diff --git a/src/ratifiers/RateRatifier.sol b/src/ratifiers/RateRatifier.sol
new file mode 100644
index 000000000..8311798b7
--- /dev/null
+++ b/src/ratifiers/RateRatifier.sol
@@ -0,0 +1,46 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+// Copyright (c) 2025 Morpho Association
+pragma solidity 0.8.34;
+
+import {IRateRatifier} from "./interfaces/IRateRatifier.sol";
+import {Signature, EIP712_DOMAIN_TYPEHASH} from "./interfaces/IEcrecoverRatifier.sol";
+import {IMidnight, Offer} from "../interfaces/IMidnight.sol";
+import {CALLBACK_SUCCESS, WAD} from "../libraries/ConstantsLib.sol";
+import {TickLib} from "../libraries/TickLib.sol";
+import {UtilsLib} from "../libraries/UtilsLib.sol";
+import {HashLib} from "./libraries/HashLib.sol";
+
+/// @dev If block.chainid changes (hard fork), the EIP-712 domain separator changes and previously signed offers are
+/// no longer valid.
+/// @dev This ratifier abstracts the offer in the price dimension. The maker signs every offer field but replacing tick
+/// with rate. At ratification time the rate is converted into a price limit using simple interest.
+contract RateRatifier is IRateRatifier {
+    using UtilsLib for uint256;
+
+    address public immutable MIDNIGHT;
+
+    constructor(address _midnight) {
+        MIDNIGHT = _midnight;
+    }
+
+    function isRatified(Offer memory offer, bytes memory ratifierData) external view returns (bytes32) {
+        require(msg.sender == MIDNIGHT, NotMidnight());
+        (Signature memory sig, uint256 rate) = abi.decode(ratifierData, (Signature, uint256));
+        uint256 timeToMaturity = UtilsLib.zeroFloorSub(offer.market.maturity, block.timestamp);
+        uint256 offerPrice = TickLib.tickToPrice(offer.tick);
+        if (offer.buy) {
+            uint256 priceLimitDown = WAD.mulDivDown(WAD, WAD + rate * timeToMaturity);
+            require(offerPrice <= priceLimitDown, WorsePrice());
+        } else {
+            uint256 priceLimitUp = WAD.mulDivUp(WAD, WAD + rate * timeToMaturity);
+            require(offerPrice >= priceLimitUp, WorsePrice());
+        }
+        bytes32 structHash = HashLib.hashRateOffer(offer, rate);
+        bytes32 domainSeparator = keccak256(abi.encode(EIP712_DOMAIN_TYPEHASH, block.chainid, address(this)));
+        bytes32 digest = keccak256(bytes.concat("\x19\x01", domainSeparator, structHash));
+        address _signer = ecrecover(digest, sig.v, sig.r, sig.s);
+        require(_signer != address(0), InvalidSignature());
+        require(_signer == offer.maker || IMidnight(MIDNIGHT).isAuthorized(offer.maker, _signer), Unauthorized());
+        return CALLBACK_SUCCESS;
+    }
+}
diff --git a/src/ratifiers/interfaces/IRateRatifier.sol b/src/ratifiers/interfaces/IRateRatifier.sol
new file mode 100644
index 000000000..86580a6ab
--- /dev/null
+++ b/src/ratifiers/interfaces/IRateRatifier.sol
@@ -0,0 +1,18 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+// Copyright (c) 2025 Morpho Association
+pragma solidity ^0.8.0;
+
+import {IRatifier} from "../../interfaces/IRatifier.sol";
+
+bytes32 constant RATE_OFFER_TYPEHASH = 0xed54e2140d5ca64e1396a19e05c32707e2802af9a43570e408073f0b6843cfbb;
+
+interface IRateRatifier is IRatifier {
+    /// ERRORS ///
+    error InvalidSignature();
+    error NotMidnight();
+    error Unauthorized();
+    error WorsePrice();
+
+    /// STORAGE GETTERS ///
+    function MIDNIGHT() external view returns (address);
+}
diff --git a/src/ratifiers/libraries/HashLib.sol b/src/ratifiers/libraries/HashLib.sol
index 61ba55ea4..93d385e7b 100644
--- a/src/ratifiers/libraries/HashLib.sol
+++ b/src/ratifiers/libraries/HashLib.sol
@@ -3,6 +3,7 @@
 pragma solidity ^0.8.0;
 
 import {Offer, Market, CollateralParams} from "../../interfaces/IMidnight.sol";
+import {RATE_OFFER_TYPEHASH} from "../interfaces/IRateRatifier.sol";
 
 /// @dev keccak256("CollateralParams(address token,uint256 lltv,uint256 maxLif,address oracle)").
 bytes32 constant COLLATERAL_PARAMS_TYPEHASH = 0xaf44a88eb50ebdbbebd980e5a23045c44f61ece5f80ab708a1bbe8718102e6af;
@@ -136,4 +137,27 @@ library HashLib {
             )
         );
     }
+
+    /// @dev Computes the EIP-712 hash struct of a RateOffer (offer with `tick` replaced by `rate`).
+    function hashRateOffer(Offer memory offer, uint256 rate) internal pure returns (bytes32) {
+        return keccak256(
+            abi.encode(
+                RATE_OFFER_TYPEHASH,
+                hashMarket(offer.market),
+                offer.buy,
+                offer.maker,
+                offer.start,
+                offer.expiry,
+                rate,
+                offer.group,
+                offer.callback,
+                keccak256(offer.callbackData),
+                offer.receiverIfMakerIsSeller,
+                offer.ratifier,
+                offer.reduceOnly,
+                offer.maxUnits,
+                offer.maxAssets
+            )
+        );
+    }
 }
diff --git a/test/RateRatifierTest.sol b/test/RateRatifierTest.sol
new file mode 100644
index 000000000..d2d869a2b
--- /dev/null
+++ b/test/RateRatifierTest.sol
@@ -0,0 +1,211 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+// Copyright (c) 2025 Morpho Association
+pragma solidity ^0.8.0;
+
+import {Offer} from "../src/interfaces/IMidnight.sol";
+import {CALLBACK_SUCCESS, WAD} from "../src/libraries/ConstantsLib.sol";
+import {TickLib, MAX_TICK} from "../src/libraries/TickLib.sol";
+import {HashLib} from "../src/ratifiers/libraries/HashLib.sol";
+import {RateRatifier} from "../src/ratifiers/RateRatifier.sol";
+import {IRateRatifier, RATE_OFFER_TYPEHASH} from "../src/ratifiers/interfaces/IRateRatifier.sol";
+import {Signature, EIP712_DOMAIN_TYPEHASH} from "../src/ratifiers/interfaces/IEcrecoverRatifier.sol";
+import {BaseTest} from "./BaseTest.sol";
+import {COLLATERAL_PARAMS_TYPE, MARKET_TYPE} from "./HashLibTest.sol";
+
+bytes constant RATE_OFFER_TYPE =
+    "RateOffer(Market market,bool buy,address maker,uint256 start,uint256 expiry,uint256 rate,bytes32 group,address callback,bytes callbackData,address receiverIfMakerIsSeller,address ratifier,bool reduceOnly,uint256 maxUnits,uint256 maxAssets)";
+
+contract RateRatifierTest is BaseTest {
+    RateRatifier internal rateRatifier;
+
+    function setUp() public override {
+        super.setUp();
+        rateRatifier = new RateRatifier(address(midnight));
+        vm.prank(lender);
+        midnight.setIsAuthorized(address(rateRatifier), true, lender);
+        vm.prank(borrower);
+        midnight.setIsAuthorized(address(rateRatifier), true, borrower);
+    }
+
+    function testRateOfferTypeHash() public pure {
+        assertEq(RATE_OFFER_TYPEHASH, keccak256(bytes.concat(RATE_OFFER_TYPE, COLLATERAL_PARAMS_TYPE, MARKET_TYPE)));
+    }
+
+    function rateSignature(Offer memory offer, uint256 rate, uint256 _privateKey)
+        internal
+        view
+        returns (Signature memory sig)
+    {
+        bytes32 structHash = HashLib.hashRateOffer(offer, rate);
+        bytes32 sep = keccak256(abi.encode(EIP712_DOMAIN_TYPEHASH, block.chainid, address(rateRatifier)));
+        bytes32 digest = keccak256(bytes.concat("\x19\x01", sep, structHash));
+        (sig.v, sig.r, sig.s) = vm.sign(_privateKey, digest);
+    }
+
+    function buildRatifierData(Offer memory offer, uint256 rate, address signer) internal view returns (bytes memory) {
+        return abi.encode(rateSignature(offer, rate, privateKey[signer]), rate);
+    }
+
+    /// @dev Returns an offer with 1 year to maturity and the ratifier wired up.
+    function makeOffer(address maker, bool buy) internal view returns (Offer memory offer) {
+        offer.maker = maker;
+        offer.buy = buy;
+        offer.ratifier = address(rateRatifier);
+        offer.expiry = block.timestamp + 365 days;
+        offer.market.maturity = block.timestamp + 365 days;
+    }
+
+    /// @dev Per-second WAD rate giving ~10% over 1 year via simple interest: rate = 0.1e18 / 365 days.
+    function rate10pct() internal pure returns (uint256) {
+        return uint256(0.1e18) / 365 days;
+    }
+
+    function testIsRatifiedBuyer() public {
+        Offer memory offer = makeOffer(lender, true);
+        uint256 rate = rate10pct();
+        // priceLimit ~ WAD / 1.1 ~ 0.909e18. tick=0 -> price ~ 0, well below: OK.
+        offer.tick = 0;
+        bytes memory data = buildRatifierData(offer, rate, lender);
+
+        vm.prank(address(midnight));
+        assertEq(rateRatifier.isRatified(offer, data), CALLBACK_SUCCESS);
+    }
+
+    function testIsRatifiedSeller() public {
+        Offer memory offer = makeOffer(borrower, false);
+        uint256 rate = rate10pct();
+        offer.tick = MAX_TICK; // highest price, clearly >= priceLimit.
+        bytes memory data = buildRatifierData(offer, rate, borrower);
+
+        vm.prank(address(midnight));
+        assertEq(rateRatifier.isRatified(offer, data), CALLBACK_SUCCESS);
+    }
+
+    function testIsRatifiedAuthorizedSigner() public {
+        Offer memory offer = makeOffer(lender, true);
+        offer.tick = 0;
+        uint256 rate = rate10pct();
+
+        vm.prank(lender);
+        midnight.setIsAuthorized(borrower, true, lender);
+
+        bytes memory data = buildRatifierData(offer, rate, borrower);
+        vm.prank(address(midnight));
+        assertEq(rateRatifier.isRatified(offer, data), CALLBACK_SUCCESS);
+    }
+
+    function testIsRatifiedNotMidnight() public {
+        Offer memory offer = makeOffer(lender, true);
+        offer.tick = 0;
+        bytes memory data = buildRatifierData(offer, rate10pct(), lender);
+
+        vm.expectRevert(IRateRatifier.NotMidnight.selector);
+        rateRatifier.isRatified(offer, data);
+    }
+
+    function testIsRatifiedUnauthorizedSigner() public {
+        Offer memory offer = makeOffer(lender, true);
+        offer.tick = 0;
+        bytes memory data = buildRatifierData(offer, rate10pct(), borrower);
+
+        vm.prank(address(midnight));
+        vm.expectRevert(IRateRatifier.Unauthorized.selector);
+        rateRatifier.isRatified(offer, data);
+    }
+
+    function testIsRatifiedInvalidSignature() public {
+        Offer memory offer = makeOffer(lender, true);
+        offer.tick = 0;
+        bytes memory data = abi.encode(Signature({v: 27, r: bytes32(uint256(1)), s: bytes32(uint256(2))}), rate10pct());
+
+        vm.prank(address(midnight));
+        vm.expectRevert(IRateRatifier.Unauthorized.selector);
+        rateRatifier.isRatified(offer, data);
+    }
+
+    function testWorsePriceBuyer() public {
+        Offer memory offer = makeOffer(lender, true);
+        uint256 rate = rate10pct();
+        // priceLimit ~ 0.909e18. MAX_TICK gives ~WAD which is way above the limit -> revert.
+        offer.tick = MAX_TICK;
+        bytes memory data = buildRatifierData(offer, rate, lender);
+
+        vm.prank(address(midnight));
+        vm.expectRevert(IRateRatifier.WorsePrice.selector);
+        rateRatifier.isRatified(offer, data);
+    }
+
+    function testWorsePriceSeller() public {
+        Offer memory offer = makeOffer(borrower, false);
+        uint256 rate = rate10pct();
+        // priceLimit ~ 0.909e18. tick=0 gives ~0 which is far below the floor -> revert.
+        offer.tick = 0;
+        bytes memory data = buildRatifierData(offer, rate, borrower);
+
+        vm.prank(address(midnight));
+        vm.expectRevert(IRateRatifier.WorsePrice.selector);
+        rateRatifier.isRatified(offer, data);
+    }
+
+    function testRateZeroBuyerAcceptsAnyTick() public {
+        Offer memory offer = makeOffer(lender, true);
+        // rate = 0 -> priceLimit = WAD. tickToPrice <= WAD always, so any tick is acceptable.
+        offer.tick = MAX_TICK;
+        bytes memory data = buildRatifierData(offer, 0, lender);
+
+        vm.prank(address(midnight));
+        assertEq(rateRatifier.isRatified(offer, data), CALLBACK_SUCCESS);
+    }
+
+    function testTimeProgressRelaxesBuyerLimit() public {
+        Offer memory offer = makeOffer(lender, true);
+        uint256 rate = rate10pct();
+        // Pick a tick whose price sits between priceLimit(1 year) and priceLimit(0.5 year).
+        // priceLimit(1y) ~ 0.909e18, priceLimit(0.5y) ~ 0.952e18.
+        uint256 _tick = TickLib.priceToTick(0.93e18, 1);
+        offer.tick = _tick;
+        bytes memory data = buildRatifierData(offer, rate, lender);
+
+        // At t=0 the offer is above the buyer's limit -> revert.
+        vm.prank(address(midnight));
+        vm.expectRevert(IRateRatifier.WorsePrice.selector);
+        rateRatifier.isRatified(offer, data);
+
+        // Half a year later the limit has grown enough to accept the same tick.
+        vm.warp(block.timestamp + 182 days);
+        vm.prank(address(midnight));
+        assertEq(rateRatifier.isRatified(offer, data), CALLBACK_SUCCESS);
+    }
+
+    function testRevokeAuthorizationInvalidates() public {
+        Offer memory offer = makeOffer(lender, true);
+        offer.tick = 0;
+        uint256 rate = rate10pct();
+
+        vm.prank(lender);
+        midnight.setIsAuthorized(borrower, true, lender);
+        bytes memory data = buildRatifierData(offer, rate, borrower);
+
+        vm.prank(address(midnight));
+        rateRatifier.isRatified(offer, data);
+
+        vm.prank(lender);
+        midnight.setIsAuthorized(borrower, false, lender);
+
+        vm.prank(address(midnight));
+        vm.expectRevert(IRateRatifier.Unauthorized.selector);
+        rateRatifier.isRatified(offer, data);
+    }
+
+    function testTamperedRateInRatifierData() public {
+        Offer memory offer = makeOffer(lender, true);
+        offer.tick = 0;
+        // Sign at one rate, submit a different rate in ratifierData -> signature mismatch.
+        Signature memory sig = rateSignature(offer, rate10pct(), privateKey[lender]);
+        bytes memory data = abi.encode(sig, rate10pct() * 2);
+
+        vm.prank(address(midnight));
+        vm.expectRevert(IRateRatifier.Unauthorized.selector);
+        rateRatifier.isRatified(offer, data);
+    }
+}