> For the complete documentation index, see [llms.txt](https://docs.save.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.save.finance/getting-started/supply-and-borrow-apy.md). # Supply & Borrow APY ### **Supply APY** Users who supply collect an APY from the users who borrow. The borrow APY is split across the entire pool, so Supply APY = Borrow APY \* Utilization. For example, if there is 2 BTC in a pool, and 1 BTC is lent out at 20% APY, the suppliers of the 2 BTC will receive 10% APY each. This APY is given in the **same token as the supply**. Deposit **BTC** for **BTC** yields, or **SOL** for **SOL** yields. This is because the APY on borrows is charged on the same yield as well. The displayed APY is based on compounding over a year. Each Token has a different set of [Parameters ](/protocol/parameters.md)that determines their actual yields at different points, and can be seen [here](/protocol/parameters.md). Additionally, you get [Liquidity Mining](/protocol/liquidity-mining.md) (LM) rewards on SLND, UST, stSOL and mSOL. These LM rewards are collectible on the 3rd of every month, at UTC Midnight. ### Borrow APY When you are borrowing, you are **paying** a Borrow APY to the pool (for the users who supplied). This borrow APY is calculated based on the [Parameters ](/protocol/parameters.md)& [The Math](/protocol/fees.md#borrow-apy), and are displayed on our UI when you borrow. Borrow APY is added to your loan on a per-slot basis, so the amount of money you have to repay goes up over time. ![Get paid to borrow! ](/files/sdpsngajlEIv9HqgZl47) On most of the tokens, such as USDC and SOL, borrowers also receive SLND rewards for borrowing. These are claimable on the 3rd of every month at UTC Midnight, same as [Liquidity Mining](/protocol/liquidity-mining.md). For these, you can even get paid to borrow, as SLND Rewards > Borrow APY. These are displayed on our UI as a negative APY. There is no "Deadline" for you to repay your loans. They will just tick up over time, but you can repay them any time! ## Liquidity Mining Rewards ### Viewing Rewards Rewards can be viewed by clicking on the Pending Rewards button on the top right, near the Connect Wallet button. ![](/files/sXI3A0FlWjk62WKcdkJY) ![](/files/bQIMzk65bPkBiGN7569M) ### Claiming Rewards Rewards are claimable on the 3rd of each month, at UTC Midnight. SOCN rewards for the month will be claimable once the token launches. ### LM 2.0 In addition to the standard LM program where users receive SLND tokens, we are currently running a trial on a LM 2.0 program that involves call options. An additional 10% of SLND tokens have been earmarked for LM rewards with the following parameters: Options are American Strike Price: 50% of the SLND price at the end of March Expiry: One month These details are subject to change, but the terms are as follows: SLND price is at $2.00 on March 31st, you get to claim call options with a strike at $1.50 on April 3rd. You can then exercise them for the token, paying the strike to receive the full token. Exercising the option will involve topping up $1.00 per SLND token ($1.00 given to you + $1.00 your entry price). You can choose to hold or sell the SLND token after that. Again, details are subject to change, and will eventually replace our regular LM program. ### Claiming & Exercising LM Options On the 3rd of every month at UTC 00:00, your options become claimable alongside your regular LM rewards. ![](/files/iwOVT0epWyEZbTD6OgSu) Currently, the parameters are set at 50% ITM. Thus, assuming a $2 SLND price at the end of March, the strike price of the option will be $1 USDC. This means that you can pay 1 USDC to receive 1 SLND token worth $2. The image above shows a SLND LM reward of 5 SLND options, worth $5. The expiry date shown is in real time, so it will expire exactly at the stroke of midnight according to the expiry date displayed (not slot times). ![](/files/qBwjcSmBfvwCDUcS8xgr) 1 Option Token = 0.1 SLND token, so 5 SLND will be 50 Options as displayed by Phantom's UI. Thus, you can claim your LM rewards in denominations of 0.1. If you have <0.1 SLND, they will be rolled forward to the next month. Our UI will handle this, so no action is needed from you. \ When you're ready, click on the Exercise button shown below to open the exercise UI. ![](/files/r4TtJTo0pDkwKydWqn1k) On our exercise UI, you can swap your USDC for SLND immediately without leaving our site. ![](/files/aajXQPt2Zx9KuZp0EYRz)