Secondary sales (RFQ)

A secondary sale lets you sell part or all of an open leveraged position to a buyer. The buyer funds the agreed debt repayment and your proceeds, then receives the collateral. The rest of your position stays invested.

Issuer redemption follows the issuer’s settlement schedule. A secondary sale settles when a buyer executes the agreed trade. Compare the proceeds and costs of both routes: leaving sooner may cost more, but a competitive buyer can also make it cheaper. A quote is not a guarantee of settlement.

From price to payment

1. Find a price. A standing offer gives a buyer’s discount to the market’s reference price, spending capacity and validity. You can take a price from that offer without waiting for a new quote. Otherwise, open a request for quote (RFQ), specifying the amount, maximum exit cost in basis points and how long the request stays open. These terms determine the minimum proceeds shown before you open the request.
2. Agree on a trade. Buyers quote for all or part of the request; a full close requires a quote for the whole request. Review the collateral sold, debt repaid and proceeds you receive. Your signature authorises one named buyer to settle that specific trade before its deadline.
3. The buyer settles. The buyer validates and simulates the trade, then submits one transaction. Payment, repayment and collateral delivery either all succeed or all revert. The buyer pays the transaction fee, including if it reverts.
4. Keep or sell the remainder. A partial fill leaves the rest of the request available for another trade. Each leg needs its own acceptance and settlement. A full close repays the entire loan and settles in one leg.

The buyer normally receives the underlying tokenised asset, not your loan. Redeeming that asset through its issuer is the buyer’s separate decision and risk. See the market terms for asset-specific requirements.

What is off-chain?

Wallet sign-in, requests, quotes, standing offers and acceptance signatures are handled off-chain. They do not themselves move funds or repay debt. The quote service records commitments, but does not hold the sale proceeds.

Token approvals and any settlement-account cleanup are on-chain preparation. The buyer’s settlement is on-chain too. After you sign, cancelling in the quote service cannot invalidate the signature: early revocation requires an on-chain transaction. If the buyer settles first, the trade stands. Otherwise, the authorisation becomes unusable after its deadline.

Access and costs

Both the seller and buyer need a valid Keyring credential under the market’s policy at settlement. Credentials belong to their owning wallets, not to the seller’s position or settlement sub-accounts separately. Token allowances are also required. The buyer also needs the issuer’s transfer whitelist where the asset requires one. If that whitelist lapses after acceptance, the buyer can explicitly agree to receive collateral vault shares instead. Those shares must be redeemed later to obtain the underlying asset, subject to the relevant requirements.

The buyer’s discount and any [un]wind fee reduce your proceeds. The [un]wind fee is configured per market, deducted inside settlement and can be zero. It does not increase the buyer’s agreed price; a small rounding allowance is added to the buyer’s funding.

What to keep in mind

• Each live request reserves its shares and uses a separate settlement account. Those shares cannot be listed again, and each wallet has a limited number of accounts available for live requests.
• Until settlement, your position continues accruing interest and remains exposed to liquidation. A buyer may let an accepted trade expire.
• Each browser checks the trade against locally recorded terms and chain reads. Keep the browser record: another device or cleared site data can prevent signing or sending. Without the request record, the seller cannot sign but can withdraw the unsigned request and open a new one. The service still controls quote visibility and availability, so these checks do not establish best execution.
• On a full close, actual debt may differ from the repayment funding. You keep unused funding; an excess can use base assets already in your wallet. If those are insufficient, settlement reverts.
• Do not fund the dedicated settlement account separately. Money already there can substitute for the buyer’s deposit. Clean-account checks reduce this exposure but cannot prevent deposits arriving after you sign.

For the exact state changes and signature boundaries, see RFQ settlement.