Pricing & Credit Facilities

Sprinter lends against a settlement delay. Credit is priced per day outstanding, so the cost of a fill is a function of how long your rail takes to settle — not of how volatile the asset is. The credit is repaid by the settlement itself, which is why it needs almost no collateral. There are two ways to access that credit.

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Facility types

The two can be used together: a dedicated facility for the committed base, shared liquidity for overflow.

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What drives the price

Credit is priced per day outstanding, so the spread is set by the length of your settlement rail: A committed facility is quoted as an annual rate on committed capacity; just-in-time draws are charged per day and repaid by the settlement. They are the same price expressed two ways. Who bears the cost is a per-facility decision: the end user as a deducted fee, the issuer as a subsidy for a par experience, or a blend.

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Shared liquidity

Quote through GET /lifi-intents/rfq and Sprinter prices against its general pool. The quote is firm for its validity window and the liquidity is reserved behind it, but nothing is reserved before you ask.

• No commitment and no minimum. You pay only on fills.
• Capacity is not guaranteed. If no pool can serve the size at that moment the endpoint returns 404, and you fall back to your own path. Keep that fallback — a declined quote should never block a holder from redeeming.
• Onboarding still applies. Sprinter only quotes assets it has underwritten and configured routes for.

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Dedicated facility

A dedicated facility commits capacity to a single asset or flow, so instant redemption can be a promise you publish rather than a best effort. Terms are agreed per facility during underwriting — the tables below are the shape of what gets specified, not fixed values.

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Facility parameters

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Capital management

• Capital calls. Scaling above the initial pool runs through LP capital calls with an agreed notice period. The cap can be extended by mutual agreement.
• Repayment. Drawn capital is repaid by your native settlement rail. Utilisation should stay within any daily cap on that rail — breaching it pushes redemptions into your queue and extends the days capital stays locked.

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Replenishment

Deployed capital recycles into the facility once the underlying settles. The replenishment cycle is the settlement rail, so a slower rail means the same committed capital supports less throughput: Drawn capital is locked until the cycle clears, then recycles automatically. Quote expiry is set per facility — short enough to price accurately, long enough for the redemption to reach your rail.

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Commercials

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Underwriting

Both routes require the asset to be onboarded first; a dedicated facility additionally needs the facility agreement. Underwriting takes 1–2 weeks and runs concurrently with KYB and contract scoping. See what Sprinter underwrites for the full list.

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Next steps