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At a glance
- What changed
- Loan (debt) swaps for Aave V4 positions on Aave Pro, executed through CoW Swap.
- Who it affects
- Borrowers with Aave V4 loans on Ethereum, Base or Avalanche.
- When
- Live since 12 November 2026.
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What launched
Aave said on its official X account at 17:25 UTC on 12 November 2026 (18:25 in Amsterdam) that loan swaps are now available for Aave V4's Ethereum, Base and Avalanche markets on Aave Pro, the protocol's interface for active users.
A loan swap lets a borrower move a debt from one asset to another without closing the position. Aave says the swaps are powered by CoW Swap. It is the debt-side partner of the collateral swaps Aave Pro added for the same three V4 markets on 3 November.
How a loan swap works
Aave's V4 documentation describes a borrow swap as repaying the old debt, swapping and re-borrowing in the new asset in one step. The user signs an intent and CoW Protocol solvers execute it in batch auctions with MEV protection, so most swaps need no separate transaction.
Swaps can run as a market order at current rates or as a limit order that fills only when a set price is reached. The new debt has to be in an asset on the same V4 spoke as the old one.
Aave's launch video shows the idea with a sample swap of 6,000 USDC of debt into USDG, Global Dollar, with the loan APY dropping from 4.84% to 3.59%. The rates in the video are a demonstration, not live market figures.
What it costs
According to the fee section of Aave's V4 swap documentation, Aave Labs charges a 0% partner fee on borrow swaps across all pairs. CoW Protocol's execution fee is 0.02% for most pairs and 0.003% for tokens on its reduced-fee list, and is included in the quote.
Because a borrow swap uses a flash loan to repay the old debt, a flash loan fee of 0.05% of the flash-loaned amount applies. Intent-based swaps are gasless for the user, with the solver's cost built into the quote.
Aave's documentation lists three common reasons to swap a loan: moving to a cheaper borrow rate, matching the debt currency to your income or collateral, and turning volatile debt into stablecoin debt to lower liquidation risk.
Our take
Loan swaps fill the obvious gap left after collateral swaps: V4 borrowers can now change both sides of a position without unwinding it. The fee stack is small, but a lower APY today can rise tomorrow, and switching from stablecoin debt into a volatile asset adds price risk. Check the quote and your health factor in Aave Pro before you confirm.
Dates to know
As announced by the provider. A listed date does not confirm current availability or eligibility.
- Aave launches loan swaps for Aave V4 on Aave ProDate passed
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