> ## Documentation Index
> Fetch the complete documentation index at: https://docs.denar.markets/llms.txt
> Use this file to discover all available pages before exploring further.

# Borrow against your stocks

> Deposit stock tokens as collateral and borrow USDG — health factor, liquidation price, interest, and the habits that keep positions safe.

Deposit stock tokens as collateral, borrow USDG against them, repay whenever you want. Your tokens sit in the protocol's immutable contracts — nobody else can touch them while your position is healthy.

## Opening a position

<Steps>
  <Step title="Pick a market">
    Each stock has its own isolated market. In the app, open the card of the stock you hold — say NVDA — and press **Borrow**.
  </Step>

  <Step title="Add collateral">
    Deposit your stock tokens (approval + deposit). Adding collateral never requires a live price and works in every protocol state.
  </Step>

  <Step title="Borrow USDG">
    Borrow up to the market's LLTV fraction of your collateral value — **62.5%** on single stocks, **77%** on the ETFs. The app shows your live maximum, bounded also by the market's available liquidity.
  </Step>
</Steps>

<Warning>
  Borrowing to the ceiling means any small dip makes you liquidatable. Treat \~80% of your maximum as a practical limit — and go lower into weekends and earnings dates.
</Warning>

## The two numbers that matter

**Health factor** compares your maximum allowed debt with your actual debt. Above 1.0 you are safe; below 1.0 anyone may liquidate you. It moves with the oracle price and with accruing interest.

**Liquidation price** is the collateral price at which your health factor hits 1.0 — the number to compare directly with the chart. The app shows it on every position.

## Interest

Rates are set algorithmically by an adaptive model that steers each market toward \~90% utilization: heavily-borrowed markets get more expensive, idle ones cheaper. Interest accrues continuously into your debt. There are no fixed terms, no schedules, no penalties — repay any amount, any time.

## What always works — even when prices pause

| Action                          | Needs the oracle? | Availability                      |
| ------------------------------- | ----------------- | --------------------------------- |
| Repay debt                      | No                | **Always**                        |
| Add collateral                  | No                | **Always**                        |
| Withdraw collateral (no debt)   | No                | **Always**                        |
| Borrow                          | Yes               | Pauses while the oracle is paused |
| Withdraw collateral (with debt) | Yes               | Pauses while the oracle is paused |

This guarantee is structural: even if a price feed died permanently, every borrower could still repay and recover their collateral in full.

## The weekend, honestly

Outside US trading hours the oracle serves the last traded price — typically Friday's close, all weekend. You can still manage your position against that price, but the real stock moves while the feed stands still. A position opened aggressively on Friday can be liquidatable the moment Monday's price arrives. This is the inherent cost of equity collateral; Denar's conservative LLTVs exist to buffer it, not erase it.

Read the full picture on [Oracles & market hours](/protocol/oracles).

## Good habits

* Watch the **liquidation price**, not just the health factor.
* **Repaying a little or adding collateral** are the fastest ways out of danger — both work 24/7, in every protocol state.
* Set your own alerts; markets move while apps sleep.