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

# Earn, Borrow, and Hedge

> Keep an Earn position in your wallet while running a separate margin position. An illustrative testnet workflow.

Supply an asset on **Earn** from your wallet, and separately run a margin position. The two are held and accounted for separately.

**1. Supply on Earn**

Lend XLM or a USDC token from your wallet. See [Supply](https://docs.vanna.finance/stellar/guides/earn/supply.md).

**2. Open the margin leg**

Deposit collateral and borrow on **Margin**. See [Borrow](https://docs.vanna.finance/stellar/guides/margin/borrow.md).

**3. Decide what you're hedging**

Write down the exposure you want to offset and which spot tokens offset it. Holding vTokens while borrowing another asset is not a hedge by itself.

**4. Exit each side**

Redeem vTokens on Earn (a large redemption can fill partly) and unwind / repay the margin leg on its own.

> [!NOTE]
>
> Stellar has no perps or options. Any hedge must be built from spot tokens, for example by swapping inside the margin account on Spot.

See [Sample Strategies](https://docs.vanna.finance/stellar/guides/sample-strategies.md) and [Withdraw](https://docs.vanna.finance/stellar/guides/earn/withdraw.md).


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