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

Indicators · credit

Capital Stack

capital-stack

The Bitcoin Credit Stack: risk-free, CeFi, DeFi and Gavel layers side by side at matched tenors.

UnitsAPR (%) by layer
Computed at2026-09-05T04:00:34.340Z
Historynot served — this indicator is current-only

Reading

computed_at2026-09-05T04:00:34.340Z
layers
risk_free
4 entries
[
  {
    "duration_days": 90,
    "rate": 3.92,
    "source": "us_treasury_3m"
  },
  {
    "duration_days": 180,
    "rate": 4,
    "source": "us_treasury_6m"
  },
  {
    "duration_days": 365,
    "rate": 4.16,
    "source": "us_treasury_1y"
  },
  {
    "duration_days": 730,
    "rate": 4.39,
    "source": "us_treasury_2y"
  }
]
variable_defi
2 entries
[
  {
    "duration_days": 7,
    "rate": 5.38698,
    "source": "defi_best"
  },
  {
    "duration_days": 30,
    "rate": 5.38698,
    "source": "defi_best"
  }
]
variable_defi_lend
2 entries
[
  {
    "duration_days": 7,
    "rate": 4.21478,
    "source": "compound_v3",
    "rate_side": "lend"
  },
  {
    "duration_days": 30,
    "rate": 4.21478,
    "source": "compound_v3",
    "rate_side": "lend"
  }
]
variable_defi_borrow
2 entries
[
  {
    "duration_days": 7,
    "rate": 5.09802,
    "source": "compound_v3",
    "rate_side": "borrow"
  },
  {
    "duration_days": 30,
    "rate": 5.09802,
    "source": "compound_v3",
    "rate_side": "borrow"
  }
]
term_defi
5 entries
[
  {
    "duration_days": 7,
    "rate": 6.0394,
    "source": "gavel"
  },
  {
    "duration_days": 30,
    "rate": 5.2502,
    "source": "gavel"
  },
  {
    "duration_days": 90,
    "rate": 5.2061,
    "source": "gavel"
  },
  {
    "duration_days": 180,
    "rate": 5.4224,
    "source": "gavel"
  },
  {
    "duration_days": 365,
    "rate": 5.8376,
    "source": "gavel"
  }
]
cefi_term
4 entries
[
  {
    "duration_days": 30,
    "rate": 10.5,
    "source": "cefi_composite",
    "administered": true,
    "effective_date": "2026-07-21",
    "desk_count": 1
  },
  {
    "duration_days": 90,
    "rate": 10.5,
    "source": "cefi_composite",
    "administered": true,
    "effective_date": "2026-07-21",
    "desk_count": 1
  },
  {
    "duration_days": 180,
    "rate": 12.35,
    "source": "cefi_composite",
    "administered": true,
    "effective_date": "2026-07-21",
    "desk_count": 2
  },
  {
    "duration_days": 365,
    "rate": 10.97,
    "source": "cefi_composite",
    "administered": true,
    "effective_date": "2026-07-21",
    "desk_count": 3
  }
]
leveraged
1 entries
[
  {
    "duration_days": 0,
    "rate": 7.582,
    "source": "lci_30d"
  }
]
layer_notes
cefi_termAdministered posted rate cards (median across fixed-term custodial desks), not market-cleared. Render distinctly; the Gavel→CeFi gap is the composite CCS.
variable_defiDEPRECATED, unchanged for one release: best supply APY across venues, with no paired borrow leg. Not the same figure as variable_defi_lend. Pick a side explicitly.
variable_defi_lendWhat a DeFi lender earns at compound_v3. NOT comparable to cefi_term, which is what a borrower pays.
variable_defi_borrowWhat a DeFi borrower pays at compound_v3 (base rate; reward incentives excluded). This is the layer comparable to cefi_term.
variable_defi_pairingBoth variable_defi_* legs come from compound_v3, the deepest USDC market quoting both sides, so the gap between them is a real bid-ask. Pairing "best supply anywhere" with "cheapest borrow anywhere" would imply an arbitrage across different protocols and chains that cannot be transacted.
term_defiGavel — cleared, so one rate serves both sides.

Where this comes from

RESThttps://api.bitcoincreditstack.com/v1/credit/capital-stack
MCPget_indicator({ indicator: "capital-stack" })

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.