Quoting a position

A quote previews the position that a down payment would open right now, giving its size in the position asset, the loan in the pool currency and the two annual interest rates. Because the quote is a read-only query on the protocol's Leaser, it costs nothing and needs no account, which is why apps use it to show the terms before the user signs.

Request a quote

The quote query names the down payment, the asset that the position will hold and, if you want less than the maximum leverage, a cap on the loan:

{
  "quote": {
    "downpayment": { "amount": "100000000", "ticker": "USDC" },
    "lease_asset": "SOL",
    "max_ltd": 2000
  }
}

The query has three fields:

To run the query from the command line, send it to the Leaser of the protocol with nolusd:

nolusd q wasm contract-state smart $LEASER \
  '{"quote":{"downpayment":{"amount":"100000000","ticker":"USDC"},"lease_asset":"SOL"}}'

Here $LEASER holds the address of the protocol's Leaser, which you can look up as described in Find the contract addresses. The command leaves out max_ltd, so it quotes the maximum leverage.

Read the response

For a down payment of 100 USDC on a SOL long with no max_ltd, the Leaser returns a response like the following one:

{
  "data": {
    "total": { "amount": "4747215219", "ticker": "SOL" },
    "borrow": { "amount": "400000000", "ticker": "USDC" },
    "annual_interest_rate": 96,
    "annual_interest_rate_margin": 45
  }
}

The following table explains each field of the response and gives its value in the example:

The total interest a position pays is the sum of the two rates, because margin interest is charged on top of the loan rate.

Limits checked at opening

A quote shows the terms, and the Leaser enforces the protocol's limits when open_lease runs. It rejects the open unless all of these conditions hold:

• The down payment is at least the minimum transaction.
• The loan is at least the minimum transaction.
• The down payment plus the loan is at least the minimum position.

The position parameters give example values for both minimums and the query that returns the live ones. Before opening, the lending pool can also report whether it can lend a given amount, and at what rate, through the LPP query {"quote":{"amount":{"amount":"400000000","ticker":"USDC"}}}, which returns {"quote_interest_rate":<permille>} or "no_liquidity".

Once a quote looks right, Opening a position shows how to send open_lease with the down payment.