Borrow Orders

Borrow orders let a borrower place a limit-style order specifying the rate they’re willing to pay, the term, and the size — lenders then fill it directly, bypassing the IR curve. They are most useful on fixed-term reserves where pricing is set by direct counterparty matching. When a borrow order is filled, the matched debt is locked in at the agreed rate for the agreed term. The fill creates a normal fixed-term position; from that point forward, the position behaves like any other fixed-term borrow on the reserve.

Market-level enablement

Field	What it does
`borrow_order_creation_enabled`	If `1`, borrowers can place new orders
`borrow_order_execution_enabled`	If `1`, lenders can fill placed orders
`min_borrow_order_fill_value`	Minimum USD value (scaled fraction) for any single fill. Applies both at order placement and on partial fills

A typical min_borrow_order_fill_value is large enough to make fills economically meaningful (e.g., $50–$1,000 equivalent). Set it to filter out dust orders that would crowd the orderbook.

SDK
API
Kamino CLI

Enable borrow orders via SDK

Curator-side: flip the market flags via updateLendingMarketIxs. End-user-side: place orders via the setBorrowOrder instruction; lenders fill via fillBorrowOrder.

Curator: enable on the market

import {
  KaminoManager,
  DEFAULT_RECENT_SLOT_DURATION_MS,
  PROGRAM_ID,
  MarketWithAddress,
} from '@kamino-finance/klend-sdk';
import { LendingMarket } from '@kamino-finance/klend-sdk/dist/@codegen/klend/accounts';
import { address } from '@solana/kit';

const kaminoManager = new KaminoManager(rpc, DEFAULT_RECENT_SLOT_DURATION_MS, PROGRAM_ID);

const marketState = await LendingMarket.fetch(rpc, marketAddress);
if (!marketState) throw new Error('Market not found');
const marketWithAddress: MarketWithAddress = { address: marketAddress, state: marketState };

const newLendingMarket = { ...marketState };
newLendingMarket.borrowOrderCreationEnabled = 1;
newLendingMarket.borrowOrderExecutionEnabled = 1;
newLendingMarket.minBorrowOrderFillValue = 50_000n;  // adjust per asset

const ixs = kaminoManager.updateLendingMarketIxs(adminSigner, marketWithAddress, newLendingMarket);
// submit each ix in order

Borrower: place an order

The SDK exposes the raw setBorrowOrder instruction builder via the codegen module. Build the instruction with the order parameters and submit it from the borrower’s wallet.

import { setBorrowOrder } from '@kamino-finance/klend-sdk/dist/@codegen/klend/instructions';

// Build args and accounts per the instruction's signature, then:
const ix = setBorrowOrder(args, accounts, PROGRAM_ID);
// Sign with the borrower's wallet and submit

Lender: fill an order

import { fillBorrowOrder } from '@kamino-finance/klend-sdk/dist/@codegen/klend/instructions';

const ix = fillBorrowOrder(args, accounts, PROGRAM_ID);
// Sign with the lender's wallet and submit

For full args / accounts shapes, see the auto-generated source at klend-sdk/src/@codegen/klend/instructions/setBorrowOrder.ts and fillBorrowOrder.ts.

Configuring borrow orders is not available via the REST API. The curator-side flags live on LendingMarket and are flipped through the SDK or Kamino CLI. User-facing order creation and filling happen on-chain via the program’s instructions.

To configure borrow orders, use the SDK or Kamino CLI tabs.Live order data may be surfaced through Kamino’s indexer / API for whitelisted markets. For non-whitelisted curator markets, run your own indexer.

Enable borrow orders via CLI

# 1. Download
yarn kamino-manager download-lending-market-config \
  --lending-market <MARKET_ADDRESS>

# 2. Edit ./configs/<MARKET>/market-<MARKET>.json — set:
#    "borrow_order_creation_enabled": 1
#    "borrow_order_execution_enabled": 1
#    "min_borrow_order_fill_value": "<scaled fraction>"

# 3. Inspect
yarn kamino-manager update-lending-market-from-config \
  --lending-market <MARKET_ADDRESS> \
  --lending-market-config-path ./configs/<MARKET>/market-<MARKET>.json \
  --mode inspect

# 4. Apply
yarn kamino-manager update-lending-market-from-config \
  --lending-market <MARKET_ADDRESS> \
  --lending-market-config-path ./configs/<MARKET>/market-<MARKET>.json \
  --mode multisig \
  --multisig <SQUADS_MULTISIG_PUBKEY>

User-side order creation and filling are not currently exposed through the kamino-manager CLI; users place orders via the Kamino webapp or via SDK-built transactions.

The order itself

A borrow order is stored on the borrower’s obligation account. Each order specifies:

Field	What it does
`remaining_debt_amount`	The principal still seeking a fill. Decreases as partial fills happen
`max_borrow_rate_bps`	The highest interest rate (bps) the borrower will accept. A lender can fill at any rate ≤ this value
`min_debt_term_seconds`	The minimum term (seconds) the borrower will accept. Lenders’ fills must use a fixed-term reserve with `debt_term_seconds >= min_debt_term_seconds`
`fillable_until_timestamp`	Order expires after this timestamp
`enable_auto_rollover_on_filled_borrows`	If `1`, filled borrows from this order auto-roll on maturity (subject to market-level rollover settings)

Hard limit: each obligation can hold one open borrow order at a time. This is a deliberate business-logic constraint enforced by the program; it keeps the orderbook clean and the matching logic simple.

The matching flow

The borrower calls set-borrow-order on their obligation, specifying the parameters above. At this stage no target reserve is named: the order is a pure expression of “what I’m willing to take” — max rate, min term, expiry, size. A lender (or filler bot, or vault) finds the order, picks a fixed-term reserve whose debt_term_seconds and current borrow rate sit inside the order’s min_debt_term_seconds and max_borrow_rate_bps bounds, and calls fill-borrow-order referencing the borrower’s obligation, the chosen reserve, and the amount to fill. The program verifies expiry, term, rate, and fill-size constraints; on success, principal flows from the reserve to the borrower’s debt position with the matched fixed term. The order’s remaining_debt_amount decreases by the filled size. When it reaches zero, the order closes. The borrower can also cancel the order at any time, and the order is automatically void after fillable_until_timestamp passes.

Three liquidity flows that fill orders

Flow	Source of liquidity
Repaid liquidity matching	Repayments into a fixed-term reserve free up liquidity. Bots monitor and fill outstanding borrow orders against that reserve
Vault-driven fills	A Kamino vault sitting on top can route deposits into a fixed-term reserve to fill matching orders, capturing the rate as yield for the vault’s depositors
Direct seeding	A privileged lender deposits directly into a fixed-term reserve. The deposit sits as available liquidity until a borrow order fills it

Cancelling an order

A borrower can cancel their open order at any time (subject to no in-flight partial fill). Cancellation closes the order without affecting the borrows that have already been filled — those positions persist as normal fixed-term debt.

Interaction with obligation ownership transfer

When a borrower has an open borrow order, transferring obligation ownership has a constraint: the order’s debt destination is tied to the original owner’s authority. If the new owner accepts the obligation while an order is open, the order becomes unfillable. Recommended flow: cancel any open borrow orders before initiating an obligation transfer. See Obligation ownership transfer.

Off-chain infrastructure

Borrow orders are useful in proportion to the off-chain matching infrastructure around them. A typical setup:

Order indexer: an off-chain service watches set-borrow-order events and maintains an orderbook view per reserve
Filler bot: a service that detects fillable orders and submits fill-borrow-order transactions
UI: the borrower’s UI shows the orderbook and lets them place / cancel orders

Curators running their own market typically rely on Kamino’s existing infrastructure (for whitelisted markets) or build their own around the on-chain primitives.

Common errors

Error	Cause
`BorrowOrderCreationDisabled`	`borrow_order_creation_enabled = 0`. Enable
`BorrowOrderExecutionDisabled`	`borrow_order_execution_enabled = 0`. Enable
`BorrowOrderAlreadyExists`	The obligation already has an open order. Cancel the existing one first
`BorrowOrderFillValueTooSmall`	Fill amount is below `min_borrow_order_fill_value`
`BorrowOrderExpired`	`now > fillable_until_timestamp`. Borrower must place a new order
`BorrowOrderTermNotAcceptable`	Lender’s chosen reserve has `debt_term_seconds < order.min_debt_term_seconds`
`BorrowOrderRateNotAcceptable`	Fill rate exceeds `max_borrow_rate_bps`

Reference

Market config reference — borrow_order_* flags and min_borrow_order_fill_value
Fixed rate reserves — the underlying lending mechanics
Obligation ownership transfer — interaction with open orders

Get started

Market setup

Reserve setup

Optional features

Day-2 operations

Data & integration

Reference

Market-level enablement

Enable borrow orders via SDK

Curator: enable on the market

Borrower: place an order

Lender: fill an order

Enable borrow orders via CLI

The order itself

The matching flow

Three liquidity flows that fill orders

Cancelling an order

Interaction with obligation ownership transfer

Off-chain infrastructure

Common errors

Reference

​Market-level enablement

​Enable borrow orders via SDK

​Curator: enable on the market

​Borrower: place an order

​Lender: fill an order

​Enable borrow orders via CLI

​The order itself

​The matching flow

​Three liquidity flows that fill orders

​Cancelling an order

​Interaction with obligation ownership transfer

​Off-chain infrastructure

​Common errors

​Reference

Market-level enablement

Enable borrow orders via SDK

Curator: enable on the market

Borrower: place an order

Lender: fill an order

Enable borrow orders via CLI

The order itself

The matching flow

Three liquidity flows that fill orders

Cancelling an order

Interaction with obligation ownership transfer

Off-chain infrastructure

Common errors

Reference