Fixed Rate, Moving Quote
TermMax can offer fixed-rate lending and still give two users looking at the same market different APRs.
That sounds contradictory only if “fixed” is treated as a quote that exists before the trade. TermMax Range Orders work differently: liquidity is distributed along a pricing curve, and APR changes as more of that curve is filled. A small order may stop near one point; a larger order can consume deeper liquidity and lock a different effective rate.
Why design it this way? Because a fixed-income market still needs price discovery. Instead of forcing one rate for every trade size, Range Orders let order setters express how much liquidity they are willing to provide at different APRs. The rate becomes fixed after execution, not before it.
The economic consequence is easy to miss: headline APR and executable APR are not always the same thing. Size is part of the price of fixed-rate liquidity.
So TermMax’s curve is not making the loan “variable-rate.” It is deciding which fixed rate your trade earns before the position is locked.
Fixed rate ≠ fixed quote.
@TermMax #TermMax $PEOPLE $MAGMA $BTW
TermMax can offer fixed-rate lending and still give two users looking at the same market different APRs.
That sounds contradictory only if “fixed” is treated as a quote that exists before the trade. TermMax Range Orders work differently: liquidity is distributed along a pricing curve, and APR changes as more of that curve is filled. A small order may stop near one point; a larger order can consume deeper liquidity and lock a different effective rate.
Why design it this way? Because a fixed-income market still needs price discovery. Instead of forcing one rate for every trade size, Range Orders let order setters express how much liquidity they are willing to provide at different APRs. The rate becomes fixed after execution, not before it.
The economic consequence is easy to miss: headline APR and executable APR are not always the same thing. Size is part of the price of fixed-rate liquidity.
So TermMax’s curve is not making the loan “variable-rate.” It is deciding which fixed rate your trade earns before the position is locked.
Fixed rate ≠ fixed quote.
@TermMax #TermMax $PEOPLE $MAGMA $BTW
