Fixed-rate borrowing on Fira means you know your total repayment amount before you commit. No rate drift, no surprises at settlement.
How it works
Fixed-rate markets use a zero-coupon structure. You deposit collateral, borrow a principal today, and repay a fixed amount at maturity. The cost is baked in at the time you open the position.
Deposit collateral — Choose a supported collateral asset (e.g., PT-USDe, PT-sUSDe, or PT-USDG) and deposit it into the market.
Choose a maturity — V1 markets have defined maturities: May 7 or May 28, 2026. You are borrowing until that date.
The market determines your rate — The AMM quotes you a rate based on current supply and demand. You see the exact repayment amount before confirming.
Receive funds — You receive the borrowed asset immediately.
Repay at maturity — Pay back the fixed amount. Your collateral is released.
Early repayment is possible. However, unwinding before maturity means the effective cost may differ from the rate quoted at entry, because the market price of the debt changes over time.
Worked example
Step | Detail |
Collateral deposited | PT-USDe (~$2,000 value) |
Maturity | ~6 months |
Borrowed | 1,500 USDC |
Fixed repayment amount | 1,560 USDC |
Total cost | 60 USDC |
Annualized rate | ~4% |
In this example, regardless of what rates do between now and maturity, the borrower owes exactly 1,560 USDC. The cost is fixed at entry.
Note: The collateral types and available amounts differ by market. PT-USDe and PT-sUSDe markets each have a 1M BT cap. PT-USDG (May 28 maturity) offers a higher Max LTV of 94%.
Step-by-step: opening a fixed-rate borrow
Go to the fixed-rate markets page on app.fira.money
Select the collateral you want to use (PT-USDe, PT-sUSDe, or PT-USDG)
Enter the amount of collateral to deposit
Review the quoted rate and total repayment amount
Confirm the transaction — collateral is locked, borrowed funds are sent to your wallet
Monitor your LTV — keep it well below the LLTV for your market
At maturity, return to the app and repay the fixed amount to release your collateral
Key takeaways
Cost is locked at entry. You know what you owe before you sign the transaction.
Overcollateralized. You must deposit more value than you borrow. Max LTV for PT-USDe and PT-sUSDe is 89%; for PT-USDG it is 94%.
Early repayment is possible. The protocol allows it, but the effective cost may differ from the stated entry rate.
Maturity is fixed. If you do not repay by the maturity date, your position may be subject to liquidation.
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