	Richer vol → the call sells for more → better loan terms

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No liquidation, Once funded, your position cannot be liquidated during the term, regardless of price. The floor is a put bought at origination, not a margin threshold.

Repay, Pay back the principal by the deadline. Collateral comes back (upside above the cap, if any, settles to the desk).

Default, Miss the deadline and the put plus your collateral settle the loan; remaining collateral is sold via Dutch auction in Deals. Set a calendar reminder.

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Asset	Settlement
WBTC	On listed option expiries, granular, from days to months out
WETH	On listed option expiries, granular, from days to months out