A wick shouldn't cost
you your shares.
Stock tokens trade around the clock. The stock market doesn't. On a thin Saturday, one bad print can push a price-based loan over its line and sell your collateral, even if the price is back by Monday morning.
Price-based lending
- ×Liquidated the moment price touches a line, at any hour
- ×Variable rate: your cost changes after you borrow
- ×Collateral sold at a penalty; the rest is gone
- ×Weekend gaps decide your fate while the market is shut
Hourglass
- ✓No price liquidation. Only missing your date can end the loan
- ✓Rate fixed when you borrow, for the whole term
- ✓If it ever goes to auction, every dollar above your debt comes back to you
- ✓Due dates always land Tue–Thu, during US market hours
Three steps. One date.
Every loan is a certificate with one number that matters: the date you repay by.
Lock your stocks
Deposit a listed stock token. Pick 7 or 30 days.
Get USDG at a fixed rate
The rate and the due date are written on your certificate the moment you borrow. Nothing changes after.
Repay or roll over
Repay any time before the date and take your stocks back. Need longer? Roll over in one click from 3 days before.
You still keep the surplus.
Listed stocks. Public terms.
Loan-to-value and rate bands are set per asset and per term. Today's rate is read live from the contracts.
| Asset | Price | Max LTV 7D | Max LTV 30D | Rate band | Rate now · 7D | Oracle | |
|---|---|---|---|---|---|---|---|
| Index & ETF | |||||||
SPY SPYSPDR S&P 500 ETF | — | — | — | — | — | Weekend | Borrow |
| Mega-cap | |||||||
NVDA NVDANVIDIA | — | — | — | — | — | Weekend | Borrow |
| High volatility | |||||||
TSLA TSLATesla | — | — | — | — | — | Weekend | Borrow |
| T-bills | |||||||
SGOV SGOViShares 0-3M Treasury | — | — | — | — | — | Weekend | Borrow |
Opening a loan while the US market is closed lowers max LTV by 10 points. "Paused" means the stock token's issuer has paused its price (e.g. a corporate action): no new loans until it resumes; repayments always work.
Lend USDG. Know when it comes back.
Every loan has a due date, so vault cash keeps coming home. If idle cash runs short you join a first-in, first-out queue, filled by the next repayments.
7-Day
30-Day
Five layers between a gap and a lender.
No price liquidations means the protocol has to be careful before anything goes wrong. Each layer only matters if the one above it fails.
Low loan-to-value
40–60% on stocks. A loan only loses money if the stock falls more than half before the due date and the borrower walks away.
Session-aware oracle
Chainlink prices, checked against US market hours and the issuer's pause flag. A paused or stale price can't open a loan or start an auction.
Auction anchored to the oracle
102% → 70% of oracle value over 8 market hours. The clock stops when the market is closed or the price is unusable.
USDG reserve
Part of every fee builds a reserve that pays any shortfall to the vault automatically.
Staked $GLASS
Stakers back lenders last. Up to 30% of the stake can be used per shortfall event.
A token with a job.
Every fee Hourglass earns is split the same way, on-chain, every time. $GLASS sits behind lenders, and is paid for doing it.
Real yield in USDG
Stake GLASS and receive 40% of every fee, streamed over 7 days. Paid in dollars, not in more tokens.
Half burned, half to the stake
30% of fees buy GLASS on the open market. 50% is burned, 50% is added to the safety module.
The last line for lenders
Staked GLASS covers what the reserve can't. 10-day cooldown, so nobody runs ahead of a loss.
Launch: Pons, GLASS/ETH. The contract address is published here and on X at launch only. No price targets, no promises of returns.
Every dollar, on the record.
No fee distributions yet.
Questions.
Can my loan be liquidated if the price drops?
No. Price never ends an Hourglass loan. The only thing that can is not repaying by the date on your certificate plus a 24-hour grace period.
What happens if I miss the date?
After 24 hours of grace your collateral goes to a Dutch auction priced from the oracle. The vault is repaid principal, interest and a 1% late fee. Everything above that is yours to claim.
Why are due dates always Tuesday to Thursday?
So that anything that has to happen on the due date happens while the US market is open and prices are live, never on a weekend gap.
Can I repay early?
Yes, any time. You pay interest for the days used, with a minimum of 3 days on 7-day loans and 10 days on 30-day loans.
Can I borrow on a weekend?
Yes, at 10 points lower LTV, because the oracle price is frozen until Monday.
What does it cost?
Your fixed rate, plus an origination fee of 0.06% on 7-day loans or 0.25% on 30-day loans. Everything is shown before you sign.
Who can borrow?
Stock tokens can't be offered to persons in the US, Canada, the UK or Switzerland, so borrowing isn't available there. Lending USDG is. Sanctioned regions are blocked entirely.
What can't the protocol protect against?
The stock token issuer can pause or block any address, including Hourglass contracts. This is disclosed in full on the Risks page.
