> ## Documentation Index
> Fetch the complete documentation index at: https://docs.spiralstake.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Strategies & risk facts

> What a strategy is and how to read the raw facts an agent reasons over.

A **strategy** is a Morpho market Spiral can leverage, identified by its `id` (the Morpho market id, `0x` + 64 hex). `list_strategies` and `get_strategy` return raw, unit-labeled facts — never a score.

## The core facts

| Field                               | Meaning                                                                               |
| ----------------------------------- | ------------------------------------------------------------------------------------- |
| `collateralApyPct` / `borrowApyPct` | The yield the collateral earns vs. the cost to borrow.                                |
| `netBorrowApyPct`                   | Borrow APY minus any borrow incentives.                                               |
| `leverageLadder`                    | `leverage → leverageApyPct` at each rung. **Read this — don't infer APY from carry.** |
| `maxLeverage`                       | A **liquidity** bound (how much you can route through swaps), not a safety bound.     |
| `ltvPct.liquidation` / `ltvPct.max` | Liquidation LTV and the safe ceiling Spiral opens up to.                              |
| `oracle`                            | `nav` or `market` — see [Oracle & liquidity](/agents/concepts/oracle-and-liquidity).  |
| `exitLiquidity`                     | Slippage to unwind, measured per USD size.                                            |
| `correlated`                        | Whether the pair tracks (leveraged yield) or diverges (leveraged long).               |

## Reading carry correctly

`carry = collateralApyPct − netBorrowApyPct`, and leverage multiplies it. But **negative carry can still leave a positive `leverageApyPct`**, because the 1x base yield dominates at low leverage. Always read the `leverageLadder` rather than computing from carry alone.

## Eligibility

`list_strategies` returns only **eligible** strategies — thin, near-maturity (PT), no-swap-route, or zero-APY markets are hidden. `get_strategy` will still resolve a specific id so an agent can inspect an existing position's market.

<Note>
  Numbers are a snapshot (`asOf`) and move with the market. Rebuild any transaction right before signing.
</Note>