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

---

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.

---

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

---

A worked example. The numbers below are illustrative, your live quote depends on market conditions at origination.

Post 1 BTC at a $100,000 spot. You draw a $70,000 USDC loan. Your collar is a put floor at $70,000 and a call cap at $115,000, for a 30-day term. At maturity:

BTC at expiry	What you get
$130,000 (above cap)	Repay $70,000, keep your BTC. Upside from $115,000 to $130,000 settled to the desk, that was the price of the loan
$108,000 (between floor and cap)	Repay $70,000, keep your BTC and all of its gain to $108,000
$60,000 (below floor)	You were never liquidated. The put covered the loan down to the floor. Repay to keep your BTC, or let it settle

You saw the floor, the cap, and the zero rate before you signed. Nothing about the outcome depended on timing a price wick.

---

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. Set a calendar reminder.

---

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