Is it worth accumulating OHM right now? Here's the answer at a glance — with the why and the numbers behind it.
🟡 Normal — neither cheap nor expensive
OHM costs $20.13 and its treasury backing is $12.08: you pay a premium of +66.6%, in its normal range (percentile 59% of the year). If you buy and take the Cooler loan, you really only risk $8.60 per OHM (42.7%): below $11.53 you don't lose any more, no matter what.
No rush: you can wait for the premium to drop for a better entry.
Premium (yearly percentile)
+66.6% · p59
What you really risk / OHM
$8.60 (42.7%)
Floor — you don't lose below this
$11.53
↗ rising to $11.60 by 27 Oct 2026
GUARANTEED · ON-CHAIN
Your exit floor rises every day
The Cooler borrowable floor drips up linearly — about $0.0027/OHM every day — toward $11.60/OHM by 27 Oct 2026, reflecting rising backing (OIP-194a). By contract it can only go up, never down.
1 OHM costs $20.13 and has $12.08 of backing. The gap you pay is the premium.
Premium over backing
+66.6%
NORMAL
In the 59% percentile of the last year: among the cheapest.
What you really risk
$8.60
Max loss per OHM (42.7% of price). Below $11.53 (Cooler floor) you don't lose any more.
Carry while you wait
+$177.48
Per year for every $10K, parking the loan in sUSDS (3.6%) at 0.5% cost.
When to buy? — the premium and its zones
Hover over the chart to see each day
Green = cheap (buy) · amber = normal · red = expensive. The lower you buy, the less you risk and the more upside you have. The dashed gold line projects the premium forward: the floor/backing drips up on-chain, so even with no price move the premium drifts down toward the buy zone.
How much do you make per zone? — ROI / APR
ROI / APR by the zone you accumulate in
You can use the Cooler money two ways: park it in sUSDS (carry, conservative) or buy more OHM (loop, leveraged). ROI is the loop figure on your capital, assuming the premium reverts to its yearly median (+57%) or high (+91%). Carry APR is the safe alternative while you wait.
Entry zone
Price
Risk/OHM
Max leverage
Carry APR
ROI loop → med.
ROI loop → high
Very cheap (+15%)
$13.90
$2.37
5.9×
15.1%
+214.8%
+385.5%
Cheap (+30%)
$15.71
$4.18
3.8×
8.5%
+78.4%
+175.2%
Normal (+50%)
$18.12
$6.60
2.7×
5.4%
+13.1%
+74.4%
Expensive (+70%) ← now
$20.54
$9.02
2.3×
4.0%
—
+27.7%
Very expensive (+90%)
$22.96
$11.43
2.0×
3.1%
—
+0.7%
Notice: in the cheap zones the possible leverage is higher (price sits near the floor) and ROI explodes — that's why using the loan to buy lower is so powerful. The trade-off: the loop raises max loss to 100% of your capital (at the floor), but never more, with no liquidation. Detail and both modes in the docs.
The floor here is today's. It drips up to $11.60/OHM by 27 Oct 2026, so every Risk/OHM above shrinks (and leverage rises) the longer you hold.
Live mechanics (read on-chain)
Cooler V2 — your loan / floor
0.50% APR
Lends $11.53/OHM · open. No price liquidations: your OHM is never force-sold.
Emissions — are you diluted?
DILUTING
New OHM is only minted once premium ≥ 50%. Now 72.6% → above the threshold: minting/diluting.
YRF — buyback & burn
ACTIVE 🔥
Buys back ~$606/week of OHM with revenue and burns it → pushes backing up.
Size your position
Position Sizer
OHM bought496.8
USDS borrowed → sUSDS$5,725.29
Capital at risk$4,274.71 (42.7%)
Max loss−$4,274.71
Max loss if held to 27 Oct 2026−$4,237.43
Net carry / year+$177.48
P&L at exit · on capital at risk
Scenario
Price
P&L
vs risk
Floor (default)
$11.53
$-4,274.71
-100.0%
Floor @ 27 Oct 2026
$11.60
$-4,237.43
-99.1%
Backing
$12.08
$-3,997.41
-93.5%
Today
$20.13
+$0.00
+0.0%
Premium +50%
$18.12
$-996.12
-23.3%
Premium +80%
$21.75
+$804.66
+18.8%
Premium +100%
$24.17
+$2,005.18
+46.9%
Conservative: the loan goes to sUSDS and earns. Max loss only $8.60/OHM because below the floor you don't lose more. Cooler interest: 0.5%.
The floor rises on-chain, so holding shrinks your max loss by $37.28 by 27 Oct 2026 (same position, higher guaranteed exit).
Origami hOHM or do it yourself (manual)?
For you: stay MANUAL
hOHM is the SAME thing you already did (one maxed Cooler loan, tokenised). Verified on-chain: same leverage, same non-recourse protection. It doesn't earn you more; it charges you for convenience.
Manual (what you hold) ✓
Origami hOHM
Leverage
~3x max (you choose)
~3x (same, on-chain)
Fees
0
1% exit + 3.3% performance
Control
Full (your loan)
Delegated to the vault
Exit
Repay & sell OHM
Sell hOHM (thin, below NAV today)
Contract risk
Olympus only
Olympus + Origami
Management
Manual
Automatic
hOHM only pays off if you DON'T want to touch a loan and prefer a self-managed token. You already built it: switching costs fees and adds a risk layer, with no better return.
How many loops?
A “loop” = use the Cooler USDS to buy more OHM and borrow again. Each round adds less. The real max is ~3x; beyond that it's impossible (the loan caps at ~95% of backing).
1.0x
Spot (0 loops)
1.6x
1 loan (~your case)
2.3x
Max ≈ hOHM
🛡 Max loss is ALWAYS capped at your capital (non-recourse, no liquidation). You never owe more.
Right now: Mid premium → one moderate loan is fine; don't max out. Add only if the premium falls.