💰Fixed Income (Trading)

The order book interface for lending and borrowing

The Fixed Income tab is the trading interface where you lend and borrow by trading Zero-Coupon bonds. If the terms buy/sell and lend/borrow feel interchangeable here, that's because they are:

Action	Order book side	What it means
Lend	Buy a ZC bond	Pay a discounted price now, hold a claim on face value (100) at maturity
Borrow	Sell a ZC bond	Receive funds now (requires collateral), owe face value at maturity

Layout

• Market selector — currency and quarterly maturity (e.g. USDC DEC2026)

• Order book — live lend and borrow orders by price, with depth

• Yield curve — rates across all maturities for the selected currency

• Order form — side, order type, amount, price

• Open Orders / Positions panel — your resting orders and filled positions

Placing an order

1. Choose the market (currency + maturity).

2. Choose Lend or Borrow. Borrowing requires deposited collateral.

3. Choose the order type:

   • Market order — executes immediately at the best available price; pays the taker fee (Fees)

   • Limit order — executes only at your price or better. Volume that rests on the book pays no fee; if your price crosses existing orders, the part that fills immediately pays the taker fee (Fees)

4. Enter the amount. The form shows the implied APR, estimated fee, and (for borrows) collateral usage.

5. Place Order → confirm in your wallet.

Orders are matched by price-time priority, fully on-chain. Execution prices are bounded each block by the Circuit Breaker.

Managing open orders

Limit orders with volume still resting on the book — unfilled, or partially filled with a live remainder — sit in Open Orders. You can cancel them anytime; funds allocated to unfilled orders return to your deposit balance. Order states (Open, Partially Filled, Filled, Killed, Blocked, Cancelled, Expired) are explained in Order Life Cycle.

Exiting a position

Use Unwind in the Portfolio tab — see Managing Your Positions. At maturity, positions auto-roll into the nearest 3-month market; Auto-Roll is protocol-wide and has no user settings.

Troubleshooting

• Order not executing — uncompetitive limit price or thin liquidity; adjust price or switch to a market order.

• Insufficient collateral — deposit more, reduce size, or check asset haircuts in Protocol Parameters.

• Order shows "Blocked" — execution would breach the circuit breaker's per-block price range; retry in the next block or use a limit order.