The headline rate on a fixed-rate market is not necessarily the rate for my full order.
TermMax uses Range Orders: continuous pricing curves configured by market makers or curators. A single Market can contain multiple Range Orders, and the marginal rate can change as an order consumes liquidity along a curve.
That creates a useful distinction:
• screen rate — the rate visible for the next small unit;
• marginal rate — the rate paid on the last unit of my order;
• effective rate — the blended result for the entire size.
A 100-unit trade and a 100,000-unit trade should not be assumed to receive the same economics just because they enter the same Market with the same maturity.
Before choosing a curve, I would compare the actual quote for my size, the maturity date, available liquidity and the effective APY after price impact. I would also check competing Range Orders inside the same Market.
Fixed-rate certainty begins after execution. The execution price still depends on size and liquidity.
Sources checked: TermMax Docs — Range Order / Pricing Curve; Market.
@TermMax #TermMax
TermMax uses Range Orders: continuous pricing curves configured by market makers or curators. A single Market can contain multiple Range Orders, and the marginal rate can change as an order consumes liquidity along a curve.
That creates a useful distinction:
• screen rate — the rate visible for the next small unit;
• marginal rate — the rate paid on the last unit of my order;
• effective rate — the blended result for the entire size.
A 100-unit trade and a 100,000-unit trade should not be assumed to receive the same economics just because they enter the same Market with the same maturity.
Before choosing a curve, I would compare the actual quote for my size, the maturity date, available liquidity and the effective APY after price impact. I would also check competing Range Orders inside the same Market.
Fixed-rate certainty begins after execution. The execution price still depends on size and liquidity.
Sources checked: TermMax Docs — Range Order / Pricing Curve; Market.
@TermMax #TermMax