Reserve Configuration

A fixed-rate reserve uses the same primitives as a floating reserve plus four config fields that pin the rate and impose a term. This page covers what those fields mean and the workflow for creating a reserve.

What pins a fixed-rate reserve

Field	Type	Meaning
`borrow_rate_curve`	piecewise-linear curve	For a fixed-rate reserve, configured as a flat curve at the target rate. Borrowers pay this rate regardless of utilization.
`host_fixed_interest_rate_bps`	u16	Optional additional spread layered on top of the curve, charged to the borrower and accruing 100% to the protocol (not lenders). Default `0`.
`debt_term_seconds`	u64	Per-borrow term. The borrower’s loan matures at `last_borrowed_at_timestamp + debt_term_seconds`. `0` = open-term (the reserve behaves as floating).
`debt_maturity_timestamp`	u64	Reserve-wide sunset timestamp. After this, no new borrows are accepted and existing borrows become liquidatable. `0` = no sunset.
`early_repay_remaining_interest_pct`	u8 (0–100)	Penalty for repaying inside the first term. Penalty = projected interest for the remaining term × this percentage. Accrues to protocol fees on the debt reserve.

debt_term_seconds and debt_maturity_timestamp are independent. Set neither (effectively a floating reserve), one, or both. Use debt_term_seconds to express every borrow gets a 3-month clock starting at borrow time. Use debt_maturity_timestamp to express this whole reserve sunsets on January 1. The two compose: a reserve with both constraints requires every borrow to fit inside the remaining time until reserve maturity.

The borrower’s effective rate is the borrow_rate_curve value at current utilization plus host_fixed_interest_rate_bps. For most fixed-rate reserves you want a flat borrow_rate_curve at the desired rate and host_fixed_interest_rate_bps = 0. Set a non-zero host_fixed_interest_rate_bps only when you intentionally want a protocol-side spread on top of the lender-facing rate.

Creating a fixed-rate reserve

A fixed-rate reserve is created the same way as a floating one — the difference is in the config you supply.

Kamino CLI
SDK
API

Add the reserve to your market

yarn kamino-manager add-asset-to-market \
  --market <MARKET_ADDRESS> \
  --token-mint <DEBT_TOKEN_MINT> \
  --mode execute

This creates a new reserve account against the specified mint. Multiple reserves for the same mint can coexist in a market — each one is its own independent pool with its own config.

Download the default reserve config

yarn kamino-manager download-reserve-config \
  --market <MARKET_ADDRESS> \
  --reserve <RESERVE_ADDRESS> \
  --output ./configs/fixed_rate_reserve_config.json \
  --mode inspect

Edit the config for fixed-rate behaviour

In the JSON, set:

borrowRateCurve.points — flat curve at the target rate. Both endpoints set to the same borrowRateBps. See pattern below.
debtTermSeconds — term in seconds (e.g. 7776000 for 90 days, 2592000 for 30 days).
debtMaturityTimestamp — only if you want the entire reserve to sunset on a specific date; otherwise leave at 0.
earlyRepayRemainingInterestPct — typical values are 10–25% (the first-term-only penalty).
hostFixedInterestRateBps — usually 0. Only set if you want a protocol-side spread.

Example flat curve at 5.5%:

"borrowRateCurve": {
  "points": [
    { "utilizationRateBps": 0,     "borrowRateBps": 550 },
    { "utilizationRateBps": 10000, "borrowRateBps": 550 }
  ]
}

The remaining points in the curve array should be padded to the same final value (the SDK and CLI handle padding automatically when you start from a flat curve).

Set risk parameters

Standard reserve risk params still apply — set them appropriate to the collateral, not to the term:

loanToValuePct, liquidationThresholdPct — the same curve as the floating-rate reserve for the same debt token typically applies. Term doesn’t change credit risk; collateral does.
minLiquidationBonusBps, maxLiquidationBonusBps, deleveragingBonusIncreaseBpsPerDay — these matter especially for fixed-rate because protocol-enforced liquidation (term/maturity breach) ramps the bonus from min to max linearly per day. Set values that produce a meaningful incentive curve for liquidators.

See Reserve Parameters for the full parameter reference.

Preview and apply

yarn kamino-manager update-reserve-config \
  --market <MARKET_ADDRESS> \
  --reserve <RESERVE_ADDRESS> \
  --reserve-config ./configs/fixed_rate_reserve_config.json \
  --mode inspect

Then re-run with --mode execute (or --mode multisig to produce a Squads payload).

Reserve config changes typically have a lock time (~4 hours) before they take effect on-chain. Plan parameter changes ahead of testing windows; the change won’t be live immediately even after the multisig executes.

Reserve creation and configuration are not available via the TypeScript SDK. Use the Kamino CLI for these admin operations. The SDK supports reading reserve data and building borrower-facing transactions.

For reading FR-specific reserve fields:

import { KaminoReserve, Reserve } from '@kamino-finance/klend-sdk';

const reserve = await KaminoReserve.fetch(rpc, reserveAddress);
const kind = reserve.getKind();

if (kind.isFixedRate()) {
  console.log({
    borrowRateBps: kind.borrowRateBps,
    debtTermSeconds: kind.debtTermSeconds.toString(),
    fixedHostRate: reserve.getFixedHostInterestRate().toString(),
  });
}

For market-level discovery:

import { KaminoMarket } from '@kamino-finance/klend-sdk';

const market = await KaminoMarket.load(rpc, marketAddress);

// All reserves for a debt token, split by rate model:
const allUsdcReserves = market.getReservesByMint(usdcMint);
const floatingUsdcReserves = market.getFloatReservesByMint(usdcMint);
const fixedUsdcReserves = market.getFixedReservesByMint(usdcMint);

Reserve creation and configuration are not available via the REST API. Use the Kamino CLI. The API supports reading reserve metrics and historical data.

To read raw reserve account data including FR-specific fields:

GET /kamino-market/reserves/account-data

Returns base64-encoded reserve accounts. Decode using the SDK’s Reserve codegen to access hostFixedInterestRateBps, debtTermSeconds, debtMaturityTimestamp, and earlyRepayRemainingInterestPct. The standard metrics endpoint GET /kamino-market/{pubkey}/reserves/metrics does not currently surface these fields.

Get started

Market setup

Reserve setup

Optional features

Day-2 operations

Data & integration

Reference

Reserve Configuration

What pins a fixed-rate reserve

Creating a fixed-rate reserve

What’s next

Market Settings

Lifecycle Operations

​What pins a fixed-rate reserve

​Creating a fixed-rate reserve

​What’s next

Market Settings

Lifecycle Operations

What pins a fixed-rate reserve

Creating a fixed-rate reserve

What’s next