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Options-backed credit line

Borrow USDC against covered positions without closing them, sized to the position's protected floor.

Borrow USDC against covered positions without closing them.

Sized to the floor, so no liquidator#

The credit line is sized to the position's protected floor. A collar, for example, has a known minimum value set by its put. Because the loan never exceeds what the floor guarantees, the credit line never needs a liquidator either.

FloorCapBreakevenProfitLoss0Price at expiry →
The put strike is the protected floor. The credit line is sized against it.
Share + written call + bought putShare alone

Payoff shape at expiry · not to scale

What it's for#

  • Access cash without giving up a position you want to keep.
  • Keep earning streamed premium on the position while you borrow.