Leverage
Deposit yield-bearing collateral, borrow against it, buy more of the same. One transaction, funded by a flash loan, filled by whichever aggregator quotes best.
The loop pays while the collateral earns more than the debt costs. Where it does not, the market page says so plainly, and the market is filed under Borrow rather than Leverage, a place to take the loan rather than a loop worth opening.
Starting from what you want to be long
The markets table is organised by the pair. Someone levering usually knows the exposure they want before they know where to fund it, so the leverage page asks it that way round. It opens with one chip per collateral asset, each carrying how many markets lever it and the cheapest debt any of them charges, and picking one narrows the table underneath to that asset alone.
Choosing an asset also states what the same exposure costs across the book: the cheapest funding rate, the dearest, how far apart they are, how many chains and venues will take it, the deepest single market, and everything you can borrow against it. It states one more thing the borrowing side has no equivalent for, which is how far the position can actually be pushed.
What happens in the transaction
- flash
- Borrow the loan token with no collateral, for the length of one transaction. Morpho Blue and Balancer V2 charge nothing; Aave v3 charges a premium.
- swap
- Race every aggregator we have a lane for (0x, LiFi, KyberSwap, OpenOcean, Velora, Enso, OKX, Pendle) and take the best fill.
- supply
- Deposit the bought collateral, alongside yours.
- borrow
- Draw the loan token against the whole position.
- repay
- Return the flash loan. If any step short-fills, the whole transaction reverts and you have lost gas, not funds.
What binds the size
The venue's max LTV sets a ceiling, but the swap usually binds first: the leverage you can actually open depends on what the aggregators will fill at your deposit size, and that is resolved per deposit rather than per market. A market page shows the contract limit and says plainly that it is not the openable one.
Where the flash loan comes from
Selected on-chain, per chain. Morpho Blue is free and is the default wherever it has depth. Balancer V2 is also free where its vault holds the token. Aave v3 charges a premium and is the fallback on chains where neither has liquidity in the loan token. The market page names which one your transaction would use and what it costs. The fee shown is read from the chain, not from an app-side mirror of it.