The Bitcoin Credit Stack
rates are percent a year, continuously compounded · figures as of 2026-10-20 · read 2026-10-20 21:13 UTC
Indicators › Cost of credit › Benchmark Curves (the signed curve)

Benchmark Curves (the signed curve)

benchmark-curves

The site's curve chart as one payload. `past`: realised rates by lookback window (an averaging window, not a maturity) for each dollar class of the financing curve, by leg, with the Treasury of that tenor as quoted that long ago. `forward`: contracted rates by maturity: the Treasury curve, the auction curve fitted to Gavel's book (each point flagged `fitted` beyond the longest tenor observed, with the fit's provenance), and the posted CeFi composite (administered, not cleared). Every point carries rate_cc, continuously compounded, so the two halves share one axis; the conversions are stated in `conversions`. Absent legs carry their kind and reason. The Aave and Compound mini curves this route once served are no longer served: their keys stay, empty, named in `replaced`.

Unitspercent cc on every point (rate cc), with the native rate and unit beside it
Computed at2026-10-20T21:13:15.985Z
Historynot served as a series; a past day's reading is served with as_known_on

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

By window and by term

Rates are percent a year, continuously compounded; each point also carries the rate as quoted, in its own unit.

Realised, by averaging window

Realised: each window is an AVERAGING window, not a maturity. Every pool behind a class is open-term and floating, so a rising curve means rates were higher further back, not a term premium. The Treasury beside them is the bill or note of that tenor as quoted that long ago, locked at origination: a point-in-time quote, not a mean.

% a year, cc7d14d30d60d90d180d1y2y
algorithmic borrow4.90%4.87%4.85%4.67%4.52%4.39%4.39%5.58%
algorithmic lend3.56%3.54%3.51%3.36%3.21%3.05%2.87%3.68%
auction cleared5.61%5.64%5.54%5.40%5.08%———
corporate borrownot applicablenot applicablenot applicablenot applicablenot applicablenot applicablenot applicablenot applicable
corporate lend12.00%11.86%11.85%11.86%12.25%12.34%11.70%11.04%
minted borrow8.23%8.17%7.83%7.70%7.83%7.68%7.41%7.54%
minted lendnot applicablenot applicablenot applicablenot applicablenot applicablenot applicablenot applicablenot applicable
posted card borrow11.43%11.49%11.65%11.69%11.71%———
posted card lendunknown (not read)unknown (not read)unknown (not read)unknown (not read)unknown (not read)———
treasuries——3.93%
3.97% bond-equivalent
—3.85%
3.89% bond-equivalent
3.69%
3.72% bond-equivalent
3.52%
3.55% bond-equivalent
3.91%
3.95% bond-equivalent

Contracted, by term agreed today

Contracted: the term a borrower agrees. The auction curve is fitted to Gavel's own book; beyond observed_max_tenor it is fitted, not observed. Posted cards are administered, not cleared.

% a year, cc7d30d90d180d1y2y
treasuries——4.22%
4.26% bond-equivalent
4.29%
4.34% bond-equivalent
4.41%
4.46% bond-equivalent
4.68%
4.74% bond-equivalent
auction3.52%
3.52% APR
5.07%
5.08% APR
5.60%
5.64% APR
5.64%
5.72% APR
5.43%
5.58% APR
—
posted-card—10.45%
10.50% APR
10.37%
10.50% APR
11.98%
12.35% APR
9.98%
10.50% APR
—

Not on either half: variable defi (One pool rate repeated across terms is not a term structure; the pooled classes are on the past half, by window.) · leveraged (Perpetual funding is retired: Binance perpetual-futures data is not licensed for redistribution.) · corporate (Corporate perpetual preferreds have no maturity, so no point on the forward half; their yield is on the past half (lend leg).)

Full payload

Every field as the API serves it
computed_at2026-10-20T21:13:15.985Z
idbenchmark-curves
nameThe signed curve
questionWhat did borrowing against bitcoin cost over each recent window, and what does it cost for each term agreed today, beside the Treasury?
rate_conventioncontinuously_compounded_annual
rate_convention_noteRates are percent a year, continuously compounded; each point also carries the rate as quoted, in its own unit.
conversions
percent_ccalready continuously compounded
treasury_bond_equivalentrate_cc = 200 · ln(1 + y/200): a constant-maturity yield is bond-equivalent (semi-annual)
percent_aprthe auction: rate_cc = 100 · (365/t) · ln(1 + (r/100) · t/365), t the tenor in days: a simple annual rate repaid at maturity
posted_cardeach card converted on its desk's own compounding basis (monthly nominal, simple bullet or daily compound; where the desk's pages do not establish one, simple bullet, with rate_cc_low and rate_cc_high over the candidate bases), then the median across cards; an open-ended card is taken at t = 365
past
axislookback_window
as_of2026-10-20
windows
8 entries
[
  7,
  14,
  30,
  60,
  90,
  180,
  365,
  730
]
noteRealised: each window is an AVERAGING window, not a maturity. Every pool behind a class is open-term and floating, so a rising curve means rates were higher further back, not a term premium. The Treasury beside them is the bill or note of that tenor as quoted that long ago, locked at origination: a point-in-time quote, not a mean.
series
10 entries
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        "venue_count": 7,
        "days_observed": 60,
        "supplied_usd": null,
        "lend_observers": null,
        "dispersion_pools": null,
        "dispersion_venues": null,
        "dispersion_absence_reason": "posted-card publishes one rate per source, so there is no cross-sectional spread across books to draw — the sources are averaged, not distributed"
      },
      {
        "window_days": 90,
        "rate_cc": null,
        "kind": "absent:not_read",
        "reason": "lend leg not observed for these pools",
        "p10_cc": null,
        "p50_cc": null,
        "p90_cc": null,
        "sd_cc": null,
        "pool_count": 7,
        "venue_count": 7,
        "days_observed": 90,
        "supplied_usd": null,
        "lend_observers": null,
        "dispersion_pools": null,
        "dispersion_venues": null,
        "dispersion_absence_reason": "posted-card publishes one rate per source, so there is no cross-sectional spread across books to draw — the sources are averaged, not distributed"
      }
    ]
  },
  {
    "id": "treasuries",
    "class": null,
    "leg": null,
    "unit": "percent_cc",
    "source": "Board of Governors of the Federal Reserve System, H.15 constant-maturity yields",
    "points": [
      {
        "window_days": 30,
        "rate_cc": 3.9311115316882415,
        "rate": 3.97,
        "unit": "percent",
        "tenor": "1m",
        "quoted_on": "2026-09-18",
        "kind": "exact"
      },
      {
        "window_days": 90,
        "rate_cc": 3.852653236169248,
        "rate": 3.89,
        "unit": "percent",
        "tenor": "3m",
        "quoted_on": "2026-07-22",
        "kind": "exact"
      },
      {
        "window_days": 180,
        "rate_cc": 3.6858270936734288,
        "rate": 3.72,
        "unit": "percent",
        "tenor": "6m",
        "quoted_on": "2026-04-23",
        "kind": "exact"
      },
      {
        "window_days": 365,
        "rate_cc": 3.518861680190219,
        "rate": 3.55,
        "unit": "percent",
        "tenor": "1y",
        "quoted_on": "2025-10-20",
        "kind": "exact"
      },
      {
        "window_days": 730,
        "rate_cc": 3.9114998431061436,
        "rate": 3.95,
        "unit": "percent",
        "tenor": "2y",
        "quoted_on": "2024-10-18",
        "kind": "exact"
      }
    ]
  }
]
forward
axismaturity
noteContracted: the term a borrower agrees. The auction curve is fitted to Gavel's own book; beyond observed_max_tenor it is fitted, not observed. Posted cards are administered, not cleared.
series
3 entries
[
  {
    "id": "treasuries",
    "as_of": "2026-10-18",
    "basis": "bond_equivalent",
    "source": "Board of Governors of the Federal Reserve System, H.15 constant-maturity yields",
    "points": [
      {
        "duration_days": 90,
        "rate_cc": 4.215265120383262,
        "rate": 4.26,
        "unit": "percent",
        "tenor": "3m"
      },
      {
        "duration_days": 180,
        "rate_cc": 4.293581323048195,
        "rate": 4.34,
        "unit": "percent",
        "tenor": "6m"
      },
      {
        "duration_days": 365,
        "rate_cc": 4.410998156166262,
        "rate": 4.46,
        "unit": "percent",
        "tenor": "1y"
      },
      {
        "duration_days": 730,
        "rate_cc": 4.684702988717622,
        "rate": 4.74,
        "unit": "percent",
        "tenor": "2y"
      }
    ]
  },
  {
    "id": "auction",
    "as_of": "2026-10-20",
    "computed_at": "2026-10-20T21:00:01.627Z",
    "observed_max_tenor": 365,
    "observed_bins": 7,
    "provenance": {
      "observation_count": 21,
      "distinct_counterparties": 2,
      "distinct_external_counterparties": 0,
      "external_share": 0,
      "external_share_basis": "current fit population for this pair, active loans only",
      "gate_a_threshold": 0.5,
      "gate_a_share": 0,
      "gate_a_source": "participation_metrics.m2 (2026-10-20)",
      "is_independent_assessment": false
    },
    "points": [
      {
        "duration_days": 7,
        "rate_cc": 3.522210119098942,
        "rate": 3.5234,
        "unit": "percent_apr",
        "fitted": false
      },
      {
        "duration_days": 30,
        "rate_cc": 5.072610748987268,
        "rate": 5.0832,
        "unit": "percent_apr",
        "fitted": false
      },
      {
        "duration_days": 90,
        "rate_cc": 5.602621950326465,
        "rate": 5.6415,
        "unit": "percent_apr",
        "fitted": false
      },
      {
        "duration_days": 180,
        "rate_cc": 5.640421218897525,
        "rate": 5.7196,
        "unit": "percent_apr",
        "fitted": false
      },
      {
        "duration_days": 365,
        "rate_cc": 5.430635057132222,
        "rate": 5.5808,
        "unit": "percent_apr",
        "fitted": false
      }
    ]
  },
  {
    "id": "posted-card",
    "as_of": "2026-10-09",
    "administered": true,
    "note": "The median of the fixed-term custodial desks' posted cards at each term (each product's latest card): administered, not market-cleared.",
    "points": [
      {
        "duration_days": 30,
        "rate_cc": 10.454950782551736,
        "rate_cc_low": 10.454950782551736,
        "rate_cc_high": 10.498490015608345,
        "rate": 10.5,
        "unit": "percent_apr",
        "effective_date": "2026-07-21",
        "desk_count": 1,
        "administered": true,
        "cards": [
          {
            "desk": "xapo",
            "product": "btc_backed_usd_30",
            "rate": 10.5,
            "rate_cc": 10.454950782551736,
            "basis": "simple_bullet",
            "basis_status": "assumed",
            "rate_cc_low": 10.454950782551736,
            "rate_cc_high": 10.498490015608345
          }
        ]
      },
      {
        "duration_days": 90,
        "rate_cc": 10.366376806892124,
        "rate_cc_low": 10.366376806892124,
        "rate_cc_high": 10.498490015608345,
        "rate": 10.5,
        "unit": "percent_apr",
        "effective_date": "2026-07-21",
        "desk_count": 1,
        "administered": true,
        "cards": [
          {
            "desk": "xapo",
            "product": "btc_backed_usd_90",
            "rate": 10.5,
            "rate_cc": 10.366376806892124,
            "basis": "simple_bullet",
            "basis_status": "assumed",
            "rate_cc_low": 10.366376806892124,
            "rate_cc_high": 10.498490015608345
          }
        ]
      },
      {
        "duration_days": 180,
        "rate_cc": 11.981023761817486,
        "rate_cc_low": 11.981023761817486,
        "rate_cc_high": 12.307565159949387,
        "rate": 12.35,
        "unit": "percent_apr",
        "effective_date": "2026-07-21",
        "desk_count": 2,
        "administered": true,
        "cards": [
          {
            "desk": "strike",
            "product": "volatility_proof",
            "rate": 14.2,
            "rate_cc": 13.724862426493258,
            "basis": "simple_bullet",
            "basis_status": "assumed",
            "rate_cc_low": 13.724862426493258,
            "rate_cc_high": 14.116640304290428
          },
          {
            "desk": "xapo",
            "product": "btc_backed_usd_180",
            "rate": 10.5,
            "rate_cc": 10.237185097141714,
            "basis": "simple_bullet",
            "basis_status": "assumed",
            "rate_cc_low": 10.237185097141714,
            "rate_cc_high": 10.498490015608345
          }
        ]
      },
      {
        "duration_days": 365,
        "rate_cc": 9.984533496971611,
        "rate_cc_low": 9.984533496971611,
        "rate_cc_high": 10.498490015608345,
        "rate": 10.5,
        "unit": "percent_apr",
        "effective_date": "2026-10-09",
        "desk_count": 5,
        "administered": true,
        "cards": [
          {
            "desk": "figure",
            "product": "crypto_backed_loan",
            "rate": 9.999,
            "rate_cc": 9.53010888539114,
            "basis": "simple_bullet",
            "basis_status": "assumed",
            "rate_cc_low": 9.53010888539114,
            "rate_cc_high": 9.997630661020489
          },
          {
            "desk": "ledn",
            "product": "btc_backed_standard",
            "rate": 11.49,
            "rate_cc": 10.876471479138875,
            "basis": "simple_bullet",
            "basis_status": "assumed",
            "rate_cc_low": 10.876471479138875,
            "rate_cc_high": 11.488191884925978
          },
          {
            "desk": "salt",
            "product": "btc_backed",
            "rate": 8.75,
            "rate_cc": 8.718253189694918,
            "basis": "monthly_nominal",
            "basis_status": "established",
            "rate_cc_low": 8.718253189694918,
            "rate_cc_high": 8.718253189694918
          },
          {
            "desk": "unchained",
            "product": "commercial_btc_loan",
            "rate": 14.18,
            "rate_cc": 13.26059645480217,
            "basis": "simple_bullet",
            "basis_status": "assumed",
            "rate_cc_low": 13.26059645480217,
            "rate_cc_high": 14.177246296737986
          },
          {
            "desk": "xapo",
            "product": "btc_backed_usd_365",
            "rate": 10.5,
            "rate_cc": 9.984533496971611,
            "basis": "simple_bullet",
            "basis_status": "assumed",
            "rate_cc_low": 9.984533496971611,
            "rate_cc_high": 10.498490015608345
          }
        ]
      }
    ]
  }
]
excluded
3 entries
[
  {
    "id": "variable_defi",
    "reason": "One pool rate repeated across terms is not a term structure; the pooled classes are on the past half, by window."
  },
  {
    "id": "leveraged",
    "reason": "Perpetual funding is retired: Binance perpetual-futures data is not licensed for redistribution."
  },
  {
    "id": "corporate",
    "side": "forward",
    "reason": "Corporate perpetual preferreds have no maturity, so no point on the forward half; their yield is on the past half (lend leg)."
  }
]
benchmarks
treasuries
labelTreasuries
points
nested
[]
aave
labelAave
points
nested
[]
compound
labelCompound
points
nested
[]
btc_funding
labelBTC funding
points
nested
[]
replaced
on2026-10-11
fields
3 entries
[
  "benchmarks.treasuries",
  "benchmarks.aave",
  "benchmarks.compound"
]
reasonReplaced by the signed curve in past and forward. The Treasuries are there, on both halves. The Aave and Compound trailing means of a third-party rate (DefiLlama) are not served here; their pools are among the pooled classes on the past half.
retired
on2026-10-02
rulingPV1 R1
fields
1 entries
[
  "benchmarks.btc_funding"
]
reasonRetired 2026-10-02: Binance perpetual-futures data is not licensed for redistribution. History retained, not served.
attribution
1 entries
[
  {
    "provider": "Board of Governors of the Federal Reserve System",
    "text": "Source: Board of Governors of the Federal Reserve System (H.15, H.4.1, H.6).",
    "url": "https://www.federalreserve.gov/releases/h15/",
    "covers": "US Treasury yields, federal funds rate, prime rate, balance sheet, M2"
  }
]

Where this comes from

REST
GET https://api.bitcoincreditstack.com/v1/credit/benchmark-curves
MCP
get_indicator({ id: "benchmark-curves" })

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The payload carries more than this page renders — the full nested structure, and for most indicators a daily history this page does not chart. That asymmetry is deliberate.

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