OptimizerPair
Optimizer pair for collateral/debt searches. May include computed maxDebtAmount or minCollateralAmount.
EVM chain id, as a decimal string. See the ChainId schema.
Protocol identifier. See the LenderId schema.
fixedTerm objectnullable
Fixed-term descriptor for this pair's lender, joined by lender key. Absent on variable-rate lenders. For Term Finance (model: "term"), gate the borrow/loop CTA on fixedTerm.auction.canBorrow: origination only happens inside scheduled sealed-bid auction rounds and most repos sit between rounds, so a pair can carry a maturity, an LTV and a rate and still be impossible to borrow. While a repo has no rate card (between rounds) termsShort is empty, borrowAprShort is null and aprBase/aprTotal still carry the 0%-debt figure — show them as indicative, not obtainable, whenever canBorrow is false. With a card present the borrow leg is priced off it (see borrowAprShort).
Underlying fixed-term protocol shape.
Possible values: [lista, midnight, term, exactly, teller, termmax]
termSingle fixed calendar maturity, unix seconds. Absent for rolling-duration menus (Lista) and multi-maturity markets (Exactly — the menu lives on terms[]).
fees object
Market-level fees: continuousFeeApr (%/yr lender-side haircut, Midnight), settlementFee (fraction at the current TTM, Midnight), latePenaltyApr (%/yr on overdue debt, Exactly), originationFeePercent (upfront % of principal, Teller). Empty for lenders without them.
Market-level fees: continuousFeeApr (%/yr lender-side haircut, Midnight), settlementFee (fraction at the current TTM, Midnight), latePenaltyApr (%/yr on overdue debt, Exactly), originationFeePercent (upfront % of principal, Teller). Empty for lenders without them.
earlyRepay object
Early-repayment policy: { kind: "none" | "penalty" | "discount" }. none = exit any time at market price; penalty = per-loan penalty (amount is position-level); discount = repaying early costs LESS than face value (Exactly).
Early-repayment policy: { kind: "none" | "penalty" | "discount" }. none = exit any time at market price; penalty = per-loan penalty (amount is position-level); discount = repaying early costs LESS than face value (Exactly).
provider object
Who fronts the term: { kind: "broker" | "orderbook" | "auction" | "pool", address? }. auction markets carry the auction window below and can only be borrowed inside a round.
Who fronts the term: { kind: "broker" | "orderbook" | "auction" | "pool", address? }. auction markets carry the auction window below and can only be borrowed inside a round.
auction object
Origination window for a fixed-term market whose terms are only obtainable during a bounded round rather than continuously — Term Finance (fixedTerm.provider.kind = "auction"). Served on fixedTerm.auction; ABSENT on lenders whose terms are continuously available, and absent is NOT the same as closed.
This is the difference between "the rate card is empty right now" and "this market cannot be borrowed at all": between rounds a Term repo still has a maturity, collateral params and a last-cleared rate, but nothing can be borrowed. Most repos are between rounds at any given time.
upcoming — a round is listed but not yet accepting submissions. open — accepting sealed bids/offers. revealing — bidding shut, sealed prices revealing and the round clearing. closed — no round is listed. Snapshot at fetch time; re-derive from the timestamps against the current clock when reading a cached response.
Possible values: [upcoming, open, revealing, closed]
openCan a NEW borrow be opened right now? Gate the borrow CTA on this, not on status and not on the presence of a rate — it stays correct if more statuses are added. True only inside an open round: Term borrow origination is a sealed bid, so there is no other entry point.
trueCan a NEW lend position be opened right now? Deliberately independent of canBorrow — the primary auction is only one of two lend surfaces, and buying repo tokens on the secondary market works between rounds. A closed round therefore leaves the market lend-only, not inert; greying out the whole market would be wrong.
trueSeconds until submissions close (revealTime − now). Absent unless a round is open. A snapshot — for a live countdown derive from revealTime, since responses are cached.
263000Ready-to-display consequences of this market's origination model, most important first (same convention as params.market.teller.implications). Auction mechanics are unusual enough that showing only a rate misleads.
Auction round id. Absent when status: "closed".
Submissions open, unix seconds. Absent when closed.
Submissions CLOSE and sealed prices begin revealing, unix seconds — the deadline to act. Absent when closed.
Round clears, unix seconds. Equal to revealTime on current deployments. Absent when closed.
Minimum bid (borrow) size for this round, loan-token BASE units. A real floor (e.g. "1000000000" = 1000 USDC) — a smaller amount cannot be submitted at all, so validate before building the action rather than surfacing a failed transaction.
1000000000Minimum offer (lend) size for this round, loan-token BASE units.
1000000000Market UID of the collateral side
Market UID of the debt side
Display name of the collateral market/vault (e.g. the Euler eVault name). Disambiguates rows that share the collateral/debt token symbols and lender.
Display name of the debt market/vault. For Euler this is the controller (debt) eVault — the primary way to tell otherwise-identical WETH→USDC rows apart.
Curator/brand of the collateral market (Euler: resolved from the vault governor). Null for lenders without a curator, or until the curator registry is seeded. Render as "curatorName + symbol", falling back to marketNameLong.
Curator/brand of the debt (controller) market. Same semantics as curatorNameLong.
Collateral token symbol
Collateral token name
Debt token symbol
Debt token name
Leverage-weighted net APR % EXCLUDING rewards — the SUSTAINABLE rate (reward incentives are typically transient). Re-priced off the best fixed term on brokered debt markets, like aprTotal.
Leverage-weighted net APR % at max leverage INCLUDING rewards. The reward contribution is aprTotal − aprBase. On a brokered (fixed-term) debt market the borrow leg is the best fixed term (see borrowAprShort), so a fixed-term pair sorts and filters (minApr/maxApr, sortBy=aprTotal) by the rate it actually borrows at — never by the 0% variable leg.
Highest leverage multiple reachable in this market.
Loan-to-value ratio, as a fraction between 0 and 1.
Effective deposit APR (depositRate + intrinsicYield)
Effective borrow APR % on the debt side (+ intrinsicYieldShort − rewardAprShort, plus any 1y-amortized origination fee — see originationFeeShort). On a BROKERED (fixed-term only) debt market — variableBorrowDisabledShort=true: Lista broker, Morpho Midnight book, Term Finance repo, TermMax, Teller — the variable rate is 0 and meaningless, so this is the BEST (lowest) fixed term from termsShort (the figure the lender publishes as stableBorrowRate). Null only when the market is brokered AND has no rate card right now (a Term Finance repo between auctions — read fixedTerm.auction). For Liquity-family CDPs the amortized origination fee is the whole borrow cost (variable rate is 0).
Standalone intrinsic yield % of the collateral asset (already folded into depositAprLong).
Standalone intrinsic yield % of the debt asset (already folded into borrowAprShort). termsShort[].apr / aprAtAmount carry NO intrinsic or reward component — add this and subtract rewardAprShort to put a raw term on the same footing as borrowAprShort.
True when the debt (short) market is BROKERED — fixed-term only, no variable borrow through the composer (Lista broker, Morpho Midnight book, Term Finance repo, TermMax, Teller). borrowAprShort is then the best fixed term from termsShort (null with no card), aprBase/aprTotal are re-priced off it, and each termsShort entry is its own loop option with its own maturity.
termsShort object[]nullable
Fixed-term rate card on the debt (short) side. Each entry is one loop option; apr is the raw term rate in PERCENT (no intrinsic / reward — see intrinsicYieldShort). When an amount is supplied, order-book terms (Morpho Midnight) also carry aprAtAmount (size-weighted VWAP), fillable and capped. Null/empty on variable-rate pairs. For Term Finance an empty card means "not borrowable right now" — read fixedTerm.auction.
Term identifier — MEANING IS LENDER-SPECIFIC. Exactly and TermMax: the pool/market unix MATURITY timestamp. Lista: the broker-defined product id. Teller: the duration in seconds (rolling term). Midnight and Term Finance: 0, a placeholder (single maturity per market, so the id carries no information). Pass to /v1/actions/lending/borrow?termId=…. Numeric on-chain; some upstream feeds serialize it as a string — coerce with Number() when comparing.
2Annualised fixed LEND rate at this maturity, in percent (Exactly only — its fixed pools quote both sides).
Borrowable liquidity at this maturity in loan-token human units (Exactly only).
How long the position is locked at the fixed rate, in days (e.g. 7, 14, 30).
7Term duration in seconds (raw on-chain value).
604800Annualised borrow APR for this term, in percent (e.g. 3.85 = 3.85%). Same unit as variableBorrowRate / stableBorrowRate. For order-book markets (Midnight) this is the 0-notional top-of-book (cheapest) rate — see aprAtAmount for the size-weighted rate.
3.85Size-weighted (VWAP) borrow APR % at the supplied debt notional, for order-book fixed-term markets (Morpho Midnight): the borrow book filled cheapest-first, (Σ filledᵢ·aprᵢ)/amount. Present only when an amount is supplied AND the term carries an order-book ladder; broker rate cards (Lista, single flat rate) omit it and apr already applies at any size.
Total loan-token depth in this term's order book — the maximum borrow openable at this maturity. Present only for order-book terms with an amount supplied.
True when the supplied debt notional exceeds fillable — the book can't fully fund the borrow at this maturity (aprAtAmount is then the drain-the-book VWAP).
ladder object[]nullable
Order-book borrow ladder (best-borrow first) for order-book fixed-term markets (Midnight). Only serialized when depth=true (bulky). aprAtAmount is the pre-computed size-weighted rate; use this to re-derive it at any amount.
Annualised borrow rate at this tier (%).
Credit/debt units at this tier (raw).
Loan-token size available at this tier.
One-time origination / mint fee on the debt side, PERCENT (Liquity-family CDPs: River, Felix, Nerite, Ebisu, Soneta, USDAf, Liquity). NOT an APR — it is already folded (1y-amortized) into borrowAprShort / aprTotal, and surfaced raw so consumers can re-amortize over a different holding horizon. Null/absent for markets without one.
Max borrowable amount given collateral (only when collateralAmount/collateralAmountUsd param provided)
USD value of maxDebtAmount
Min collateral needed for debt amount (only when debtAmount/debtAmountUsd param provided)
USD value of minCollateralAmount
Effective borrow APR % at the computed debt notional. Variable markets: the headline borrowAprShort with only its organic (IRM) component re-priced at the post-borrow utilization (intrinsic + rewards are size-invariant). Brokered (fixed-term) markets: the cheapest term's order-book VWAP at the notional (termsShort[].aprAtAmount — Morpho Midnight) or, for a flat broker rate card with no ladder (Lista, TermMax, Teller), the headline itself. Present when an amount is supplied; null for a non-curve variable lender without a depth grid and for a brokered market with no rate card.
Effective supply APR % at the collateral notional: the headline depositAprLong with only its organic (IRM) component re-priced at the post-deposit utilization. Present when an amount is supplied; null for non-curve lenders.
Leverage-weighted net position APR % on equity at the supplied amount, using the effective legs (INCLUDING rewards). Same components as aprTotal (directly comparable), but at the position's actual size/leverage. Set for brokered (fixed-term) pairs too, off the fixed-term borrowAprAtAmount. Null when equity is non-positive or a leg is unavailable.
Net APR % at the supplied amount EXCLUDING rewards — the sustainable at-size rate (netAprAtAmount with per-leg rewards stripped). The at-size reward contribution is netAprAtAmount − netAprAtAmountBase. Null when netAprAtAmount is.
borrowDepthShort objectnullable
Debt-market rate-vs-amount borrow grid. Only when depth=true.
Debt-market rate-vs-amount borrow grid. Only when depth=true.
supplyDepthLong objectnullable
Collateral-market rate-vs-amount supply grid. Only when depth=true.
Collateral-market rate-vs-amount supply grid. Only when depth=true.
risk object
Per-dimension risk for the pair. No composite headline score — take the worst (highest) breakdown entry if you need one.
Worse of the two sides' token risk scores.
breakdown object[]
One entry per dimension: config (market/e-mode configuration), chain, lender (protocol), tokenLong (collateral asset), tokenShort (debt asset), and curation — the last present ONLY for lenders that have curators (Morpho Blue, Euler, Kamino — whose curator is the market owner). Scores are 1-5, higher = riskier, plus 6 = compromised: the object is currently drained, insolvent or abandoned (exit scam, unremediated exploit, an asset whose backing is gone) — distinct from a high-risk but functioning venue, which stays at 5. A config that accepts a compromised collateral asset is 6, and so is every market borrowable in that config. 0/null means unassessed and is labelled "unknown". Ceilings are <=, so the default maxConfigRiskScore of 4 never admits a 6; pass 6 explicitly to see them.
lenderNormalized risk score — lower is safer.
Possible values: [low, medium, high, compromised, unknown]
curation only: curator slugs of the pair's two markets, unioned. The pair's curation score is the WORSE of its two legs — an Euler position spanning a curated collateral vault and an uncurated controller is only as curated as the controller.
collateralDesk objectnullable
The CREDIT DESK of the collateral (long) asset — whose solvency the position is exposed to. This is the strategy's exposure and what to group strategies by. A PT-sUSDe collateral is { id: 'ethena', via: 'pendle', hops: 1 }. null when the asset names no issuer (WETH, BNB — nobody's liability) or is uncurated.
ethenaHuman-readable display name.
Ethenaprotocol, institution, cex, … when the token list publishes it.
The INSTRUMENT issuer, when the desk was reached through a wrapper — pendle on a PT, spectra, dolomite on a receipt token. Absent when the desk is the token's own issuer.
pendle0 = the token's own issuer; ≥ 1 = reached through that many wrapper hops.
debtDesk objectnullable
The credit desk of the debt (short) asset — published for completeness, but it is only whose money you OWE. A debt is not an exposure: a USDC-funded sUSDe loop is Ethena credit, not Circle credit, and must never be grouped under circle.
ethenaHuman-readable display name.
Ethenaprotocol, institution, cex, … when the token list publishes it.
The INSTRUMENT issuer, when the desk was reached through a wrapper — pendle on a PT, spectra, dolomite on a receipt token. Absent when the desk is the token's own issuer.
pendle0 = the token's own issuer; ≥ 1 = reached through that many wrapper hops.
WHAT KIND of real-world asset the collateral (long) asset is, from token-lists props.rwa; null = not a tokenized real-world asset. What collateralAssetClasses= matches.
Possible values: [stock, etf, pre-ipo, fund, credit, commodity, null]
The same for the debt (short) asset. What debtAssetClasses= matches.
Possible values: [stock, etf, pre-ipo, fund, credit, commodity, null]
The real-world ticker the collateral tracks (TSLA); equity classes only. What collateralUnderlyingTickers= matches.
The real-world ticker the debt asset tracks; equity classes only. What debtUnderlyingTickers= matches.
{
"chainId": "string",
"lender": "string",
"fixedTerm": {
"model": "term",
"maturity": 0,
"fees": {},
"earlyRepay": {},
"provider": {},
"auction": {
"status": "open",
"canBorrow": true,
"canLend": true,
"secondsUntilClose": 263000,
"implications": [
"string"
],
"id": "string",
"startTime": 0,
"revealTime": 0,
"endTime": 0,
"minBorrowAmount": "1000000000",
"minLendAmount": "1000000000"
}
},
"marketLongUid": "string",
"marketShortUid": "string",
"marketNameLong": "string",
"marketNameShort": "string",
"curatorNameLong": "string",
"curatorNameShort": "string",
"assetLong": "string",
"assetShort": "string",
"assetGroupLong": "string",
"assetGroupShort": "string",
"symbolLong": "string",
"nameLong": "string",
"symbolShort": "string",
"nameShort": "string",
"aprBase": 0,
"aprTotal": 0,
"maxLeverage": 0,
"ltv": 0,
"depositAprLong": 0,
"borrowAprShort": 0,
"intrinsicYieldLong": 0,
"intrinsicYieldShort": 0,
"variableBorrowDisabledShort": true,
"termsShort": [
{
"termId": 2,
"depositApr": 0,
"available": 0,
"durationDays": 7,
"durationSecs": 604800,
"apr": 3.85,
"aprAtAmount": 0,
"fillable": 0,
"capped": true,
"ladder": [
{
"apr": 0,
"units": "string",
"assets": 0
}
]
}
],
"originationFeeShort": 0,
"totalDepositsUsdLong": 0,
"totalDepositsUsdShort": 0,
"totalDebtUsdLong": 0,
"totalDebtUsdShort": 0,
"totalLiquidityUsdLong": 0,
"totalLiquidityUsdShort": 0,
"borrowLiquidityShort": 0,
"utilizationLong": 0,
"utilizationShort": 0,
"maxDebtAmount": 0,
"maxDebtAmountUsd": 0,
"minCollateralAmount": 0,
"minCollateralAmountUsd": 0,
"borrowAprAtAmount": 0,
"depositAprAtAmount": 0,
"netAprAtAmount": 0,
"netAprAtAmountBase": 0,
"borrowDepthShort": {},
"supplyDepthLong": {},
"risk": {
"maxTokenScore": 0,
"breakdown": [
{
"category": "lender",
"score": 0,
"label": "low",
"curatorIds": [
"string"
]
}
]
},
"collateralDesk": {
"id": "ethena",
"name": "Ethena",
"kind": "string",
"via": "pendle",
"hops": 0
},
"debtDesk": {
"id": "ethena",
"name": "Ethena",
"kind": "string",
"via": "pendle",
"hops": 0
},
"collateralAssetClass": "stock",
"debtAssetClass": "stock",
"collateralUnderlyingTicker": "string",
"debtUnderlyingTicker": "string"
}