Borrow order types

Tenor supports two order types for initiating a fixed-rate borrow position: market orders and limit orders. Market orders fill immediately at the best available rate; limit orders post a target rate and wait for a match.

Borrow market orders

A market order is a take that fills immediately at the best rate currently available. The borrower accepts the rate counterparties are offering at that moment, and the position is initiated right away.

If there is not enough liquidity to fill the full amount, the take fills up to the available liquidity and the remainder is left as a resting sell (borrow) offer.

Borrow limit orders

A limit order is a sell (borrow) offer that specifies the rate and term the borrower wants to borrow at. The offer rests until a counterparty (a lender) is willing to take it at that rate or better. A limit order can be cancelled at any time before it is filled.

Limit orders are useful when a borrower has a specific rate in mind and is comfortable waiting for a match. There is no guarantee of execution if no counterparty takes the offer.

Collateral supplied on fill

When you place a limit order, your collateral is not locked upfront. It is supplied onchain only when a counterparty takes the offer, with pro-rata amounts on partial fills.

• Your collateral remains free to use elsewhere while the order waits.
• Collateral is supplied automatically when the offer is taken; no separate transaction is required.

See the supply collateral callback for the contract-level flow.

Example

Suppose you place a limit order to borrow 50,000 USDC at 4% fixed for 30 days against 1 cbBTC of collateral:

• The sell (borrow) offer is posted onchain at 4%. The cbBTC stays in your wallet while the order waits.
• When a lender takes the offer at 4% or better, the collateral is supplied and the 50,000 USDC position initiates at the agreed rate and term.
• If only part of the offer fills, a pro-rata share of collateral is supplied and the remainder stays posted until filled or cancelled.