Lend and borrow on Aera.Every market in one list.

Aera is an overcollateralized lending market for COOK on Cookie Chain. You can lend COOK and receive the interest borrowers pay (a variable rate, not a promise), or lock bCOOK as collateral and borrow COOK against it. There are no vaults, no strategies and no governance token. It is non-custodial: every action is a transaction you sign yourself, and Aera never holds your keys.

The lend rate is variable and not promised, and it can be close to zero. It is derived from how much of the pool is borrowed: the borrow rate starts at 2% and climbs to 10% at 60% utilization, then steeply to 160% as the pool empties. Lenders receive that interest on the share actually lent out, less Aera's 15% reserve factor. Lending is free; there is no deposit fee.

Interest at the current borrow rate, which changes with utilization, plus a one-off origination fee of 0.15% taken from what you receive — you owe the full amount you asked for. The fee, the payout and the debt are all shown before you sign. Repaying is free.

Up to 55% of what your collateral is counted at — which is not its face value. Aera applies the bCOOK exchange rate, then a 5% haircut, then the 55% maximum loan-to-value. Locking bCOOK does not unstake it: it keeps accruing staking rewards while it is held as collateral.

When your debt passes 65% of your counted collateral — not the 55% at which Aera stops letting you borrow. Those are two different lines, and reading them as one is the most expensive mistake available here. A liquidator repays part of your debt and takes collateral at a bonus of 8%, up to 50% of the debt in one go. Repaying is permitted in every state, including this one.

Loop repeats what you can already do by hand: it stakes COOK for bCOOK, locks it, borrows COOK against it, and stakes that too, for a few rounds — planned together and signed once. Every round stops at a health of 1.50, and it refuses to take the pool past 70% lent out, because that is lenders' money. It multiplies both sides: you hold more bCOOK earning staking rewards, and owe more COOK paying interest, so while borrowing costs more than staking pays the position loses value. The position is your own, and Close position unwinds it the same way.

They were retired on 22 October 2026. Supplying SOL, borrowing SOL, aSOL staking and Yield Tokens are closed, and creator markets, which lent SOL, are closed for now and will return quoted in COOK. If you hold aSOL, redeem it on Lend: open the SOL row, marked Retired · redeem only, and press Redeem aSOL. Nothing was ever borrowed in the SOL market, so 1 aSOL redeems for 1 SOL, which arrives as bridged SOL in the same wallet on Cookie Chain. Bridged SOL carries the bridge's own risk.

Perpetual futures on SOL, BTC, ETH, HYPE and COOK on Cookie Chain, margined and settled in bCOOK (BakeYourStake's staked COOK), at 1x to 2x at launch. Every USD result becomes bCOOK through COOK's price, taken from the COOK/SOL pools (the two Cookie Chain pools, or the Solana pool as signed by Aera’s signers once switched), read as a band: fees and losses at the low end, wins at the high end. An order fills on the first prices published after it, which the program verifies on chain. Every position's maximum profit is set when it opens and reserved from the LP capital behind it: one shared Pool vault for SOL, BTC, ETH and HYPE, and COOK-PERP's own vault (COOK-PERP starts paused). The book is small on purpose: COOK's pools are about 0.5 SOL deep, so the whole book may owe winners only a few dollars at a time. The fee is 0.08% of the position to open and again to close, and 40% of it goes to the LPs. Leverage magnifies losses: a position whose value falls to its maintenance margin is liquidated, and you get back what is left of its margin, less 1% of the margin paid to whoever liquidates it.

The receipt for COOK you have lent. It does not pay out — its redemption value rises, so the same balance redeems for more COOK over time as borrowers pay interest. It is an ordinary token you can hold or transfer, but it cannot be posted as collateral: it is a claim on the pool you would be borrowing from.