🏦Quick Start: Borrow
Lock in a fixed borrowing cost in five steps
Borrowing on Secured Finance means selling a Zero-Coupon (ZC) bond: you receive funds today and repay the bond's face value at maturity. Your borrowing cost is fixed at execution — no floating-rate surprises.
You'll need: a Web3 wallet, collateral assets, and a small amount of the network's native token for gas.
Step 1 — Connect and deposit collateral
Open app.secured.finance and click Connect Wallet.
Go to the Portfolio tab and click Deposit.
Deposit an accepted collateral asset (see Collateral for the list per network) and confirm in your wallet.
Borrowing requires over-collateralization — your collateral must be worth significantly more than the amount you borrow. Current thresholds are listed in Protocol Parameters.
Step 2 — Choose a market
Open the Fixed Income tab (the trading interface).
Select the currency you want to borrow and a maturity date (quarterly — the last Friday of Mar/Jun/Sep/Dec).
Check the current borrow rate on the order book.
Step 3 — Place your borrow order
Select Borrow.
Pick an order type:
Market order — fills immediately at the best available price. A taker fee applies (see Fees).
Limit order — you set your maximum rate and wait to be matched. Volume that rests on the book pays no fee; any portion that fills immediately pays the taker fee.
Enter the amount, review the implied APR, repayment amount at maturity, and collateral usage, then click Place Order.
Confirm in your wallet. Borrowed funds are credited to your protocol account, ready to withdraw or reuse.
Step 4 — Watch your position health
After borrowing, monitor your collateral coverage in the Portfolio tab:
Your position can be liquidated if your Loan-to-Value ratio reaches the liquidation threshold (see Liquidation).
Both a fall in collateral value and a rise in the borrowed asset's value push your LTV up.
To reduce risk: deposit more collateral, or reduce the borrow — unwind it, or place an opposite (lend) order for part of the amount (Managing Positions).
Step 5 — Repaying (important)
There is no automatic settlement. At maturity your debt is automatically rolled into the nearest 3-month market (Auto-Roll — protocol-wide, not configurable), and the rolled debt accrues the new market rate plus a roll fee. To close your debt, unwind the position manually: Portfolio → select the position → Unwind (buy back the bond).
Extend the loan at the new market rate
Nothing — Auto-Roll handles it (roll fee applies)
Repay and close
Unwind the position, then withdraw remaining collateral
Repay part of the loan
Place an opposite (lend) order for the amount to repay — filled amounts net against your debt (Managing Positions)
Troubleshooting
"Insufficient collateral" error — deposit more collateral, reduce the borrow amount, or check the asset's haircut in Protocol Parameters.
Order not filling — your limit rate may be below market; adjust it or use a market order.
Unwind blocked — order book liquidity may be thin at an acceptable price; wait for liquidity and retry, or place an opposite (lend) limit order at your acceptable price.
Next steps
Collateral — accepted assets and haircuts per network
Liquidation — thresholds, fees, and how to stay safe
Managing Your Positions — day-to-day position management
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