Fira lets you borrow against your crypto assets. Before you place a position, it's worth knowing which borrowing path fits your situation — and what the key numbers mean.
Two ways to borrow
Fira offers two distinct borrowing modes, each suited to a different use case.
Fixed-Rate | Variable-Rate | |
Cost | Locked at entry — you know the total before you commit | Fluctuates in real time with market demand |
Duration | Defined maturity date (e.g., May 7 or May 28, 2026) | Open-ended — no expiry |
Repayment | Fixed amount due at maturity | Principal + accrued interest, repay anytime |
Collateral accepted | PT-USDe, PT-sUSDe, PT-USDG | wstETH, cbBTC |
Debt token | Depends on market | USDC |
When to use | You want cost certainty over a set horizon | You want flexibility and a short-term borrow |
Key concepts
Collateral — The asset you deposit as guarantee. You cannot withdraw it while you have an active borrow. Different markets accept different collateral types.
LTV (Loan-to-Value) — The maximum percentage of your collateral's value you are allowed to borrow. Ranges from 87% to 94% depending on the market. The lower your actual LTV, the safer your position.
LLTV (Liquidation LTV) — The threshold at which your position becomes eligible for liquidation. Slightly above Max LTV in every market. When your current LTV reaches the LLTV, third-party liquidators can step in and seize collateral to repay your debt.
Keep your actual LTV well below the LLTV. The closer you are to the liquidation threshold, the less room you have to absorb price moves.
Multiply — Some markets (including UZR) support Multiply: an automated leverage loop that scales your position in a single transaction. Useful for power users, but it compounds liquidation risk. [Learn more about Multiply →]
Where to go next