Take Liquidity

Taking liquidity means trading interest rates directly by entering an IRS position at the current market price.

This is the primary way to:

• lock or release fixed rates,

• speculate on rate movements,

• hedge existing yield exposure.

Available Trade Directions

You can open an IRS position in one of two directions:

• Receive Fixed / Pay Floating

  • You benefit if floating rates rise.

  • Economically similar to locking a fixed yield.

• Pay Fixed / Receive Floating

  • You benefit if floating rates fall.

  • Used to hedge fixed obligations or express a bearish rate view.

How to Open a Position

1. Select:

   • underlying asset,

   • tenor (maturity),

   • direction (fixed vs floating),

   • notional size.

2. Choose margin mode:

   • Isolated,

   • Portfolio,

   • X-Mode.

3. Confirm the trade at the quoted market rate.

The position is immediately live and mark-to-market.

Pricing & Slippage

Prices reflect:

• current market-implied rate,

• remaining time to maturity,

• available vAMM liquidity.

Slippage increases with:

• trade size,

• low liquidity,

• short-dated maturities close to settlement.

A price impact preview is shown before confirmation.

PnL & Accrual

• PnL updates continuously.

• Interest accrues over time, not upfront.

• Final PnL depends on:

  • entry price,

  • exit price or settlement rate,

  • time held.

Early Exit

You may exit at any time before maturity by:

• selling the received leg,

• buying back the paid leg, through the same vAMM.

The exit price reflects:

• prevailing market rates,

• liquidity conditions.

There are no penalties — only market pricing.

Risk Notes

Key risks:

• adverse rate moves,

• leverage amplification,

• margin liquidation,

• liquidity-driven slippage near maturity.

IRS positions should be actively monitored.