> ## Documentation Index
> Fetch the complete documentation index at: https://docs.agi3.ae/llms.txt
> Use this file to discover all available pages before exploring further.

# Treasury and working capital

> Short-horizon operational liquidity drawn against treasury holdings: cadence, buffers, and why an onchain market is not a committed facility.

Like every strategy in this section, this is a pattern you construct and manage yourself from the platform's ordinary actions; the [shared framework](/strategies/overview) applies throughout.

## What it is

Recurring, short-horizon draws against treasury holdings to bridge operational cash timing: settlements, capital calls, scheduled expenses. Cash is drawn when needed, repaid when receipts arrive, and drawn again next cycle.

## Mechanics on AGI3

* The position is an ordinary [borrow position](/how-to/borrow-against-collateral); what differs is the cadence. A position can be drawn, cleared with **Repay All**, and drawn again without being closed, and the collateral stays posted between cycles.
* Interest accrues only while debt is outstanding, so the pattern's cost is the drawn days plus network fees per transaction. The first-time approval per asset and market is one-time.
* If receipts arrive in a different asset than the debt, repayment needs a [swap](/how-to/swap-assets) first, and that cost belongs in the plan.

## When it fits

* Cash needs with known dates but mismatched arrivals, where unwinding positions to fund them would cost more than the interest on a short draw.
* Draws that are small against the posted collateral. The pattern exists for operational convenience, so the position should sit deep in the Healthy band and stay there.

## What it costs

* The floating borrow rate on drawn days.
* Network fees each cycle.
* The operational overhead of monitoring a live position even when the drawn amount is small.

## How it fails

* Treating the market as a committed line. Available liquidity is a property of the market on the day; no one is obligated to have it there when your settlement date arrives, and a thin day is exactly when others are drawing too. Check the market's available liquidity ahead of known cash dates rather than on them.
* Short-term drift. A two-week draw that stays out for a quarter accrues interest the plan never priced, and the health factor drifts with it.
* Gap risk on market-hours collateral. Tokenized stocks can gap when their underlying market reopens; the class's lower ceiling and wider buffer in [Risk parameters](/risk/risk-parameters) are sized for exactly that, and a draw against stock collateral inherits it.
* The repayment path breaking. A repay that depends on a swap inherits swap costs and slippage at repayment time rather than at planning time.

## Managing it

* Draw late and repay early; the economics of the pattern live entirely in the drawn days.
* Pre-check the borrow market's available liquidity before each known cash date.
* Keep the drawn amount small against collateral so the health factor stays deep in Healthy; this book funds operations and should never itself become the risk.
* Route the [platform's warnings](/how-to/monitor-positions) to a treasury operations inbox rather than an individual.