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How Levra works, its risks, the words it uses and the addresses it relies on.

Trades

Uniswap and Monday Trade

Found through KyberSwap. Levra runs no exchange.

Loans

Morpho

In a position that belongs to your wallet.

Prices

Anchored oracle

About 15 minutes behind the stock exchange.

How Levra works

Levra runs no exchange and no lending venue. Trades happen on Uniswap and Monday Trade, found through KyberSwap. Loans happen on Morpho, in a position that belongs to your wallet. Prices come from the Anchored oracle. The Levra router puts the steps together in one confirmation and never keeps your funds between transactions.

Risks

This text is a draft under legal review.

Leverage: losses grow as fast as gains. You can be liquidated, and the liquidator keeps a bonus.
Price gaps: stocks do not trade on weekends. The price can open far from Friday's close.
Protection is not a guarantee. It can fail if the market is thin or our systems are down.
Oracle delay: prices are about 15 minutes old, and one oracle can be late or wrong.
The exchange price can differ from the real stock price, by up to 7% measured so far.
A thin market: a trade of $1,000 can move the price by 3% to 5%. Positions are capped for this reason.
Lending: lenders share a loss when a position ends below zero, and may have to wait to withdraw.
The issuer controls the tokens and can block addresses, including Morpho.
Smart contracts can have bugs, ours and the protocols we use, even after an audit.
Levra does not hold your funds, so it cannot recover them for you either.

Words used in the app

LTV: Loan to value: your debt divided by what your collateral is worth. Higher means riskier.
Soft limit: Levra's limit for opening and adding. It drops a few hours before a weekend close.
Hard limit: Morpho's limit. Above it anyone can liquidate the position. It never changes.
Liquidation price: The oracle price at which your LTV reaches the hard limit.
Price gap: The jump between a market's close and its next open, when nothing can be traded in between.
Oracle: The price source on chain. Levra uses only the Anchored oracle for the hard limit.
Slippage: How far the exchange price may move between your quote and your transaction before it is refused.
Protection: Optional. Reduces your position before a close when it is above the soft limit, at a small cost.
Position cap: The largest position per market while the exchange is thin.

Questions

What happens when the market is closed?

Your position stays open. Prices do not move on chain, and the soft limit is lower. When the market opens the price can jump.

Why is my limit lower on Friday?

Because the next price is only known when the market opens again. A lower soft limit leaves room for a gap.

What does protection cost?

At most 0.30% of what is sold. Liquidation costs far more, 7% to 13% depending on the stock.

Can Levra take my funds?

No. Your collateral and debt sit in your own Morpho position. The router can only act inside a transaction you sign, or reduce a position you protected.

Why is the price different on the exchange?

Only parties registered with the issuer can swap tokens for real shares, so the token can trade above or below the stock price.

Revoke access without the app

Open Morpho on a Monad block explorer, connect your wallet under Write contract, and call setAuthorization with the router address and false. Your positions stay where they are and can be managed on Morpho directly.

Morpho: 0xD5D960E8C380B724a48AC59E2DfF1b2CB4a1eAee

MarginRouter: 0xa3F19ac30Be34028D9a0CaAcaF00c0b7295Fc2E6