Every sale has a kerf.
A kerf is the width a saw takes out of the wood — the part that becomes dust and is never sold. Selling a tokenized stock has one: the pool's fee, the gap between its price and the tape, and the price your own order moves on the way through. It is charged once, it is charged immediately, and nobody quotes it to you.
Borrowing against the same shares has no kerf. It has interest — small per day, never finished, and callable if the stock falls far enough. Kerf measures both, finds the cheapest way to raise the amount you actually need, and sends it as one transaction.
Right now, on this chain
reading the pools and the lending markets…Selling paid once
The shares go. What comes back is less than the tape says they were worth, by three things Kerf separates and shows you: the pools' fee, the gap between the pool price and the price the lending market uses, and the impact your own order has as it walks down the book.
Borrowing paid per day
The shares stay yours, pledged on Morpho. You pay interest while the loan is open, and if the stock falls far enough somebody else closes the position and keeps a slice for doing it. Kerf shows the price that happens at, before you sign.
Two costs in different units — one a lump, one a rate — so the number that joins them is time. Interest reaches the kerf after some number of days. Before that day borrowing was the cheaper way to hold the money; after it, selling was. Kerf states that day, and leaves the decision where it belongs.
Three things this chain does that a quote does not tell you
The markets are small
Every Morpho market that lends dollars against a tokenized stock, added together, holds — of free liquidity. The largest single one lends —. Borrowing is usually the cheaper route and usually cannot cover the whole amount, which is why Kerf's answer is so often "borrow this much, sell the rest".
The rate you are quoted is not the rate you pay
Morpho's curve is adaptive: above 90% utilisation the whole curve climbs while the market stays drawn, and a borrower taking the last of a market's dollars is sitting exactly there. Kerf projects that drift, and the projection is checked against what Morpho actually charges.
The pools are shallow, and there are many
— stocks trade across — pools here, most of them thin, in two versions of Uniswap. Kerf asks each pool for an exact number of dollars and splits the sale where that is cheapest, rather than sending the whole thing to the deepest one and paying for depth that is not there.
What raising $10,000 costs, per stock
Live, from the pools and the markets as they stand. The kerf is measured against the price the lending market uses — Robinhood's own feed — so it includes the venue gap, not just the fee.
| Stock | Price | Sell $10,000 | Kerf | Borrowable | Rate after | Break-even |
|---|---|---|---|---|---|---|
| reading the chain… | ||||||
Every row is a full re-optimisation against live pool state, computed in your browser. Open the app to run it for the amount you actually need.
Kerf owns no contract
Every transaction Kerf builds is a call to something that was already live on this chain, from your own wallet: Uniswap's Universal Router through Permit2 for the sale, Morpho Blue for the loan, and Morpho's own Bundler3 when a raise needs both at once. Kerf holds no keys and has no backend. The planning happens in your browser.
The one thing that is ours is the arithmetic — a local port of Uniswap's swap maths and Morpho's rate curve, so a plan can be searched hundreds of times without a hundred round trips. Both are checked against the deployed contracts themselves.
Checked, not claimed
Each line is a suite that runs against the live chain or a fork of it. What each one does.
Find out what your position would cost to raise against
No connection needed to look. A wallet is needed only to send.