diff --git a/cmd/loop/liquidity.go b/cmd/loop/liquidity.go
index f3b823a..63b491a 100644
--- a/cmd/loop/liquidity.go
+++ b/cmd/loop/liquidity.go
@@ -1,6 +1,7 @@
 package main
 
 import (
+	"bytes"
 	"context"
 	"errors"
 	"fmt"
@@ -8,6 +9,7 @@ import (
 
 	"github.com/lightninglabs/loop/liquidity"
 	"github.com/lightninglabs/loop/looprpc"
+	"github.com/lightningnetwork/lnd/routing/route"
 	"github.com/urfave/cli"
 	"google.golang.org/grpc/codes"
 	"google.golang.org/grpc/status"
@@ -42,9 +44,9 @@ func getParams(ctx *cli.Context) error {
 
 var setLiquidityRuleCommand = cli.Command{
 	Name:        "setrule",
-	Usage:       "set liquidity manager rule for a channel",
-	Description: "Update or remove the liquidity rule for a channel.",
-	ArgsUsage:   "shortchanid",
+	Usage:       "set liquidity manager rule for a channel/peer",
+	Description: "Update or remove the liquidity rule for a channel/peer.",
+	ArgsUsage:   "{shortchanid |  peerpubkey}",
 	Flags: []cli.Flag{
 		cli.IntFlag{
 			Name: "incoming_threshold",
@@ -58,8 +60,9 @@ var setLiquidityRuleCommand = cli.Command{
 				"that we do not want to drop below.",
 		},
 		cli.BoolFlag{
-			Name:  "clear",
-			Usage: "remove the rule currently set for the channel.",
+			Name: "clear",
+			Usage: "remove the rule currently set for the " +
+				"channel/peer.",
 		},
 	},
 	Action: setRule,
@@ -68,13 +71,22 @@ var setLiquidityRuleCommand = cli.Command{
 func setRule(ctx *cli.Context) error {
 	// We require that a channel ID is set for this rule update.
 	if ctx.NArg() != 1 {
-		return fmt.Errorf("please set a channel id for the rule " +
-			"update")
+		return fmt.Errorf("please set a channel id or peer pubkey " +
+			"for the rule update")
 	}
 
+	var (
+		pubkey     route.Vertex
+		pubkeyRule bool
+	)
 	chanID, err := strconv.ParseUint(ctx.Args().First(), 10, 64)
 	if err != nil {
-		return fmt.Errorf("could not parse channel ID: %v", err)
+		pubkey, err = route.NewVertexFromStr(ctx.Args().First())
+		if err != nil {
+			return fmt.Errorf("please provide a valid pubkey: "+
+				"%v, or short channel ID", err)
+		}
+		pubkeyRule = true
 	}
 
 	client, cleanup, err := getClient(ctx)
@@ -101,11 +113,20 @@ func setRule(ctx *cli.Context) error {
 	)
 
 	// Run through our current set of rules and check whether we have a rule
-	// currently set for this channel. We also track a slice containing all
-	// of the rules we currently have set for other channels, because we
-	// want to leave these rules untouched.
+	// currently set for this channel or peer. We also track a slice
+	// containing all of the rules we currently have set for other channels,
+	// and peers because we want to leave these rules untouched.
 	for _, rule := range params.Rules {
-		if rule.ChannelId == chanID {
+		var (
+			channelRuleSet = rule.ChannelId != 0 &&
+				rule.ChannelId == chanID
+
+			peerRuleSet = rule.Pubkey != nil && bytes.Equal(
+				rule.Pubkey, pubkey[:],
+			)
+		)
+
+		if channelRuleSet || peerRuleSet {
 			ruleSet = true
 		} else {
 			otherRules = append(otherRules, rule)
@@ -149,6 +170,10 @@ func setRule(ctx *cli.Context) error {
 		Type:      looprpc.LiquidityRuleType_THRESHOLD,
 	}
 
+	if pubkeyRule {
+		newRule.Pubkey = pubkey[:]
+	}
+
 	if inboundSet {
 		newRule.IncomingThreshold = uint32(
 			ctx.Int("incoming_threshold"),
diff --git a/loopd/swapclient_server.go b/loopd/swapclient_server.go
index 83fc521..d0e1e32 100644
--- a/loopd/swapclient_server.go
+++ b/loopd/swapclient_server.go
@@ -609,6 +609,7 @@ func (s *swapClientServer) GetLiquidityParams(_ context.Context,
 	}
 
 	for peer, rule := range cfg.PeerRules {
+		peer := peer
 		rpcRule := newRPCRule(0, peer[:], rule)
 		rpcCfg.Rules = append(rpcCfg.Rules, rpcRule)
 	}