1,000 USDC is sold on Uniswap v3 for ETH, with the cost in USDC becoming the trader’s debt and the asset their equity. For the sake of this example, assume that the Uniswap v3 average price for ETH was $100. The trader got 10 ETH, and a debt of $900 to the exchange ($1,000 minus the $100 of collateral).