Buy a Swap
Take a position on where DeFi interest rates are heading
Buying a swap is how you take a position on rates. If you think a rate is heading up, you buy the fixed side and profit when it rises above the rate you locked. If you think it is heading down, you buy the floating side and profit when it falls.
You will need a connected wallet, the market's collateral token (e.g. USDC), and a few minutes. See Start Here if this is your first transaction.
Two ways in
Both routes end at the same order screen — pick whichever suits you.
Predict is the quick route. One card per market, showing the current rate, the term, and what each side returns.
Markets is the full route. A sortable table of every market with liquidity and utilization, for more advanced traders.
Step 1 — Choose a market and a direction
On Predict, each card covers one market: the rate it tracks, how long the term runs, and when it expires. Filter by term or collateral token using the controls at the top.
Then pick a side:
Up ↑— you expect the rate to riseDown ↓— you expect the rate to fall
Each side shows its current return, the equivalent APR, and the break-even rate you need the market to pass to make money.
On Markets, click any row instead. Rows badged Fixed and Variable are the two sides of the same market.
Step 2 — Set your size
The order screen opens with the direction you picked already selected as Fixed or Floating.
Enter your size either way round — use the ⇅ button between the two panels to switch:
Notional Swap Size— the amount interest is calculated onTotal Required— what actually leaves your wallet
Most people find Total Required easier to think in: decide what you are willing to risk, and let the app work out the notional. The slider does the same job more roughly.
Underneath, the breakdown splits your total into collateral, liquidation bounty and protocol fee.
Step 3 — Read the quote
The Current Quote panel shows what you are agreeing to:
Pay Fixed / Receive Fixed — the rate you are locking for the term
Pay Variable / Receive Variable — the live rate today
Current Spread — the gap between them, which is your starting position. The spread can change during the term of the swap.
Max profit — the ceiling on this trade, set by the collateral the pool has posted against you
The variable figure is today's rate, not your settlement rate. Settlement uses a time-weighted average across the whole term, so the number you finish on will differ from the number you see now.
Under See advanced options you can set slippage limits on rate and total cost. These are on by default on this screen, although you can modify or remove them before continuing.
Step 4 — Approve and buy
Two transactions, or one if you have traded this token before:
Approve— lets the market move your collateral token. One-off per token.Buy Swap— opens the position.
A Swap purchased confirmation lists your swap ID, notional, fixed rate, term, expiry, leverage and everything you paid. From there, View in portfolio takes you to your open positions.
If the button will not let you through
Below Minimum Size— every market sets a floor. The message gives you the minimum for that market.Rate moved beyond your slippage tolerance — the market shifted while you were signing. Retry.
Couldn't size a position at that exact spend — switch to entering a notional size instead.
What happens next
Your position runs until its term ends, at which point you settle it to release your collateral. Some markets also let you exit early — the order screen tells you at purchase time if this one does not.
If rates move far enough against you that your collateral cannot cover the loss, your position can be liquidated before the term ends.
Swaps are leveraged instruments. You can lose all of the collateral you post. Make sure you understand the risks before trading.
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