> ## Documentation Index
> Fetch the complete documentation index at: https://docs.sprinter.tech/llms.txt
> Use this file to discover all available pages before exploring further.
# Pricing & Credit Facilities
> How Sprinter prices short-duration credit, and the two ways to access it — shared liquidity or a dedicated committed facility
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.
## Facility types
| | **Shared liquidity** | **Dedicated facility** |
| ---------------- | ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- |
| **Capacity** | Drawn just-in-time from Sprinter's general pool, shared across all counterparties | A committed cap underwritten and reserved for your flow |
| **Availability** | Whatever is free at the moment you quote — a request can be declined | Held for you up to the cap |
| **Commitment** | None. No agreement, no minimum | A facility agreement with a fixed initial term |
| **Pricing** | Per fill, charged per day outstanding | Per day outstanding, plus a minimum return on committed capital |
| **Best for** | Getting live quickly; variable or unproven volume | A published instant-redemption promise; predictable capacity |
| **Start with** | The [Asset Issuer quickstart](/quickstart/asset-issuer) — no commercial agreement needed | [Talk to us](https://t.me/sprinter_tech/1) — sizing and rate are set during underwriting |
The two can be used together: a dedicated facility for the committed base, shared liquidity for overflow.
## What drives the price
Credit is priced per day outstanding, so the spread is set by the length of your settlement rail:
| Settlement rail | Capital locked | Relative spread per fill |
| --------------- | -------------- | ------------------------ |
| Same-day | Hours | Lowest |
| T+1 | \~1 day | Low |
| T+2 – T+3 | 2–3 days | Moderate |
| T+5 – T+7 | 5–7 days | High |
| T+8 – T+30 | up to 30 days | Highest |
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.
## Shared liquidity
Quote through [`GET /lifi-intents/rfq`](/api-reference/sprinter/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.
## 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.
### Facility parameters
| Parameter | What it specifies |
| -------------------------- | ------------------------------------------------------------------------------- |
| **Total facility cap** | The committed ceiling. Normally callable in tranches rather than funded upfront |
| **Initial pool at launch** | Capital deployed on day one, before the first capital call |
| **Per-draw order limit** | Maximum value Sprinter will fill in a single transaction |
| **In-window fill rate** | Execution SLA for orders inside a valid quote window |
| **Inventory settlement** | The rail and cycle that repays drawn capital |
| **Supported networks** | Chains the facility is configured for |
### 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.
### 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:
| Settlement rail | Days capital locked | Effect on the facility |
| --------------- | ------------------------------------------------------------ | ------------------------------------------------------------ |
| T+1 | \~1 business day | Capital turns over quickly; a smaller cap covers more volume |
| T+4 | \~4 business days, longer across holidays in either calendar | Each draw is locked through the cycle |
| T+30 | up to 30 days | Throughput is capped by the facility size, not the rail |
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.
### Commercials
| Term | Shape |
| ------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Rate within the rail's daily cap** | A fixed spread in basis points over the settlement cycle, additive on top of your own mint and redeem fees |
| **Volume beyond the daily cap** | Priced and underwritten separately |
| **Minimum facility return** | An annualised floor on committed capital, measured monthly. Redemption fees count toward it; the issuer pays any shortfall monthly in arrears. Applies to committed capital only |
| **Term** | A fixed initial term, then rolling by mutual agreement |
The minimum return is what makes capacity a commitment rather than an intention — it is the price of capital being held for you whether or not you draw on it. It applies only to committed capital, never to shared-liquidity fills.
## 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](/quickstart/asset-issuer#what-sprinter-underwrites) for the full list.
## Next steps
Onboard an asset and integrate the two runtime calls.
Facility sizing, rate, and asset underwriting.