Inferest docs

Introduction

Inferest is a vault for tokenized stocks. It puts them to work wherever they earn the most, on Morpho, Aave and more, and sends the yield to your OpenRouter account as AI credit. Your shares stay yours; your models run on the yield. Soon, a smart router will send each request to the cheapest model that can handle it, cutting your AI bill by up to 70%.

#The idea in one paragraph

Tokenized stocks such as TSLAon or SPYon usually sit idle in a wallet. Lending markets will pay to borrow them, and the protocols pay incentives on top. Inferest collects that income for you, converts it to USDC each week, and tops up your OpenRouter balance, so the AI you already use is paid for by shares you already hold.

#Four steps

1. Deposit a stock token into the vault contracts. The vault records your share and never sells the token.
2. Earn. The vault lends it across Morpho, Aave and other curated markets and keeps moving to whichever pays the highest APY. On the Balanced and Max strategies it also borrows USDC against it and supplies that to a curated vault for extra carry.
3. Fund. Every Monday the yield is swept, converted to USDC and added to your OpenRouter account: AI usage paid for by your holdings.
4. Route (coming soon). The smart router sends each request to the cheapest model that does the job well, so the same credit goes up to three times further.

#Where to go next

Quickstart

From a wallet of stock tokens to your first week of AI credit. The steps below use the app; in the preview every step is simulated and nothing is signed.

#1. Connect a wallet

Open the app and choose Connect wallet. Browser wallets, WalletConnect and Coinbase Wallet are supported. The Overview page then shows the stock tokens your wallet holds.

#2. Deposit a stock token

Go to Vaults, pick a token, a strategy and an amount. The vault page shows the estimated APR, where it comes from, and how much AI credit that is each month.

The deposit asks your wallet for two confirmations: an approval for the token, then the deposit itself. Balanced and Max add a third, which opens the USDC carry.

#3. Choose a strategy

You can switch strategy at any time from the Overview page; the change is a single transaction. See Strategies & APR for the numbers.

#4. Connect OpenRouter

On the Overview or under AI credits, choose Connect OpenRouter and approve Inferest in OpenRouter. Inferest can add credit to your account; it can never spend it or see what you use it for.

Until an account is connected, interest keeps accruing in the vault and nothing is lost.

#5. Watch the credit arrive

Sweeps run every Monday at 00:00 UTC. You can also press Send now to sweep early. In the preview, Fast-forward a week in the bar under the header shows a full week in one click.

#6. Withdraw whenever you like

Choose Withdraw on a position. On Balanced and Max the vault first repays the USDC it borrowed against that position, then returns your tokens. Interest earned so far is sent on the next sweep.

How it works

One vault per stock token, three sources of yield, one weekly sweep. This section follows a deposit from your wallet to your OpenRouter balance (the diagram is in the introduction).

#The vault

Each supported stock token has its own vault contract. When you deposit, the vault mints you shares that record your part of it; it holds the tokens and decides where to lend them. The vault cannot sell your stock tokens: there is no code path that swaps them for anything else.

#Where the tokens go

#Lending on Morpho and Aave

The vault supplies your tokens to lending markets on Morpho and Aave. Borrowers pay interest to use them, and both protocols pay incentives to suppliers. The vault splits supply between the two and moves it toward whichever pays more, within limits set per market.

#Stablecoin carry (Balanced and Max)

On Balanced and Max, the vault also uses your tokens as collateral to borrow USDC, at 25% or 45% of the position's value. It supplies that USDC to a curated Morpho vault that pays more than the loan costs, and keeps the difference. The loan is watched continuously and repaid automatically if the price of the shares falls; see Strategies & APR.

#The weekly sweep

Every Monday at 00:00 UTC, a keeper calls the sweep for each vault:

1. Accrued lending interest and carry are collected.
2. Reward tokens, such as MORPHO and AAVE, are sold for USDC.
3. Inferest's fee of 10% is taken from the interest only.
4. The rest is sent to OpenRouter as a credit top-up on your account.

Sweeps below $1 for an account roll over to the next week, so gas never eats a small balance.

#Accounting

Interest is tracked per depositor, per second, from the moment of deposit. Adding to a position, switching strategy or withdrawing settles what you have earned so far first, so nothing is lost or double-counted. The app shows the amount accruing live.

Strategies & APR

Three strategies, one choice to make: how much carry you want against how much price risk you can carry. Every rate below is an illustrative estimate after Inferest's 10% fee.

#Estimated APR by token

Rates float with demand on Morpho and Aave, and incentives change from week to week. Treat these as an order of magnitude, not a quote.

#Where the yield comes from

#Lending fees

Paid by people who borrow your stock token, for example to go short or to hedge. This is the most direct source and it is the same on every strategy.

#Rewards

Morpho and Aave pay incentives to suppliers, and borrowers of some markets earn incentives too. Balanced and Max earn both. The vault sells reward tokens for USDC at each sweep.

#Stablecoin carry

Balanced and Max borrow USDC against your shares and supply it to a curated USDC vault. The carry is the gap between what that vault pays and what the loan costs, multiplied by the size of the loan:

#The three strategies

Steady lends your tokens and does nothing else. It never borrows, so it can never be liquidated.

Balanced borrows USDC at 25% of your position's value. The shares would have to fall about 64% before the loan could be liquidated, and the vault starts repaying long before that, at 40% loan-to-value.

Max borrows at 45%, for the most carry and incentives. The shares would have to fall about 36% before liquidation; the vault deleverages from 55% loan-to-value.

#Deleveraging

The vault checks every position's loan-to-value against the stock token's price oracle. Above the deleverage threshold it sells part of the USDC in the curated vault and repays the loan, bringing it back to target. If prices move faster than it can act, the lending market may liquidate part of the collateral; that is the risk Balanced and Max take for their higher rate.

Supported assets

The first vaults are planned for the most liquid tokenized equities and index funds. They are Ondo Global Markets tokens (the on suffix, as in TSLAon): each tracks its underlying share or fund, issued and backed by Ondo.

Lending fees and rewards are shown after Inferest's fee, before any carry. The last column is the vault's current split of supply between Morpho and Aave.

#What a token needs to be listed

1. A lending market on Morpho or Aave with enough depth that the vault's supply does not crush the rate.
2. A price oracle the lending market trusts, with a record of staying live through market closes.
3. Daily on-chain liquidity large enough to deleverage Balanced and Max positions in a sell-off.
4. A token issuer with public reserve attestations.

#Market hours

Stock tokens trade around the clock, while their underlying markets close at night and at weekends. Oracles may hold the last price while markets are shut; the vault's deleverage thresholds are set with that gap in mind.

Fees

One fee, taken from the interest only, and already included in every rate you see.

#An example

A $25,000 TSLAon position on Balanced earns about $2,100 a year before the fee. Inferest keeps about $210 of that and sends about $1,890 to OpenRouter, or roughly $158 a month. The 7.6% shown for TSLAon on Balanced is the after-fee number.

#What the fee pays for

The keepers that run the weekly sweep and the deleveraging checks, the oracle and monitoring infrastructure, audits, and the OpenRouter top-up costs.

OpenRouter credits

OpenRouter is a single API for hundreds of AI models. Inferest pays your interest into your OpenRouter account as ordinary credit, so you can spend it on any model it serves.

#Connecting an account

Choose Connect OpenRouter in the app. You sign in to OpenRouter and approve Inferest, using OpenRouter's OAuth flow. Inferest receives permission to add credit to your account and nothing else: it cannot spend credit, create keys for you, or read your prompts or usage.

You can disconnect at any time, in Inferest or in your OpenRouter settings. Interest then keeps accruing in the vault until you connect again.

#How top-ups work

1. At each Monday sweep, your share of the interest is converted to USDC.
2. Inferest pays it to OpenRouter's crypto top-up for your account.
3. The credit appears in your OpenRouter balance, labelled as a top-up from Inferest.

Amounts under $1 roll over to the next sweep. You can also send early with Send now.

#Spending the credit

OpenRouter speaks the OpenAI API, so most clients only need a different base URL and your OpenRouter key:

curl https://openrouter.ai/api/v1/chat/completions \
  -H "Authorization: Bearer $OPENROUTER_API_KEY" \
  -H "Content-Type: application/json" \
  -d '{
    "model": "anthropic/claude-sonnet-4.5",
    "messages": [{ "role": "user", "content": "Summarise this week in tokenized stocks." }]
  }'

import OpenAI from "openai";

const client = new OpenAI({
  baseURL: "https://openrouter.ai/api/v1",
  apiKey: process.env.OPENROUTER_API_KEY,
});

const reply = await client.chat.completions.create({
  model: "openai/gpt-5",
  messages: [{ role: "user", content: "Hello from my portfolio." }],
});

Model names above are examples; OpenRouter lists the current ones on its models page.

#What a balance buys

Prices differ by model and change often. As a rough guide, blended across input and output tokens, $100 of credit buys about 17 million tokens of Claude Sonnet, or about 140 million of an open-weights model such as DeepSeek.

Smart router

Most AI requests don't need the most expensive model. A short reply, a summary or a simple edit runs just as well on a model that costs a fraction as much, while hard reasoning still deserves the best. The Inferest router makes that choice for you, one request at a time, so the credit your stocks earn goes much further.

#How it picks a model

1. Read the request. The router looks at what you are asking for: code, writing, summarising, hard reasoning, and how long the context is.
2. Score the models. Every model on OpenRouter has a quality score for each kind of task and a price per million tokens.
3. Send it to the cheapest one that clears the bar. If a cheaper model is good enough for this request, it gets the request. If not, it moves up until one is.

#How much you save

For a typical mix of coding, chat and summaries, routing cuts the bill by up to 70% compared with sending everything to one premium model. Put differently, the same OpenRouter credit buys about 3.3 times as much work. What you save depends on your mix: if most of your requests need the strongest model, the router will mostly pick it.

#Using it

The router will sit in front of OpenRouter and speak the same OpenAI-compatible API. You will turn it on in the app and keep using the key and the clients you already have. You can pin a model for any request when you want a specific one.

#What it will not do

• It never sends your prompts anywhere except the model it picks, through OpenRouter.
• It does not store your prompts or completions.
• It does not change how your yield is earned or paid; it only changes where the credit is spent.

Risks

Inferest earns more than an idle wallet because it takes risks an idle wallet does not. Read this section before you deposit anything you could not afford to lose.

#Price risk

You keep full exposure to the stock. If the share price falls, the value of your position falls with it, exactly as it would in your wallet. Inferest does not hedge.

#Liquidation risk (Balanced and Max)

Balanced and Max borrow USDC against your shares. If the price falls far enough, the lending market can sell part of your collateral to repay the loan. The vault repays debt automatically before that point, but a fast crash, a stale oracle or congested network can outrun it. Steady never borrows and carries no liquidation risk.

#Smart-contract risk

Your tokens pass through Inferest's vault contracts and the contracts of Morpho, Aave and the curated USDC vault. A bug in any of them could lose funds. Audits reduce this risk; they do not remove it. See Security.

#Token issuer risk

A stock token is a claim on shares held by its issuer. If the issuer fails, freezes transfers or cannot redeem, the token can lose value regardless of the stock's price.

#Oracle and market-hours risk

Lending markets price stock tokens with oracles. When the underlying exchange is closed, prices can gap at the next open, and an oracle can lag or fail.

#Rate risk

Every rate on this site floats. Lending demand can dry up, incentives can end, and the carry can shrink or turn negative, in which case the vault reduces the loan. Your yield can fall to zero.

#Liquidity risk

Withdrawals depend on the lending markets having tokens available. When a market is fully borrowed you may have to wait for borrowers to repay.

#Counterparty risk at OpenRouter

Once credit is in your OpenRouter account, it is subject to OpenRouter's terms. Inferest cannot recover credit from OpenRouter.

#Regulatory risk

Tokenized stocks are restricted in many places, and rules change. You are responsible for whether you may hold them and use this service.

Security & contracts

Inferest is non-custodial: your stock tokens sit in vault contracts, and only you can withdraw your share.

#Contracts

#Controls

1. No sale path. The vault has no function that swaps your stock tokens for anything else.
2. Timelock. Changes to strategy parameters, such as loan-to-value targets, go through a 72-hour timelock you can watch and exit before.
3. Guardian pause. A multisig can pause new deposits and new borrowing in an emergency. It cannot pause withdrawals or move funds.
4. Caps. Each vault has a supply cap per lending market, raised gradually.

#Audits

At least two independent audits are planned before launch, with reports published here in full.

#Bug bounty

A bug bounty will open with the first vault. Until then, report anything you find to security@inferest.ai. Please do not test against live funds.

Glossary

APR. Annual percentage rate: what a position earns in a year, not compounded. Inferest sends interest away each week instead of reinvesting it, so APR is the right measure.

Carry. The gap between what the borrowed USDC earns in the curated vault and what borrowing it costs.

Curated vault. A Morpho vault whose manager chooses which lending markets its deposits go to, within published limits.

Deleverage. Repaying part of a loan to bring its loan-to-value back to target.

Keeper. An automated account that calls the vault on a schedule, for example to run the weekly sweep.

Liquidation. A lending market selling collateral to repay a loan that has become too large against it.

Loan-to-value (LTV). The size of a loan as a share of the collateral's value. A $4,500 loan against $10,000 of shares is 45% LTV.

Morpho and Aave. Open lending protocols. Suppliers lend assets and earn interest; borrowers post collateral and pay it.

OpenRouter. A single API for many AI models, paid for with prepaid credit.

Oracle. A data feed that tells a lending market the price of an asset.

Stock token. A token that tracks one share of a listed company or fund, issued by a third party that holds the underlying shares. TSLAon, NVDAon and SPYon are examples.

Sweep. The weekly collection of interest, its conversion to USDC and its payment to OpenRouter.

USDC. A dollar stablecoin.

Brand kit

The name folds the product into one word: your interest, spent as inference. The mark is a percent sign drawn on a 12 × 12 pixel grid whose second dot is a cursor, interest turning into a prompt, set on a small square tile. Next to it the name is set in Special Gothic.

#Using the logo

• Keep the tile and the mark together; the tile has 4px corners and a hairline edge. On light backgrounds it is white with a black percent sign; on dark backgrounds it is charcoal (#2f3030) with a white one. The favicon always uses the charcoal tile.
• The mark is monochrome: black or white, with a grey cursor (#9ba1a5). Never colour it; teal belongs to the interface, not the logo.
• Scale the mark in whole multiples of its grid (12, 24, 36 or 48 pixels) so every pixel lands on the screen's.
• The SVG files use currentColor for the percent sign, so it takes the colour of the text around it. The pixel lockup (the mark and INFEREST in Departure Mono pixels) is for places that cannot load the fonts.

#Look

Two themes, one system. Light is the default: an off-white room (#f3f4f4) holding white panels with hairline borders, near-black type and soft-grey body copy. Dark is the black room (#050505) with near-black panels (#090a0a) and white type; the switch in the header moves between them. Buttons are square: the ink colour for the one primary action, a quiet chip for the rest. Each row of cards may invert one card, and the featured strategy sits on steel. Teal is reserved for what moves: interest on the wires, live status, the markets on the globe.

#Imagery

Three pictures, all drawn live in the browser. A dotted Earth built from Natural Earth coastlines, turning slowly, with the world's market centres marked in teal and interest travelling between them. ASCII fields, characters picked by brightness, that burst around a word or sit quietly behind a card. And a stock token, spun as a coin in ASCII.

#Type

Special Gothic Expanded One for the outline words (TOKENS). Special Gothic for navigation, buttons and small condensed tags. Geist for the hero headline ("Stake. Prompt."), headings and reading. Departure Mono for labels such as 01 / How it works, and for numbers in tables and leaders. Geist Mono draws the ASCII fields. All of them are open source.

Community

Inferest is early. The best way to follow along, ask questions or argue about strategy parameters:

Terms of use

#The service

Inferest provides software that lets you deposit tokenized stocks into smart contracts, lend them through third-party protocols, and send the resulting interest to an OpenRouter account you control. Inferest does not take custody of your assets.

#Eligibility

You may only use Inferest where holding tokenized stocks and using decentralized lending is lawful for you, and in line with your token issuer's terms.

#Your responsibilities

You are responsible for your wallet and keys, for understanding the risks, and for any taxes that arise from your use of the service.

#No advice, no guarantees

Rates shown are estimates. Inferest makes no promise of any return and is not liable for losses from market movements, liquidations, third-party protocols, token issuers or OpenRouter.

#Changes

These terms may change. Material changes will be announced in advance in this section.

Privacy policy

#What Inferest sees

• Your wallet address and the transactions it makes with Inferest's contracts, which are public on-chain anyway.
• The OpenRouter account you connect, so credit can be sent to it.
• Anonymous, aggregate usage of this website, to see which pages help.

#What Inferest never sees

Your private keys, your OpenRouter API keys, your prompts, or your model usage.

#Storage

The app preview stores its simulated state in your browser's local storage only. Clear it with Reset in the app, or by clearing site data.

#Contact

privacy@inferest.ai

Risk disclosure

Using Inferest can result in the loss of some or all of the assets you deposit. The main risks are price risk, liquidation risk on strategies that borrow, smart-contract risk in Inferest and in the protocols it uses, token issuer risk, oracle risk, rate risk, liquidity risk, counterparty risk at OpenRouter, and regulatory risk.

Each is explained in plain words on the Risks page. Past or estimated rates are not a reliable indicator of future returns. Only deposit what you can afford to lose.