> For the complete documentation index, see [llms.txt](https://ketro.gitbook.io/ketro-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://ketro.gitbook.io/ketro-docs/borrowing.md). # Borrowing ### Opening a loan 1. **Deposit** outcome tokens from a whitelisted market. The approval names the collateral adapter — the pool delegates the ERC-1155 pull to it. 2. **Draw** up to 50% of the position's value (max LTV). New loans are sized off the *lower* of the best bid and a trailing minimum over a recent window, so a momentary spike cannot inflate what you borrow. A genuine fall applies immediately. 3. pUSD arrives in your wallet. The loan accrues interest per second from this moment. ### The one number to watch Risk is a price, not a ratio. Your loan carries a **liquidation price** — where debt reaches 70% of collateral value — and the app draws it on the same $0–$1 axis the market trades on. "Liquidates at 41¢" means the price can fall to 41¢ before the loan can be closed against you. ### Managing a live loan * **Repay** — partially or in full, whenever. Interest stops the moment the debt is cleared. Repaying in full returns the collateral. * **Add collateral** — deposit more of the same outcome token to push the liquidation price down without spending pUSD. * **Withdraw collateral** — take surplus out, provided the loan stays within max LTV afterwards. ### The early-close ramp In the final 7 days before a market's resolution date, the liquidation threshold ramps down toward a floor. A loan left open into resolution would otherwise ride a binary outcome at the pool's expense — the ramp closes it earlier instead. Plan to repay before the ramp, or size the loan so it survives it. ### Resolution If the market resolves while the loan is open, `settleResolved` redeems the position at its final price, repays the debt from the proceeds and sends any surplus to you. The call is permissionless — the protocol's own bot sends it within a minute of resolution, and you can send it yourself from the app. You never need the operator's key, or the operator's attention, to get your surplus back. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://ketro.gitbook.io/ketro-docs/borrowing.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.