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1. Browse markets

Go to app.spiralstake.xyz and explore strategies. Each strategy shows the collateral token, loan token, liquidation LTV and other relevant data. Strategies come in two types: Correlated markets (Leveraged Yield): collateral and loan token track each other in price. Lower liquidation risk. Suited for yield amplification. (eg. assets: sUSDe/USDC, PT-sUSDe/USDC, wstETH/WETH) Non-correlated (Leveraged Long): collateral and loan token move independently. Higher liquidation risk. Suited for directional leverage. (eg. assets: ETH/USDC, wBTC/USDC, wSPYX/USDC)

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2. Pick your leverage

The interface calculates the flash loan amount needed for your target leverage and shows your effective LTV, max LTV, and distance from liquidation before you confirm. For correlated pairs, 3-6x is a reasonable starting range. You can go higher on very stable pairs but the margin for error narrows. For non-correlated pairs, keep leverage conservative (2-3x). Price divergence between the two assets can be large and fast.

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3. Open your position

Two entry paths: Direct deposit: If you already hold the collateral token (sUSDe, wstETH, etc.), deposit it directly. The protocol handles the full flash leverage loop in one transaction. Swap and leverage: If you’re starting with a different token (e.g., USDC), the app routes through the FlashLeverageRouter, which swaps your token into the collateral token and opens the leveraged position in a single combined transaction.

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4. Manage your position

Once open, you have full control without closing and reopening:
  1. Increase leverage: Borrows and supplies more against existing collateral to amplify exposure.
  2. Decrease leverage: Repays/Supply to lower your LTV and widen your liquidation buffer.
  3. Borrow More: pull loan tokens out against your collateral, within safe LTV limits.
  4. Withdraw collateral: remove collateral from the position, within safe LTV limits. Also useful for manually deleveraging when atomic deleverage is not possible due to unavailable or inefficient swap routes for a given asset.

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5. Close your position

The protocol flash-loans enough to cover your full debt, repays Morpho, withdraws your collateral, swaps it back to the loan token, repays the flash loan, deducts any applicable fee, and sends you the remainder. All in one transaction. If no DEX route exists for your collateral (low liquidity or limited swap coverage), deleverage manually: withdraw a portion of collateral, convert it to the loan token off-protocol, repay part of the debt, and repeat until the position is fully closed.