Borrow
Post one token as collateral and borrow the other. How much you can borrow depends on what the collateral would fetch if sold into this market.
Updated Nov 9, 2026
Borrowing on Omnipair happens inside one market. You post one of its two assets as collateral and take a loan in the other. There is no listing to wait for and no oracle required: the market values your collateral by what its own curve would pay for it (in an oracle-guided market, a curve that a price feed bends within set limits), and prices interest by how well its own first-loss capital covers the debt.
Opening a position
Choose collateral and amount
On Borrow, pick the asset you will post and how much. The app shows the routes available for that asset: every market where it is paired, ranked as the largest borrow, the cheapest rate or the best combination.
Choose what to borrow
Pick the other asset and an amount, or drag the LTV selector. The breakdown shows the maximum LTV, your LTV after the transaction, the available amount, the borrow rate and the liquidation price.
Confirm
Sign once. If you already have a position in this market the new collateral and debt are added to it; otherwise the transaction creates the position.
How much you can borrow
The market does not mark your collateral at the spot price. It simulates selling all of it through a conservative copy of the curve, built from the lower of the market's two smoothed prices and the lower of the observed and averaged depth. That impact-aware value is what the loan is sized against:
where is your collateral and are the conservative reserves. For a small position this is almost the linear mark; for a large one the haircut is substantial, because a large sale would move the price against the seller.
Two limits come from that value. The liquidation limit is the value times the market's collateral factor, at most 85%. The borrow limit is 95% of it, 80.75% at the 85% cap, so a freshly opened position always has a buffer before it can be liquidated.
- Collateral value
- 8,333 USDC
- Health factor
- 1.18
When you borrow, the program stores the liquidation collateral factor it computed for your position. That stored factor is what your position is later judged against, so a change in market conditions cannot retroactively tighten a loan you already hold; it only affects new borrowing.
Health
The app reports health as the liquidation limit divided by your debt. Above 1.5 it is labelled healthy; between 1.25 and 1.5 "watch"; below 1.25 "high risk"; below 1 the position can be liquidated. A market's utilization also feeds the label, because when most of the cash is lent out, the rate tends to climb and other people's withdrawals are constrained.
Health moves for three reasons: the price of your collateral moves, interest accrues to your debt, and the smoothed price the market uses catches up to the spot price. The last one matters after a sharp move: liquidation health uses the market's symmetric average, with a one-hour half-life by default, so about half of a sudden drop reaches your health within the hour. The faster directional average only limits new borrowing.
Interest
Each asset in a market has one borrow rate, and it moves over days rather than with each trade. It answers to two things: how well the market's Junior LP capital covers the debt, after allowing for how much cash is lent out, and utilization, all debt in that asset over debt plus cash.
The rate doubles every half-life (14 days by default) while coverage is too thin or utilization sits above its band (80% by default). It halves, down to a floor, only while coverage is ample and utilization sits below its band (75% by default). Utilization does not stop new borrowing; a busy market gets dearer instead.
Interest is booked into your debt on every interaction with the market, and settles when you repay. Borrowing and rates has the controller.
Daily borrow limit
Each asset in a market has a leaky 24-hour budget for new public borrowing, 20% of the market's conservative depth by default and at most 30%. It exists so a market cannot be drained of cash in one burst.
If your borrow would exceed the remaining budget the transaction fails with DailyLimitExceeded; try a smaller amount or wait for the bucket to refill. Repayments do not refill it early.
Managing a position
Everything below happens on Portfolio, or on the market page under your positions.
- Repay part or all of the debt. Full repayment clears the stored collateral factor.
- Add collateral to lower your LTV without repaying.
- Withdraw collateral while the position stays under its borrow limit; the check uses the greater of your stored factor and a freshly computed one.
- Close repays everything and withdraws all collateral in one flow.
- Borrow more against the same collateral, subject to the current limits.
Anyone can repay a position or donate collateral to it from their own wallet. That is how sponsored protection works: a repayment grants the payer no rights over the position, and the owner can always sweep and close.
Liquidation
The devnet interface uses symmetric-EMA health to permit atomic flash liquidations. A keeper buys a quoted amount of collateral for a fixed net debt-token payment; useful partial fills preserve the rest of the position.
A separate health-gated internal emergency path allocates funded losses to junior, then senior backing. See Liquidations for costs and timing.
Related
- Borrowing and rates: the shadow curve, the stored factor and the rate model.
- Leverage: borrowing and swapping in one instruction, with orders.
- Liquidations: atomic fills, emergency settlement and what each side pays.