> For the complete documentation index, see [llms.txt](https://stablestock.gitbook.io/ss/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://stablestock.gitbook.io/ss/concepts/leverage/interest-and-repayment.md).

# Interest and repayment

### How interest accrues

Borrowed capital accrues interest only while your position is open. Interest is settled every 4 hours — at six fixed points each day: 00:00, 04:00, 08:00, 12:00, 16:00, and 20:00, in the local time of the market where the stock trades. At each settlement, the interest due is added to your outstanding loan.

Interest is charged only when a settlement point is reached, never for a partial period. The position page shows a live countdown to the next settlement. If you close your position or repay before that point, no interest accrues for the time in between.

### Intraday is free; overnight carries the cost

On a trading day, the settlement points that fall inside the trading session are waived. A position opened and closed within the session, without crossing a charged settlement point, accrues no interest. The day's financing is instead carried by the settlement points outside the session. Because the US and Hong Kong sessions run at different hours, the waived points differ by market.

On a non-trading day (weekends and holidays), the market is closed, so there is no intraday window — all six settlement points accrue.

### Rate schedule

The rates below are illustrative at a representative level (\~15% APR). Actual rates vary by stock — see **Please note** below.

#### Trading day

| Settlement (local time) | US rate        | Hong Kong rate |
| ----------------------- | -------------- | -------------- |
| 00:00                   | 0.0136986%     | 0.010274%      |
| 04:00                   | 0.0136986%     | 0.010274%      |
| 08:00                   | 0              | 0.010274%      |
| 12:00                   | 0              | 0              |
| 16:00                   | 0              | 0              |
| 20:00                   | 0.0136986%     | 0.010274%      |
| **Daily total**         | **0.0410958%** | **0.041096%**  |
| **Annualized**          | **14.999967%** | **15.00004%**  |

#### Non-trading day

| Settlement (local time) | US rate        | Hong Kong rate |
| ----------------------- | -------------- | -------------- |
| 00:00                   | 0.0068493%     | 0.0068493%     |
| 04:00                   | 0.0068493%     | 0.0068493%     |
| 08:00                   | 0.0068493%     | 0.0068493%     |
| 12:00                   | 0.0068493%     | 0.0068493%     |
| 16:00                   | 0.0068493%     | 0.0068493%     |
| 20:00                   | 0.0068493%     | 0.0068493%     |
| **Daily total**         | **0.0410958%** | **0.0410958%** |
| **Annualized**          | **14.999967%** | **14.999967%** |

### Example scenarios

These examples assume you borrow **10,000 USDT** against a US stock, at the illustrative trading-day rate above — charged at 00:00, 04:00 and 20:00 (0.0136986% each), and waived at 08:00, 12:00 and 16:00.

**1. Intraday round trip — no interest.** You open at 10:00 and close at 15:30 the same day. The only settlement point in that window is 12:00, which is waived during the session. No charged point is reached. Interest: **0 USDT.**

**2. Held one night.** You open at 11:00, hold overnight, and close at 11:00 the next day. The position crosses three charged settlement points — 20:00, 00:00 and 04:00. Interest: 3 × 1.36986 = **4.10958 USDT** — about one full day's financing (≈ 14.99% APR for the period held).

**3. Closed just before a settlement.** You open at 17:00 and close at 19:55, before the 20:00 settlement. No charged point is reached, so the partial period is free. Interest: **0 USDT.**

**Holding longer or over a weekend.** Each additional calendar day held adds roughly one more day's financing — about 0.041%, or 4.1 USDT per 10,000 borrowed. On non-trading days the market is closed, so there is no intraday window: every day held, weekday or weekend, carries the full daily charge.

Hong Kong stocks follow the same logic, with 12:00 and 16:00 as the waived session points.

### Repayment

There are two ways to repay:

* **Automatic repayment** — when you sell to close, the platform repays the loan at the next settlement in proportion to how much you closed (repayment = closed ratio × total outstanding loan).
* **Manual repayment** — repay at any time using the icon next to your outstanding loan, or the **Repay** button.

### Where to check your rate

You can see the rate for the next settlement, along with the countdown, under **Position → Interest**. Both the financing rate and the interest charged are shown live in the app and may vary by stock.

### Please note

1. The rates above are illustrative. Financing rates change with market conditions and vary by stock; the exact rate and the interest due are always shown live in the app.
2. The platform reserves the right to adjust financing rates, or to suspend lending services, at any time and without prior notice.