Fixed Term
No liquidation. Ever.
Lock a rate and an end date. Between those two points nothing can close your position out, no matter what the stock does. You repay in full and take your collateral back, or the loan ends and the collateral is claimed. That is the whole mechanism, and it never reads a price to work.
No liquidation, at any price
Your position cannot be closed out on price at any point during the term, however far the stock falls. Maturity is the only thing that resolves the loan.
The rate is quoted once
Total repayable is fixed the moment you borrow and never moves after. No utilization curve, no rate spikes, no surprises at the end.
A halt cannot take your collateral
Settlement is suspended while a market is halted, so nobody can claim your collateral during a window when the price is frozen. Repaying stays open the whole time.
Fixed Term Markets
Max LTV is set per asset, by how far each one moves
The tradeoff, stated plainly. You can borrow less here than in the variable market. Nothing closes these positions early, so the opening cushion is the only protection for the entire term, and losses land on a shared pool rather than on one lender who chose the risk. Miss the end date and the whole collateral is claimed, with no partial return.