Live on Robinhood Chain

Lend your stocks.
Or short them.

Eddy opens the other side of the market for tokenized stocks. Lend the shares you hold and earn interest paid in shares, or short a stock in one transaction when you think it will fall. Every position sits on Morpho Blue in your own wallet.

Lend shares → Short a stock
  • No contract of ours
  • One transaction each way
  • Robinhood's own prices
  • Permits, not approvals

Try it, live

From Morpho's markets, Uniswap's pools and Robinhood's price feeds, right now
Live
NVDA
Price now
Worth
Lenders earn now
In a year, at today's rate
Lent out · borrowed
Lend these shares →

Real numbers: the market's own oracle, Uniswap's quote for the exact sale, and the interest rate Morpho charges this second. Nothing is sent until you sign.

How it works

Two sides of one market

Morpho Blue already had markets on Robinhood Chain that lend stock tokens against dollars. Nobody had put shares in them. Eddy is a page for both sides: the people who lend shares, and the people who borrow them to sell.

Lend

Your shares, working

  1. Supply shares you holdOr pay in USDG: Eddy buys the shares on Uniswap and lends them in the same transaction.
  2. Borrowers pay interest in sharesYour balance of the stock grows. You still own the stock's price moves, up and down.
  3. Withdraw any timeWhatever is not lent out right now comes back to your wallet in one transaction.
Short

Profit when it falls

  1. Post dollarsUSDG from your wallet becomes collateral in your own Morpho position.
  2. Borrow shares and sell themIn the same transaction: the sale's dollars are added to your collateral. You now owe shares.
  3. Buy back to closeOne transaction buys the shares, repays them and sends you every remaining dollar. If the price fell, that is more than you put in.
liquidation line: the price your short can take price you sold at you open close: the gap is yours time →price ↓
It falls: you gainYou sold at the higher price and buy back at the lower one. The difference, less Uniswap's fee both ways and the interest, is yours.
It rises: you loseBuying back costs more than you sold for. The loss comes out of the dollars you posted.
Too far up: liquidatedPast the liquidation line anyone may repay part of your debt and take collateral at a small bonus. Eddy shows exactly how far that is before you sign.
The lender's sideEvery share a short-seller borrows came from a lender, who is paid interest on it until it is bought back and returned.
Markets

Five stocks, live

Every figure below is read from Robinhood Chain as the page loads: what lenders have put in, what short-sellers have borrowed, and the rate each side is paid or pays this second.

StockPriceLentBorrowedLenders earnBorrowers pay
NVDA NVIDIA$230.30LendShort
GOOGL Alphabet$349.91LendShort
SPY SPDR S&P 500 ETF$767.65LendShort
AAPL Apple$336.59LendShort
TSLA Tesla$353.70LendShort

Rates follow demand: Morpho's rate rises as more of a market is borrowed, and is near zero while nobody borrows. A short can only borrow shares somebody has lent. Market details →

Before you start

What can go wrong

Both sides carry real risk. Here it is, plainly, before anything else.

If you lend

You keep the stock's risk. You are still holding the stock: if it falls, your lent shares are worth less.

Lent-out shares wait. You can withdraw only what is not borrowed right now. When a short closes, its shares come back and are free again.

Bad debt is possible. If a stock jumps so far, so fast, that a short cannot be liquidated in time, lenders share the shortfall. Between the liquidation line and a loss for lenders is a further 42% rise (Morpho pays liquidators a 12.7% bonus at this limit).

If you short

A rising stock costs you. Your loss grows with the price. Past the liquidation line part of your collateral can be taken at a bonus.

You need lenders. A short can only borrow shares somebody has lent. The page shows how many are free.

The market sleeps. Robinhood's feeds stop when the stock market shuts; a day later the oracle refuses to price, and nobody can open, trim or liquidate until it reopens. Closing in full still works.

Safety

Nothing to trust but Morpho

Eddy is a page, not a bank. Your position lives on Morpho Blue under your own address, and only your wallet can take it out.

No contract of ours

Every transaction goes to Morpho Blue, Morpho's Bundler3 and adapter, and Uniswap's router: audited contracts already live on Robinhood Chain. There is nothing of ours to pause or drain.

All or nothing

Opening a short is one transaction: post, borrow, sell. If any step fails — the price moved, the shares are gone — none of it happens and nothing moves.

Robinhood's price

Morpho values every position with an oracle built on Robinhood's own feed. Eddy also refuses a sale that Uniswap prices more than 1.5% below that feed.

Permits, not approvals

You sign a permit for exactly what the transaction moves, valid for fifteen minutes. No standing, unlimited approval is asked for.

Tested on the live chain

The code that builds your transaction lends, shorts, closes and liquidates on a private copy of Robinhood Chain, checked to the unit. The results.

Only you act for you

Morpho's adapter acts only for the wallet that sent the transaction. A stranger replaying yours cannot touch your position — that is tested too.

Questions

Good to know

Where does the interest come from?

From short-sellers. Every share they borrow pays Morpho's interest rate, which rises as more of a market is borrowed. Lenders share it, in the stock itself. While nobody borrows, the rate is close to zero.

Why short on Robinhood Chain at all?

Tokenized stocks here trade around the clock on Uniswap, but until now the only way to act on a view that a stock will fall was to sell what you already held. A short lets you do that with dollars.

What does it cost?

Eddy charges nothing. A short pays Uniswap's pool fee when it sells and again when it buys back (0.05% in these pools), plus the borrow interest. Gas on Robinhood Chain is a fraction of a cent.

What is "liquidated"?

Morpho lets anyone repay part of a short's debt and take the same value of its collateral plus a small bonus once the debt is worth more than 62.5% of the collateral. Eddy shows the rise that would take you there, and lets you add dollars at any time to push it further away.

Why does the page ask me to sign twice the first time I short?

Once for a permit (to move exactly your dollars), once for Morpho's permission for its adapter to borrow for you. The second is needed only once per wallet, and you can revoke it from the Positions tab.

What do I need?

A wallet on Robinhood Chain (MetaMask, Rabby, Coinbase Wallet…), the shares or USDG you want to use, and a little ETH for gas. Eddy adds the network if your wallet does not have it.

Is it audited?

Eddy deploys no contract, so there is nothing of ours to audit: your position is built from Morpho Blue, Bundler3 and Uniswap, each audited and in use on many chains. The market oracles were deployed by others and are not verified on the explorer; the docs say what they do and how we checked them.