Fix your floating rate.
Pay a fixed interest rate on your debt for however long you choose. The pool pays your floating rate debt interest, no capital posted, no liquidations.
Watch a swap settle, slot by slot.
Connect a position, lock a rate, then watch Coupon pay away your floating accrual and pull in the fixed accrual every slot. Full walkthrough below.
Every rate is derived, not posted.
No order book to read, no counterparty to chase. The indicative fixed rate is priced from the expected floating rate plus transparent return, risk and utilisation spreads — firmed when you request. Receivers collect the fixed leg and pass the floating leg through, keeping the margin between them.
No capital posted
You never lock collateral with Coupon. The swap settles against your existing position — nothing to escrow, nothing to liquidate.
No liquidations
There is no margin to call. Accruals settle every slot above a minimum floor — nothing to top up, nothing to liquidate.
Transparent by construction
The same formula prices every quote for every user. Read the spreads before you lock — the rate is the rate.
Fix your rate without leaving your position.
Coupon plugs into the floating lending position you already hold. The swap runs against your real floating leg and settles into the same position every slot — no manual rebalancing.
Connect your lending position
Coupon reads your live borrow or deposit on the lending market itself. The floating leg is your actual rate, not a proxy.
Lock a fixed rate by formula
Choose a tenor and a side. The indicative fixed leg is quoted on the spot; no capital leaves your wallet to open the swap.
Settled automatically, every slot
Each slot, Coupon pays away your floating accrual and pulls the fixed accrual into the pool — above a minimum, so dust never triggers a transaction. You never manage the interest on your loan.
Spin up a closed pool.
Run a private, permissioned market for a specific desk or counterparty set — bespoke tenor and size, with pricing you set or the standard formula.
Your counterparties
Allowlist the addresses that can take the other side. The pool is invisible to everyone else.
Custom tenor & size
Set a maturity and notional that fit the trade — not just the standard term grid.
Dealer-set pricing
Price the fixed leg yourself, or run the standard formula — your pool, your spread.
Same on-chain method
Closed pools settle through the identical contracts. Private venue, public mechanics.
Today's fixed rates.
Live quotes from USDC · Aave V3, priced against its floating lending rate. Indicative pay-fixed rate at zero size, the floating rate the pool expects to pay, and the margin between them. Click a row to open the pool.
Questions
Is this real money?
No. Hedged currently runs on Base Sepolia, a test network. Positions use test tokens with no real value, and the contracts are pre-audit. Nothing here is an offer or a promise of future terms.
What does a swap actually do?
You pay a fixed rate and receive the floating lending rate on the same notional. If the floating rate rises above your fixed rate you receive the difference; if it falls you pay it. That turns a variable borrowing cost into a known one.
Where does the fixed rate come from?
It is computed on-chain, not quoted by us. The pool forecasts the floating rate over your chosen term and adds three premiums — for spread return, for rate volatility, and for how much of the pool is already committed. The breakdown is shown before you open a position.
What happens if I want out early?
You can exit before maturity. The position is settled at its current mark-to-market value, so leaving early can cost or return money depending on where rates have moved since you opened it.