Terms of Use

01Acceptance of these terms

By opening the Borro app, connecting a wallet or sending a transaction through it, you accept these Terms of Use and the Privacy Policy. If you do not accept them, do not use the app.

"Borro", "we" and "us" mean the people who run borro.markets. "You" means the person using it.

02What Borro is, and is not

Borro is a website and a set of smart contracts on Robinhood Chain. The website is an interface. The contracts let you lend stock tokens and USDG into vaults, borrow USDG against stock you have lent, and short a stock token by borrowing it and selling it in one transaction. Lending and borrowing take place on Morpho, a lending protocol run by someone else, in markets and vaults that Borro set up.

Borro is not a bank, a broker, an exchange, an investment adviser or a money transmitter. What you lend through Borro is not a bank deposit and is not insured by any government or private scheme.

We never hold your money or your keys. Your positions sit in the contracts, and only your wallet can withdraw them.

03Early access

Borro is new. Its contracts have been tested and reviewed, and they have not been audited by an outside firm. Each market has a cap, and the caps, the stocks on offer and other features can change.

Do not put in anything you are not prepared to lose.

04Eligibility

You may use Borro only if all of these are true:

• You are at least 18 years old and legally able to agree to these terms.
• You are not the subject of sanctions, and you are not in a place where using the app is prohibited.
• Using the app, and holding, lending, borrowing or shorting stock tokens, is lawful where you live.

You are responsible for any taxes that arise from your use of Borro, including on interest, rent, sales made when a short opens or is closed, and $BORRO you receive.

05Stock tokens come from someone else

The stock tokens on Borro are issued by Robinhood Assets (Jersey) Limited, not by Borro. We do not issue, distribute, recommend or stand behind them. Their issuer sets their terms, and those terms apply to you as a holder.

A stock token is not the share itself. Its issuer can pause it or restrict a wallet, and its price on a trading pool can differ from the price of the underlying share. Read the issuer's own documents before you use one.

Listing a stock on Borro is not advice to lend, borrow against or short it.

06Your wallet, your responsibility

You use Borro from your own wallet. You alone control its keys. We cannot recover a lost key or reverse a transaction. Transactions on a blockchain are final.

Check every transaction in your wallet before you sign it, and check that you are on borro.markets.

07How lending, borrowing and shorting work

Lending. What you lend goes into a vault for that stock or for USDG, and the vault supplies it to Borro's markets on Morpho, where borrowers and shorters pay interest on it. You can withdraw whatever is not borrowed at that moment. When most of a market is borrowed, a withdrawal can wait until borrowers repay or are closed out. The USDG vault also has an emergency exit that pulls money back from a market to pay you; its penalty is 0% today and can never be more than 2%.

Interest. Rates are set by each market's rate curve from how much of it is borrowed. They are variable, and they are not fixed, promised or guaranteed by Borro.

Borrowing USDG. You post stock you have lent as collateral and borrow USDG against it, up to the limit shown for that stock. The posted stock keeps earning what it would earn as a loan.

Shorting. You leave a deposit in USDG, and the app borrows the stock and sells it for USDG in one transaction. Your deposit and the sale money are held for you in a USDG lending vault run by someone else (Steakhouse, on Morpho), where they earn its interest. To close, the app buys the stock back, repays the loan and returns what is left to you. A short is made of one loan per stock, so a basket is several shorts opened and closed together.

Being closed out. If the value of what you owe rises past your limit (for a loan, when the stock falls; for a short, when the stock rises), anyone may close your position. They repay part or all of what you owe and take collateral worth more than that, with a bonus of up to 15%. You can lose some or all of what you posted. Borro runs a bot that does this, and it receives the same bonus anyone would.

Prices. Limits are checked against Chainlink price feeds. The feeds pause from Friday 8pm to Sunday 8pm New York time and on market holidays; while they are paused, Borro uses the last price. Weekend prices from Hyperliquid shown in the app are for reference only and are not used by the contracts.

What Borro can change. The contracts are owned by a multi-signature wallet. It can change fees within the limits in section 9, pause new shorts on a stock (closing always stays open), change caps, and add or remove markets. Anything that could hurt a lender, such as raising a fee or lending to a new market, waits three days in public before it takes effect. A change to the market a short is sold in waits two days. The owner cannot move your positions.

Figures in the app, such as what a position would earn or cost in a year, are estimates from current rates and prices. They are not promises.

08$BORRO, rent refunds and the weekly prize

$BORRO. $BORRO is a coin launched on Pons by Borro's team. Borro does not make it. Pons pays a creator fee on its trading, and Borro uses those fees to buy $BORRO and share it out once a day to people who lend stock, lend USDG or short, counted from 5 October 2026. How much is bought depends on trading, and it can be nothing. Who earned what is counted from the chain and published as a list; each new list waits two hours before it can be claimed against, and a guardian can throw out a wrong list or pause claims. $BORRO is a reward, not a share in Borro or in anything else. It carries no promise of value, of any payment, or of a market to sell it in, and we can change or stop how creator fees are used.

Rent refunds and the weekly prize. Two pots, filled from Borro's fees, pay part of shorters' rent back when they close and a weekly prize for the best short. The rules, the share of each fee that goes to each pot and the limits are shown in the app. An empty pot pays nothing. Prize weeks run Monday to Monday, UTC; a week no short qualifies for rolls its pot into the next. A change to the prize terms applies from the week after next.

09Fees

Borro keeps a share of the interest each lending vault earns, shown in the app for each vault: 10% on the stock vaults. It is taken from interest only, never from what you lent, and the vaults will never accept more than 50%. Raising it waits three days in public. There is no management fee. Opening a short costs 0.10% of the sale; that fee can never be more than 0.30%. Borro's fees fill the rent refund and prize pots.

Separately, the pools that swap stock and USDG charge their own trading fees, the vault that holds a short's money keeps its own fee from what it earns, and the network charges a fee for each transaction you send. None of these is paid to Borro.

10Risks you accept

By using Borro you accept these risks, and others we have not thought of:

• Being closed out. A loan or a short past its limit can be closed by anyone, and you lose the bonus they take on top of what they repay.
• Losses to lenders. If a price moves faster than positions can be closed (over a weekend, say), a borrower or shorter can owe more than their collateral is worth. That shortfall falls on the lenders in that market.
• Paused prices. While the feeds are paused, positions are judged on the last price, and the first price after the pause can close many positions at once.
• Waiting to withdraw. What is borrowed cannot be withdrawn until it is repaid or closed out.
• Smart contracts. Borro's contracts, Morpho, the trading pools, the price feeds and the chain can contain faults or be attacked.
• The stablecoin. USDG can lose its peg or be frozen by its issuer.
• Stock tokens. Prices fall and rise. An issuer can pause or restrict a token, and a token's price on a pool can differ from the share's.
• Trading. A short opens and closes through trading pools that can be thin, so a fill can be worse than you expect. The app shows the expected amount and refuses a fill below the minimum you sign for.
• Third-party vaults. The vault that holds a short's money can lose value or be short of cash, which can delay a close.
• Our bots. Closing out, moving USDG between markets, buying and counting $BORRO and paying the prize depend on services we run. They can be late or stop.
• Technology. The website, your wallet, your device and the network can fail or be unavailable.
• Law. Rules for this kind of software are unsettled and can change in ways that affect the app or your use of it.

11Acceptable use

You agree not to use the app to break the law, to launder money or evade sanctions, to manipulate a price or a market, to attack or interfere with the contracts or the website, to get around a restriction we have put in place, or to infringe anyone's rights. We may restrict access to the website where the law requires it.

12Intellectual property

The Borro name, mark, artwork and website belong to us. Open-source components keep their own licences. We give you a limited, non-exclusive, non-transferable, revocable permission to use the website for its intended purpose.

13Third-party services

Borro depends on services we do not control: Robinhood Chain and its node provider, Morpho, Chainlink, the Uniswap pools, the Steakhouse vault, the issuers of USDG and of the stock tokens, Hyperliquid's price data, your wallet software, and the services that host the website and supply rates. We are not responsible for what they do or fail to do.

Borro is independent and is not affiliated with or endorsed by Robinhood, Morpho, Chainlink, Uniswap, Steakhouse, Paxos or Hyperliquid.

14Disclaimer of warranties

The app is provided "as is" and "as available", without warranties of any kind, whether express or implied, including warranties of merchantability, fitness for a particular purpose and non-infringement. We do not promise that the app will be uninterrupted, secure or free of errors.

15Limitation of liability

To the fullest extent the law allows, Borro and the people who run it are not liable for indirect, incidental, special, consequential or punitive damages, or for loss of profits, assets, data or goodwill, arising from your use of the app. Some places do not allow these exclusions, so parts of this section may not apply to you.

16Indemnification

You agree to cover Borro and the people who run it against claims, losses and costs, including reasonable legal fees, that arise from your use of the app, your breach of these terms or your breach of any law.

17No financial advice

Nothing on the website or in the app is financial, investment, legal or tax advice. Decide for yourself, and ask a qualified adviser if you need one.

18Disputes

If you have a complaint, write to us first and give us a fair chance to resolve it. Any dispute is brought on an individual basis. To the extent the law allows, you give up the right to take part in a class action or other representative proceeding against Borro.

19Changes to these terms

We may update these terms. The date at the top shows the latest version. If you keep using the app after a change, you accept the changed terms. If you do not accept them, stop using the app; you can always withdraw what is yours and not borrowed.

20Contact

Write to team@borro.markets.