#termmax @TermMax
Something people keep missing on @TermMax is that Lend APR and Borrow APR aren't the same trade, they're two separate sides of an order book that just happen to sit next to each other on screen.
Take the PT-apxUSD-18JUN2026 market. Borrowers can lock in 12.68% fixed APY against that collateral. Lenders on the same market only get 9.38% fixed APY. That's not a typo, it's the spread the market maker's range order is quoting, and it exists because someone has to get compensated for taking the matching risk in between.
I used to assume a tighter spread meant a "better" market. Now I think it just means more competition on that specific maturity, not necessarily better terms for either side individually. A wide spread with real depth might actually execute faster than a tight spread nobody is filling.
What I'd actually want to track over time isn't the APR headline, it's how fast lend orders on a given maturity get matched versus sitting open. That's the number that tells you if a fixed rate is real or just quoted.
#termmax $AXL $OPG
Something people keep missing on @TermMax is that Lend APR and Borrow APR aren't the same trade, they're two separate sides of an order book that just happen to sit next to each other on screen.
Take the PT-apxUSD-18JUN2026 market. Borrowers can lock in 12.68% fixed APY against that collateral. Lenders on the same market only get 9.38% fixed APY. That's not a typo, it's the spread the market maker's range order is quoting, and it exists because someone has to get compensated for taking the matching risk in between.
I used to assume a tighter spread meant a "better" market. Now I think it just means more competition on that specific maturity, not necessarily better terms for either side individually. A wide spread with real depth might actually execute faster than a tight spread nobody is filling.
What I'd actually want to track over time isn't the APR headline, it's how fast lend orders on a given maturity get matched versus sitting open. That's the number that tells you if a fixed rate is real or just quoted.
#termmax $AXL $OPG