The Bitcoin Credit Stack
all rates APR, act/365 · as of 2026-09-04
MarketsClasses corporate

corporate

1 venues · $0 debt

Yields on securities issued by companies holding bitcoin — a declared rate against a market price, not a venue lending against collateral. Some are perpetual preferreds; most are convertible notes and credit facilities with dated maturities.

As of 2026-09-04 · weighting: borrow by borrowed_usd, lend by supplied_usd; spread computed per pool-day then weighted, never as the difference of the two aggregates

The tenor is an averaging window, not a maturity. The tenor is an AVERAGING WINDOW, not a maturity. Every constituent pool is open-term floating and no borrower agreed a term, so a rising curve means rates were higher further back — not a term premium.

Denominations are different products. btc and usd are different products and are never aggregated (v2 V2). btc = the borrower receives bitcoin; usd = a stablecoin is borrowed against bitcoin collateral.

Dollar borrow rate — the class and its largest venues, over time
Collecting — no per-venue rate history is served for this class
The cross-venue surface has a daily series and the financing curve is a current cross-section, but neither carries a rate line per venue. The class and its constituents cannot be drawn against time until one exists.
The class's current cross-section is below, by lookback window. Drawing it on a time axis would say eight averaging windows were twelve months of history.
fill route: runbook_DI1_data_ingestion_coordination_v1.md
Venues — size and criteria coverage

The endpoint publishes this class as an aggregate without a per-venue composition, so there is no constituent list to show. That is a property of how the class is observed, not an empty table.

Denominated in usd

Both legs observed. Wrapper classes: custodial.

Window (days)BorrowLendSpreadPoolsVenuesDebtSupplied
711.350%31$0$0
1411.433%31$0$0
3011.908%31$0$0
6012.732%41$0$0
9012.903%41$0$0
18012.120%41$0$0
36511.370%41$0$0
73010.851%41$0$0
Compare these venues on your own terms — LTV, tenor, wrapper — by connecting.Connect your AI ↗