For borrowers
Get dollars without selling.
The whole process
Four steps, one transaction each.
There is nothing between step two and step three. No review, no queue for approval, no counterparty deciding whether you are good for it.
01Deposit your certificates
Send SPY or QQQ tracker certificates to the branch contract. They are held raw: not lent out, not rehypothecated, not pooled with anyone else's, not moved anywhere. Nobody can repoint them.
02Choose two numbers
How much fyUSD you want, and the annual rate you are willing to pay for it. That is the whole application. There is no credit check, no income question and no approval step.
03Watch one number
Your liquidation price, the price at which your collateral starts being sold to repay you. No health factor, no coloured gauge, no score. One price, in dollars, that you can hold in your head.
04Repay when you want
There is no term, no schedule and no penalty for repaying early or late. Interest accrues by the second. When the debt is zero, your certificates come back.
A worked example
20 SPY as collateral, at today’s price.
Computed from the tier 1 parameters and the current SPY price, not from a spreadsheet. The one number to hold in your head is the last one.
Liquidation price
$610.33
A 7.8% fall from $662.20. Below it, part of your collateral is sold to bring the position back above the threshold. It is the only risk figure the interface shows you.
How it is computed
liquidation price = debt × liquidation ratio ÷ collateral quantity$610.33 = 10,614.43 × 115.0% ÷ 20| Line | Value |
|---|---|
| Collateral deposited | 20 SPY at $662.20 |
| Collateral value | $13,244.00 |
| Borrowed at the maximum ratio | 10,600 fyUSD |
| Rate you chose | 7.1% |
| Origination fee, 7 days of interest added to debt | 14.43 fyUSD |
| Debt recorded | 10,614.43 fyUSD |
| Collateral ratio | 124.8% |
| Interest over a full year | 753.62 fyUSD |
The gap between the 125.0% you need to borrow and the 115.0% at which you are liquidated is your working room. It is deliberately not wider. Fyber constrains its risk through lending caps indexed to how much collateral the market could absorb, invisible to you, instead of through a stingy loan-to-value.
Your rate
You pick a number. Nobody can raise it.
Any annual rate between the tier floor and 100%, written into your position when you open it. Not a curve, not a governance vote, not an algorithm that reprices you while you sleep.
The floor is the greater of a fixed value, 1.5% on tier 1 and 3.0% on tier 2, and a fraction of a reference borrowing rate the contract reads on chain and averages over thirty days. Nobody posts that reference. It moves with the market, and if it ever becomes unavailable the fixed value applies.
Changing your rate later is one transaction. Doing it more than once every 7 days carries the same 7-day fee as opening, so the queue cannot be gamed for free.
Net annual cost
net annual cost = (your rate × your debt) − (dividend yield × your collateral)You keep the dividends your collateral pays while it is deposited. The cost you see nets them off the interest you owe.
No function exists to change your rate
Only you, or a delegate you have explicitly authorised within bounds you set, can call the function that changes the rate on your position. This is not a policy that could be revised. The ability is absent from the bytecode, which anyone can check.
How much a branch will lend
Two limits, both computed on chain the moment you press the button.
Neither limit is set by anyone. Both are visible before you commit.
A full ceiling never liquidates you
A ceiling that falls below the debt already outstanding blocks new borrowing on that branch. It never triggers a liquidation, and it never touches a position that is already open.
- Your personal ceiling, first 90 days
- $50.0K
or 10% of the branch ceiling, whichever is smaller. After 90 days it becomes the market depth your position could be sold into. The same for every address, with no allowlist.
The branch ceiling is the smallest of four terms
- 014× the depth measured on chain at 2% slippage
- 0215.0% of the token's on-chain market capitalisation
- 03a dated absolute step, written before launch
- 04a share of the sum of every active branch's step
If bad debt is ever recorded on a branch, its ceiling stops permanently at the last step whose conditions held. No key can raise it again.
Around the clock
The stocks behind your collateral trade on a schedule. Your loan does not.
Every operation is available every hour of every day. What varies outside the trading session is how much the protocol trusts the price, and it expresses that by asking for more margin when you want to increase your exposure, never by moving the threshold at which you are liquidated.
When the official print resumes, the requirement slides back on its own. No keeper, no vote, no announcement, no human step.
Valuation haircut
h = 30% × (1 − confidence)When the protocol trusts the price less, it values your collateral for less when you want to borrow more or withdraw, and only then. Your liquidation threshold does not move.
30% is the tier 1 ceiling. At full confidence the haircut is zero, and it only ever bites when you want to borrow more or withdraw.
Reducing your risk is never blocked
Repaying your debt and adding collateral work in every state of the protocol, at every hour, under every price condition, and cannot be blocked by any key. They do not even read the price oracle, so they cannot fail because a price is missing or disputed.
Borrowing more does need a fresh, valid price, and there are states in which it is unavailable. That asymmetry is the point: you can always reduce your risk, you cannot always increase it.
You can be liquidated at any hour
A more conservative out-of-session valuation is not a promise that you cannot be liquidated outside trading hours. If your collateral falls far enough and two independent sources confirm it, your position can be reduced at any hour of any day, including while you sleep.
Liquidation is partial by default and always leaves the position healthier than it found it. The collateral it takes is gone permanently.
Can my rate go up?
No. There is no contract function that can change your rate. Only you, or a delegate you explicitly authorised within bounds you set yourself, can change it. On a pooled lending market your cost is a utilisation curve, so somebody else’s deposit or withdrawal reprices your loan at three in the morning without asking you. That cannot happen here, because the mechanism does not exist.
Then why would I ever choose a high rate?
Because your rate decides your place in the redemption queue. Anyone holding fyUSD can redeem it against collateral at the oracle price, and the queue is walked cheapest-rate first. A low rate is cheap and puts you at the front of that queue; a high rate is expensive and pushes you to the back. That is the entire trade-off, and it is yours to make.
What does it cost to open, and what does it cost to close?
Opening costs 7 days of interest at your own rate, added to your debt instead of deducted from what you receive. At the tier 1 floor that is about 0.03% of the amount borrowed. Closing costs nothing. Repaying costs nothing. There is no exit fee, no early-repayment penalty and no management fee anywhere in the product.
Do I keep the dividends?
Your certificates stay yours and keep tracking the instrument they track, distributions included, for as long as they are deposited. That is the point of borrowing against them instead of selling them: the exposure does not go anywhere. Whether that matters more than the interest you owe is arithmetic, and the formula for it is on this page.
What happens at the weekend?
Everything keeps working. Borrowing, repaying, adding collateral and closing are available every hour of every day. What changes outside the trading session is the protocol’s confidence in the price: it values your collateral more conservatively when you want to borrow more, and it requires two independent sources to agree before it will recognise a fall for liquidation.
Your liquidation threshold itself does not move. Moving it would make positions liquidatable on an estimated price that would be perfectly healthy on the real one.
Is this leverage?
No, and we are not competing for that trade. The maximum loan-to-value is 80.0% on tier 1, there is no looping helper, no flash mint and no one-transaction leverage loop. If you want ten times an index, a perpetual future does that better and cheaper, and this page will not pretend otherwise.