OTC Agreements
OTC lets you reach bespoke fixed-rate agreements with custom collateral, LLTV, oracle, rate, and term, settled onchain through the Morpho protocol. You can browse offers, request a quote from counterparties, or create an offer.
Browse Offers
The Available Offers section lists the OTC offers you can act on.
Go to the OTC tab in the navbar.
Select the Borrow tab to find offers to borrow against, or the Lend tab to find offers to lend into.
Filter by the borrow or lend currency and by collateral. On either tab, click Add filter to also filter by rate, counterparty, and maturity.
Select an offer to see its full terms, including the rate, collateral, LLTV, oracle, and maturity.
Click Accept, then confirm and sign the transaction in your wallet. The position settles onchain and appears on your Portfolio page.
Request a Quote
When borrowing, you can request a quote instead of setting every term yourself. A request is a non-binding, offchain message sent to the counterparties you choose. It requires no signature and deposits no collateral.
On the OTC page, make sure the Borrow tab is selected, then click Request Quote.
Enter the amount and currency you want to borrow, and select the collateral you will post.
Select the maturity for the loan.
Select which counterparties to send the request to. You can target a specific set or send it to all of them.
Optionally set the oracle, liquidation LTV, and request expiry, then send the request.
Counterparties respond with onchain offers that fill in the remaining terms, such as the rate. See Accept Offers to review and accept them.
Create an Offer
Creating an offer posts your exact terms onchain for a counterparty to accept. You can create both borrow and lend offers, so select the correct side before you set your terms.
Go to the OTC page and click Create Offer. Make sure the Create Offers tab is selected, then choose Borrow or Lend.
Enter the amount and currency you want to borrow or lend.
- Borrow offer: enter the collateral amount and asset you will post.
- Lend offer: select the collateral assets you accept.
Select the price oracle, set the interest rate (Fixed APR), and select the maturity.
Optionally adjust the offer expiry or restrict the offer to specific counterparties. Click Review Offer, then confirm and sign the transaction in your wallet to publish the offer onchain.
Your offer is now visible to counterparties, and any eligible counterparty can accept it. You can cancel it any time before it is accepted.
Track Your Requests
The quote requests you have sent appear in a banner above the Available Offers section on the OTC page, and in the My requests view on the Portfolio page.
To manage them, click My requests to open the Quote Requests table, which lists each request with its borrow amount, collateral, max term, expiry, and recipients. From there, click View request for the full details, or Cancel to withdraw a request before it expires.
Accept Offers
Offers you receive land in your inbox, shown in the Requests panel on the Portfolio page. This includes counterparties' responses to your quote requests and direct offers sent to you.
In the Requests panel, review the offer preview, including the counterparty, rate, and collateral. Click the action button (for example, Borrow) to open the full position details. The offer is also available under My requests.
Review the position details, then confirm and sign the transaction in your wallet.
Your collateral is deposited into the Morpho Midnight smart contracts and the position settles onchain. Once the position is initiated, the funds you borrow are available to you and you can manage the position on the Portfolio page.
Click Mark as read to clear an offer from the preview. It stays available under My requests.