The Bitcoin Credit Stack
rates are percent a year, continuously compounded · figures as of 2026-10-13 · read 2026-10-13 14:43 UTC

What you can ask

Questions an assistant connected to the Stack can answer, each with the one call that answers it and the chart drawn from the answer. The sources, the credits and the licence under each chart come with the answer. Connect your own assistant and ask any of them, or your own.

What do borrowers pay against bitcoin over the 3-month Treasury bill, with and without venues entering the data?

points (continuously compounded): Bitcoin-Secured Borrow Spread (bsbs); Borrow spread over the 3-month bill: the secured market (plain; bsbs without chain-linking), 2025-01-06 to 2026-10-08. points (continuously compounded): Bitcoin-Secured Borrow Spread (bsbs); Borrow spread over the 3-month bill: the secured market (plain; bsbs without chain-linking), 2025-01-06 to 2026-10-08. Bitcoin-Secured Borrow Spread (bsbs) Borrow spread over the 3-month bill: the secured market (plain; bsbs without chain-linking) -2.5 pts 0 pts 2.5 pts 5 pts 7.5 pts 10 pts 12.5 pts points (continuously compounded) Apr 25 Jul 25 Oct 25 2026 Apr 26 Jul 26 Oct 26 Source: Derived by Aletheia from its credit tree, over the Federal Reserve's H.15 3-month Treasury bill; chain-linked so venues entering the data do not move it (methodology v1); Derived by Aletheia from its credit tree, over the Federal Reserve's H.15 3-month Treasury bill · 2025-01-06 to 2026-10-08 · n = 99, 99 Draw it yourself: https://www.bitcoincreditstack.com/explore?n=&s=cx.index.bsbs,cx.market.secured.borrow_spread_over_ust_3m Credit: BTC/USDT hourly price from Binance public market data. · Board of Governors of the Federal Reserve System (H.15, H.4.1, H.6). The Bitcoin Credit Stack · bitcoincreditstack.com

From 2025-01-01 to 2026-10-13. Built 2026-10-13.

  • Bitcoin-Secured Borrow Spread (bsbs): free to use with the credits shown; not for resale
  • Borrow spread over the 3-month bill: the secured market (plain; bsbs without chain-linking): free to use with the credits shown; not for resale

BTC/USDT hourly price from Binance public market data.

Source: Board of Governors of the Federal Reserve System (H.15, H.4.1, H.6).

The call: get_series({ ids: ["cx.index.bsbs", "cx.market.secured.borrow_spread_over_ust_3m"], from: "2025-01-01" })
Ask your assistant: Using the Bitcoin Credit Stack, chart the borrow spread over the 3-month bill since 2025, with the bsbs index beside it.
Open in the explorer

How much debt sits near liquidation, beside how much bitcoin last moved near the same prices?

USD: Debt within 10% of its venue's own mark: the market; Debt within 20% of its venue's own mark: the market; Debt within 30% of its venue's own mark: the market, 2026-01-01 to 2026-10-13. USD: Debt within 10% of its venue's own mark: the market; Debt within 20% of its venue's own mark: the market; Debt within 30% of its venue's own mark: the market, 2026-01-01 to 2026-10-13. BTC: Supply whose cost basis is within 10% below the mark: the secured market; Supply whose cost basis is within 20% below the mark: the secured market; Supply whose cost basis is within 30% below the mark: the secured market, 2026-01-01 to 2026-10-13. Debt within 10% of its venue's own mark: the market Debt within 20% of its venue's own mark: the market Debt within 30% of its venue's own mark: the market $0 $250m $500m $750m $1.00bn $1.25bn USD venues entered or left the map: coverage, not the marketcoverage 1 → 30 of 89 venues Source: Aletheia's liquidation map: each venue's positions at the price its own rule liquidates them · 2026-01-01 to 2026-10-13 · n = 286, 286, 286 Supply whose cost basis is within 10% below the mark: the secured market Supply whose cost basis is within 20% below the mark: the secured market Supply whose cost basis is within 30% below the mark: the secured market 0 2m 4m 6m 8m BTC 2026 Mar 26 May 26 Jul 26 Sep 26 Source: Derived by Aletheia from its credit tree and its own Bitcoin node · 2026-01-01 to 2026-10-13 · n = 286, 286, 286 Draw it yourself: https://www.bitcoincreditstack.com/explore?n=&s=credit.market.liq_within_10,credit.market.liq_within_20,credit.market.liq_within_30,cx.market.secured.supply_costbasis_within_1 0,cx.market.secured.supply_costbasis_within_20,cx.market.secured.supply_costbasis_within_30 Credit: BTC/USDT hourly price from Binance public market data. · Powered by CoinGecko The Bitcoin Credit Stack · bitcoincreditstack.com

From 2026-01-01 to 2026-10-13. Built 2026-10-13.

  • Debt within 10% of its venue's own mark: the market: free to use with the credits shown; not for resale
  • Debt within 20% of its venue's own mark: the market: free to use with the credits shown; not for resale
  • Debt within 30% of its venue's own mark: the market: free to use with the credits shown; not for resale
  • Supply whose cost basis is within 10% below the mark: the secured market: free to use with the credits shown; not for resale
  • Supply whose cost basis is within 20% below the mark: the secured market: free to use with the credits shown; not for resale
  • Supply whose cost basis is within 30% below the mark: the secured market: free to use with the credits shown; not for resale

BTC/USDT hourly price from Binance public market data.

Powered by CoinGecko

The call: get_series({ ids: ["credit.market.liq_within_10", "credit.market.liq_within_20", "credit.market.liq_within_30", "cx.market.secured.supply_costbasis_within_10", "cx.market.secured.supply_costbasis_within_20", "cx.market.secured.supply_costbasis_within_30"], from: "2026-01-01" })
Ask your assistant: From the Bitcoin Credit Stack, show debt within 10, 20 and 30% of liquidation beside the bitcoin whose cost basis sits in the same bands, since January.
Open in the explorer

How has each credit class’s dollar debt moved, beside the supply held 155 days or more?

USD: Dollar debt: class Algorithmic; Dollar debt: class Minted; Dollar debt: class Posted card, 2024-01-01 to 2026-10-13. USD: Dollar debt: class Algorithmic; Dollar debt: class Minted; Dollar debt: class Posted card, 2024-01-01 to 2026-10-13. BTC: Held 155 days or more (our node), 2024-01-01 to 2026-10-12. Dollar debt: class Algorithmic Dollar debt: class Minted Dollar debt: class Posted card $0 $1.00bn $2.00bn $3.00bn $4.00bn $5.00bn USD Source: Aletheia's credit tree: each venue's debt, collateral and rates read from its own contracts, APIs or filings, summed by class and market · 2024-01-01 to 2026-10-13 · n = 157, 157, 157 Held 155 days or more (our node) 0 5m 10m 15m 20m BTC 2024 Apr 24 Jul 24 Oct 24 2025 Apr 25 Jul 25 Oct 25 2026 Apr 26 Jul 26 Oct 26 Source: Aletheia's own Bitcoin node, every block since 2009 · 2024-01-01 to 2026-10-13 · n = 1016 Draw it yourself: https://www.bitcoincreditstack.com/explore?fig=debt&n=class:algorithmic,class:minted,class:posted-card&s=chain.cohort.supply_lth_btc Credit: BTC/USDT hourly price from Binance public market data. The Bitcoin Credit Stack · bitcoincreditstack.com

From 2024-01-01 to 2026-10-13. Built 2026-10-13.

  • Dollar debt: class Algorithmic: free to use with the credits shown; not for resale
  • Dollar debt: class Minted: free to use with the credits shown; not for resale
  • Dollar debt: class Posted card: free to use with the credits shown; not for resale
  • Held 155 days or more (our node): Aletheia’s own data

BTC/USDT hourly price from Binance public market data.

The call: get_series({ ids: ["credit.class.algorithmic.debt_usd", "credit.class.minted.debt_usd", "credit.class.posted-card.debt_usd", "chain.cohort.supply_lth_btc"], from: "2024-01-01" })
Ask your assistant: Chart each bitcoin credit class’s dollar debt since 2024 beside long-term holders’ supply, from the Bitcoin Credit Stack.
Open in the explorer

What has borrowing against bitcoin cost, beside what a miner earns per unit of hashrate?

percent a year, continuously compounded: Borrow rate: the market, 2025-01-06 to 2026-10-13. percent a year, continuously compounded: Borrow rate: the market, 2025-01-06 to 2026-10-13. BTC per PH/s per day: Hashprice: BTC per PH/s per day (our node), 2025-01-01 to 2026-10-12. Borrow rate: the market 0% 2.5% 5% 7.5% 10% 12.5% percent a year, continuously compounded Source: Aletheia's credit tree: each venue's debt, collateral and rates read from its own contracts, APIs or filings, summed by class and market · 2025-01-01 to 2026-10-13 · n = 104 Hashprice: BTC per PH/s per day (our node) 0 0.0002 0.0004 0.0006 BTC per PH/s per day 2025 Apr 25 Jul 25 Oct 25 2026 Apr 26 Jul 26 Oct 26 Source: Aletheia's own Bitcoin node, every block since 2009 · 2025-01-01 to 2026-10-13 · n = 650 Draw it yourself: https://www.bitcoincreditstack.com/explore?fig=borrow&n=market:market&s=miner.hpx_btc Credit: BTC/USDT hourly price from Binance public market data. The Bitcoin Credit Stack · bitcoincreditstack.com

From 2025-01-01 to 2026-10-13. Built 2026-10-13.

  • Borrow rate: the market: free to use with the credits shown; not for resale
  • Hashprice: BTC per PH/s per day (our node): Aletheia’s own data

BTC/USDT hourly price from Binance public market data.

The call: get_series({ ids: ["credit.market.borrow_rate", "miner.hpx_btc"], from: "2025-01-01" })
Ask your assistant: From the Bitcoin Credit Stack, chart the market borrow rate since 2025 beside hashprice in BTC.
Open in the explorer

Can bitcoin and ether market debt, and a third unit, go on one chart?

Drawn: USD (1) · BTC (1)

Refused by the plan
  • credit.market.coll_eth.debt_usd: Ether and bitcoin are measured apart and never drawn on one chart: "Dollar debt: the market (ether collateral)" is against ether collateral, "Dollar debt: the market" against bitcoin.
  • miner.hpx_btc: This chart already shows USD and BTC. Remove one to add a series in BTC per PH/s per day.

Built 2026-10-13.

The call: get_series({ ids: ["credit.market.debt_usd", "credit.market.coll_eth.debt_usd", "chain.cohort.supply_lth_btc", "miner.hpx_btc"], plan: "only" })
Ask your assistant: Ask the Bitcoin Credit Stack to plan a chart of bitcoin and ether market debt with long-term supply and hashprice, and tell me what it refuses.
Open in the explorer

What did the bsbs index read as published on 9 October 2026?

points (continuously compounded): Bitcoin-Secured Borrow Spread (bsbs), 2026-09-07 to 2026-10-07. As known on 2026-10-09. points (continuously compounded): Bitcoin-Secured Borrow Spread (bsbs), 2026-09-07 to 2026-10-07. As known on 2026-10-09 — each series as published by the end of that day (UTC) Bitcoin-Secured Borrow Spread (bsbs) 0 pts 0.2 pts 0.4 pts 0.6 pts 0.8 pts points (continuously compounded) 7 Sep 14 Sep 21 Sep 28 Sep 5 Oct Source: Derived by Aletheia from its credit tree, over the Federal Reserve's H.15 3-month Treasury bill; chain-linked so venues entering the data do not move it (methodology v1) · 2026-09-07 to 2026-10-07 · n = 11 Draw it yourself: https://www.bitcoincreditstack.com/explore?n=&s=cx.index.bsbs The link draws the series as held today; these values are as known on 2026-10-09. Credit: BTC/USDT hourly price from Binance public market data. · Board of Governors of the Federal Reserve System (H.15, H.4.1, H.6). The Bitcoin Credit Stack · bitcoincreditstack.com

From 2026-09-01 to 2026-10-13. As known on 2026-10-09: each series as published by the end of that day (UTC). Built 2026-10-13.

  • Bitcoin-Secured Borrow Spread (bsbs): free to use with the credits shown; not for resale

BTC/USDT hourly price from Binance public market data.

Source: Board of Governors of the Federal Reserve System (H.15, H.4.1, H.6).

The call: get_series({ ids: ["cx.index.bsbs"], from: "2026-09-01", as_known_on: "2026-10-09" })
Ask your assistant: Using the Bitcoin Credit Stack, show bsbs as it was published on 9 October 2026 and as it reads today for the same dates.
Open in the explorer

… and what does it read now, for the same dates?

points (continuously compounded): Bitcoin-Secured Borrow Spread (bsbs), 2026-09-07 to 2026-10-08. points (continuously compounded): Bitcoin-Secured Borrow Spread (bsbs), 2026-09-07 to 2026-10-08. Bitcoin-Secured Borrow Spread (bsbs) 0 pts 0.2 pts 0.4 pts 0.6 pts 0.8 pts points (continuously compounded) 7 Sep 14 Sep 21 Sep 28 Sep 5 Oct Source: Derived by Aletheia from its credit tree, over the Federal Reserve's H.15 3-month Treasury bill; chain-linked so venues entering the data do not move it (methodology v1) · 2026-09-07 to 2026-10-08 · n = 12 Draw it yourself: https://www.bitcoincreditstack.com/explore?n=&s=cx.index.bsbs Credit: BTC/USDT hourly price from Binance public market data. · Board of Governors of the Federal Reserve System (H.15, H.4.1, H.6). The Bitcoin Credit Stack · bitcoincreditstack.com

From 2026-09-01 to 2026-10-09. Built 2026-10-13.

  • Bitcoin-Secured Borrow Spread (bsbs): free to use with the credits shown; not for resale

BTC/USDT hourly price from Binance public market data.

Source: Board of Governors of the Federal Reserve System (H.15, H.4.1, H.6).

The call: get_series({ ids: ["cx.index.bsbs"], from: "2026-09-01", to: "2026-10-09" })
Open in the explorer

What share of bitcoin’s supply is posted as collateral, beside the collateral itself?

ratio: Bitcoin collateral as a share of supply: the secured market, 2025-10-06 to 2026-10-12. ratio: Bitcoin collateral as a share of supply: the secured market, 2025-10-06 to 2026-10-12. BTC: Bitcoin collateral: the market, 2025-10-06 to 2026-10-13. Bitcoin collateral as a share of supply: the secured market 0 0.0025 0.005 0.0075 0.01 0.013 ratio Source: Derived by Aletheia from its credit tree and its own Bitcoin node · 2025-10-06 to 2026-10-13 · n = 64 Bitcoin collateral: the market 0 250k 500k 750k 1m 1.3m BTC Nov 25 2026 Mar 26 May 26 Jul 26 Sep 26 Source: Aletheia's credit tree: each venue's debt, collateral and rates read from its own contracts, APIs or filings, summed by class and market · 2025-10-06 to 2026-10-13 · n = 65 Draw it yourself: https://www.bitcoincreditstack.com/explore?fig=collateral&n=market:market&s=cx.market.secured.collateral_share_of_supply Credit: BTC/USDT hourly price from Binance public market data. The Bitcoin Credit Stack · bitcoincreditstack.com

From 2025-10-01 to 2026-10-13. Built 2026-10-13.

  • Bitcoin collateral as a share of supply: the secured market: free to use with the credits shown; not for resale
  • Bitcoin collateral: the market: free to use with the credits shown; not for resale

BTC/USDT hourly price from Binance public market data.

The call: get_series({ ids: ["cx.market.secured.collateral_share_of_supply", "credit.market.collateral_btc"], from: "2025-10-01" })
Ask your assistant: From the Bitcoin Credit Stack, chart the share of bitcoin supply held as loan collateral beside the collateral in BTC over the last year.
Open in the explorer

How does bitcoin posted as collateral sit beside the dollar stablecoin float?

BTC: Bitcoin collateral: the market, 2025-10-06 to 2026-10-13. BTC: Bitcoin collateral: the market, 2025-10-06 to 2026-10-13. USD: Stablecoin market capitalisation, 2025-10-01 to 2026-10-13. Bitcoin collateral: the market 0 250k 500k 750k 1m 1.3m BTC Source: Aletheia's credit tree: each venue's debt, collateral and rates read from its own contracts, APIs or filings, summed by class and market · 2025-10-01 to 2026-10-13 · n = 65 Stablecoin market capitalisation $0 $100.00bn $200.00bn $300.00bn USD Nov 25 2026 Mar 26 May 26 Jul 26 Sep 26 Source: Stablecoin market capitalisation (CoinGecko) · 2025-10-01 to 2026-10-13 · n = 365 Draw it yourself: https://www.bitcoincreditstack.com/explore?fig=collateral&n=market:market&s=stablecoins.total_mcap Credit: BTC/USDT hourly price from Binance public market data. · Powered by CoinGecko The Bitcoin Credit Stack · bitcoincreditstack.com

From 2025-10-01 to 2026-10-13. Built 2026-10-13.

  • Bitcoin collateral: the market: free to use with the credits shown; not for resale
  • Stablecoin market capitalisation: free to use with the credits shown; not for resale

BTC/USDT hourly price from Binance public market data.

Powered by CoinGecko

The call: get_series({ ids: ["credit.market.collateral_btc", "stablecoins.total_mcap"], from: "2025-10-01" })
Ask your assistant: Chart bitcoin collateral in secured credit beside the total stablecoin market cap over the last year, using the Bitcoin Credit Stack.
Open in the explorer

What do treasury companies’ instruments yield, beside what secured borrowers pay?

percent a year, continuously compounded: Borrow rate: class Corporate; Borrow rate: the market, secured view, 2025-10-06 to 2026-10-13. percent a year, continuously compounded: Borrow rate: class Corporate; Borrow rate: the market, secured view, 2025-10-06 to 2026-10-13. Borrow rate: class Corporate Borrow rate: the market, secured view 0% 5% 10% 15% percent a year, continuously compounded Nov 25 2026 Mar 26 May 26 Jul 26 Sep 26 Source: Aletheia's credit tree: each venue's debt, collateral and rates read from its own contracts, APIs or filings, summed by class and market · 2025-10-06 to 2026-10-13 · n = 65, 65 Credit: BTC/USDT hourly price from Binance public market data. The Bitcoin Credit Stack · bitcoincreditstack.com

From 2025-10-01 to 2026-10-13. Built 2026-10-13.

  • Borrow rate: class Corporate: free to use with the credits shown; not for resale
  • Borrow rate: the market, secured view: free to use with the credits shown; not for resale

BTC/USDT hourly price from Binance public market data.

The call: get_series({ ids: ["credit.class.corporate.borrow_rate", "credit.market.secured.borrow_rate"], from: "2025-10-01" })
Ask your assistant: From the Bitcoin Credit Stack, chart the corporate class rate beside the secured market’s borrow rate over the last year.

How much collateral would a 10, 20 or 30% fall release, at the liquidation thresholds in force?

BTC: Bitcoin liquidations would release at a 10% fall: the secured market; Bitcoin liquidations would release at a 20% fall: the secured market; Bitcoin liquidations would release at a 30% fall: the secured market, 2025-10-01 to 2026-10-07. BTC: Bitcoin liquidations would release at a 10% fall: the secured market; Bitcoin liquidations would release at a 20% fall: the secured market; Bitcoin liquidations would release at a 30% fall: the secured market, 2025-10-01 to 2026-10-07. Bitcoin liquidations would release at a 10% fall: the secured market Bitcoin liquidations would release at a 20% fall: the secured market Bitcoin liquidations would release at a 30% fall: the secured market 0 5 10 15 20 25 BTC Nov 25 2026 Mar 26 May 26 Jul 26 Sep 26 Source: Derived by Aletheia from its credit tree and its own Bitcoin node · 2025-10-01 to 2026-10-13 · n = 378, 378, 378 Draw it yourself: https://www.bitcoincreditstack.com/explore?n=&s=cx.market.secured.btc_released_at_fall_10,cx.market.secured.btc_released_at_fall_20,cx.market.secured.btc_released_at_fall_30 The Bitcoin Credit Stack · bitcoincreditstack.com

From 2025-10-01 to 2026-10-13. Built 2026-10-13.

  • Bitcoin liquidations would release at a 10% fall: the secured market: Aletheia’s own data
  • Bitcoin liquidations would release at a 20% fall: the secured market: Aletheia’s own data
  • Bitcoin liquidations would release at a 30% fall: the secured market: Aletheia’s own data
The call: get_series({ ids: ["cx.market.secured.btc_released_at_fall_10", "cx.market.secured.btc_released_at_fall_20", "cx.market.secured.btc_released_at_fall_30"], from: "2025-10-01" })
Ask your assistant: Using the Bitcoin Credit Stack, chart the bitcoin collateral a 10, 20 and 30% price fall would release, over the last year.
Open in the explorer