Risk parameters
Canonical risk parameters for Merum's markets — max LTV, liquidation threshold, borrow rate, and oracle configuration.
This page is the canonical reference for Merum's risk parameters. Values may be adjusted by governance over time; the live on-chain configuration is authoritative. Figures below describe the launch configuration.
LBTC–USDC market
| Parameter | Value | Notes |
|---|---|---|
| Collateral asset | LBTC | Lombard wrapped Bitcoin |
| Borrow asset | USDC | Native USDC on HyperEVM |
| Maximum LTV | 60% | Maximum borrow against collateral value at origination |
| Liquidation threshold | 75% | LTV at which a position becomes liquidatable |
| Borrow rate | 7.9% APR | Fixed |
| Supply yield | Variable, approx. 5–7% APY | Utilization-dependent; query the API for the live value |
| Oracle | Pyth + Chainlink + on-chain TWAP | Composite, with agreement and freshness checks |
The buffer between the 60% max LTV and the 75% liquidation threshold means a position opened at the maximum can absorb roughly a 20% decline in the BTC price before becoming liquidatable. See Liquidations.
Oracle configuration
- Sources: Pyth, Chainlink, and an on-chain TWAP.
- Reconciliation: feeds are checked for mutual agreement and recency before use.
- Fallback: price-sensitive actions can be paused for a market if feeds disagree or go stale.
Exact feed identifiers, divergence tolerances, and staleness windows are published here at mainnet launch.
Future markets
Additional collateral markets — cbBTC, WBTC, tBTC, ETH, and stETH — are planned for later phases. Their risk parameters will be published here when those markets go live and are not active today.
Parameters above describe the intended launch configuration and are subject to change before and after launch. The on-chain values are the source of truth.