Quote fixed rates

Wallets, dashboards, aggregators and treasury tools can show Tenor's live fixed rates without an API key. In this guide, you build a rate table for one market: for a given amount, the rate a user would get to lend or borrow on each maturity, fees included.

All the endpoints here are public. Without a key, requests are limited per IP address. If your server makes a lot of requests, ask for a key to get higher limits.

Endpoints

Data	Endpoint
Markets, with their collateral and maturities	GET /v1/markets
The rate for an amount on every maturity of a market	POST /v1/quotes/term-structure
The rate for an amount on one maturity	POST /v1/quotes

Quotes include fees and take the available liquidity into account.

1. List markets

The market list has no rates. The list describes each market: the loan token, the accepted collateral, and the maturities open for new positions.

const API = "https://trading-api.tenor.finance";
const CHAIN_ID = 8453; // Base

async function tenor<T = any>(method: "GET" | "POST", path: string, body?: object): Promise<T> {
  const res = await fetch(`${API}${path}`, {
    method,
    headers: { "Content-Type": "application/json" },
    body: body && JSON.stringify(body),
  });
  const json = await res.json();
  if (!res.ok) throw new Error(`${json.error.code}: ${json.error.message}`);
  return json.data;
}

const markets = await tenor("GET", `/v1/markets?chain_id=${CHAIN_ID}`);
for (const m of markets) {
  const collaterals = m.collaterals.map((c: any) => c.token.symbol).join(", ");
  console.log(`${m.loan_token.symbol} against ${collaterals}: ${m.maturities.length} maturities`);
}

2. Compare rates across maturities

POST /v1/quotes/term-structure quotes one amount on every maturity of a market in a single call. Call the endpoint once to lend and once to borrow, then match the results by maturity. Amounts are whole-number strings in the token's smallest unit. USDC has 6 decimals, so 10,000 USDC is "10000000000":

const market = markets.find((m: any) => m.loan_token.symbol === "USDC");
const size = { principal: "10000000000" }; // 10,000 USDC

const [lend, borrow] = await Promise.all(
  ["lend", "borrow"].map((action) =>
    tenor("POST", "/v1/quotes/term-structure", { chain_id: CHAIN_ID, market_id: market.market_id, action, size }),
  ),
);

// If a maturity can't be quoted, it has an `error` instead of a `quote`.
const rate = (m: any) => (m.quote ? `${(Number(m.quote.rate) * 100).toFixed(2)}%` : m.error.code);

console.table(
  lend.maturities.map((l: any) => ({
    maturity: new Date(l.matures_at * 1000).toISOString().slice(0, 10),
    lend: rate(l),
    borrow: rate(borrow.maturities.find((b: any) => b.maturity_id === l.maturity_id)),
  })),
);

┌─────────┬──────────────┬──────────────────────────┬──────────────┐
│ (index) │ maturity     │ lend                     │ borrow       │
├─────────┼──────────────┼──────────────────────────┼──────────────┤
│ 0       │ '2027-01-29' │ '4.61%'                  │ '5.36%'      │
│ 1       │ '2027-02-26' │ '4.70%'                  │ '5.41%'      │
│ 2       │ '2027-03-26' │ 'INSUFFICIENT_LIQUIDITY' │ '5.52%'      │
│ 3       │ '2027-04-30' │ 'NO_OFFERS'              │ 'NO_OFFERS'  │
└─────────┴──────────────┴──────────────────────────┴──────────────┘

• Rates are annual rates (APR) as decimal strings, fees included. "0.0461" is 4.61%.
• Errors only affect their own maturity. NO_OFFERS means there are no offers on that side. INSUFFICIENT_LIQUIDITY means there isn't enough for the full amount. Add allow_partial: true to quote the available amount instead.
• quote.size.amount_at_maturity is the amount a lend pays back, or a borrow owes, at maturity.
• Rate limits. Each maturity counts as one request against the compute limit. Quote when the user enters an amount, and avoid quoting on a timer.

3. Quote one maturity

Once the user picks a maturity, quote only that maturity with POST /v1/quotes. You get the same quote, plus the offers the quote would fill, in route:

const quote = await tenor("POST", "/v1/quotes", {
  chain_id: CHAIN_ID,
  maturity_id: market.maturities[0].maturity_id,
  action: "borrow",
  size,
});

console.log(quote.rate, quote.size.amount_at_maturity, quote.route);

A quote isn't binding. To act on a quote, prepare the transaction with a key, as in the Quickstart.

Caching and updates

• Quotes. Don't cache quotes. Request a new quote when the user changes the amount or returns to the page.
• Updates. Quotes are streamed every block over a WebSocket at wss://router.tenor.finance/socket (Phoenix Channels), on the quotes:{maturity_id} topic. Use the stream to know when to quote again.
• Markets. GET /v1/markets rarely changes, and comes with an ETag. Send the ETag back in If-None-Match. If nothing has changed, you get a 304 with no body:

let etag: string | undefined;

async function marketsIfChanged() {
  const res = await fetch(`${API}/v1/markets?chain_id=${CHAIN_ID}`, {
    // fetch adds `Cache-Control: no-cache` when you set `If-None-Match`,
    // which prevents the 304. Setting Cache-Control yourself avoids that.
    headers: etag ? { "If-None-Match": etag, "Cache-Control": "max-age=0" } : {},
  });
  if (res.status === 304) return null; // unchanged since the last call
  etag = res.headers.get("ETag") ?? undefined;
  return (await res.json()).data;
}

Next steps

• Post an offer to lend or borrow at your own rate.
• Show a wallet's positions with GET /v1/accounts/{wallet}/positions, also without a key.