Rates and fees

Cash and RWA inventory are different forms of capital. Vadium should not force them into one rate model.

Cash borrow rate

Cash APR = base funding rate + utilization premium + RWA risk spread + carry premium

The cash rate reflects the cost of stablecoin funding, utilization of the cash vault, collateral-specific risk and any incremental risk associated with carrying positions through restricted or closed market periods.

RWA borrow rate

RWA borrow APR = inventory utilization curve + term / recall premium

The RWA borrow rate primarily prices scarcity: how much inventory exists, how much is already borrowed, and how reliable that inventory is.

Approximate supplier yield

Supply APR ≈ borrow APR × utilization × (1 − protocol reserve)

This is a simplified relationship. Final accounting depends on the implemented interest model, reserve mechanism, incentives and any fixed-term or epoch-based features.