Borrowing

Borrows execute the way swaps do: against the best available depth, best tick first. A borrower pledges base collateral, draws quote, and pays the origination fee. There is no rate negotiation — the book is the rate.

Self-repayment

On upward price moves, the hook skims the configured fraction of the appreciation from the pledged collateral and applies it against the debt. A position that rides a rising market amortizes itself; for yield-bearing collateral (RWAs, LSTs), the skim harvests the native coupon into repayment.

Rollovers

At maturity a loan can roll, but a rollover is a new loan at the current book’s rate — debt never drifts silently under stale terms. If the book has moved against the borrower, rolling is exactly as expensive as it should be.