btc-btc
BTC collateral, BTC borrowed
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.
On the collateral side. The curve keys its series by denomination, not by collateral, so this page cannot filter to BTC-collateralised pools — instead each point carries a collateral_coverage split showing how much of the book behind it is BTC, other, or mixed pooled. Where the mixed share is large the rate is not a BTC-collateral rate, and reading it as one would be the error this note exists to prevent.
| Window (days) | Borrow | Lend | Spread | Pools | Venues | Debt | Supplied |
|---|---|---|---|---|---|---|---|
| 7 | 1.956% | 0.041% | 1.261% | 97 | 55 | $202m | $5.38bn |
| 14 | 1.514% | 0.027% | 1.070% | 97 | 55 | $205m | $5.42bn |
| 30 | 1.237% | 0.020% | 0.886% | 97 | 55 | $203m | $4.99bn |
| 60 | 1.106% | 0.016% | 0.754% | 97 | 55 | $190m | $4.67bn |
| 90 | 1.209% | 0.014% | 0.687% | 97 | 55 | $180m | $4.44bn |
| 180 | 1.236% | 0.014% | 0.607% | 97 | 55 | $204m | $4.79bn |
| 365 | 1.216% | 0.013% | 0.487% | 97 | 55 | $277m | $6.22bn |
| 730 | 1.180% | 0.022% | 0.477% | 97 | 55 | $368m | $6.12bn |
Collateral coverage per window
| Window | BTC | Other | Mixed pooled |
|---|---|---|---|
| 7 | $0 | $7m | $195m |
| 14 | $0 | $6m | $199m |
| 30 | $0 | $7m | $195m |
| 60 | $0 | $8m | $181m |
| 90 | $0 | $8m | $172m |
| 180 | $0 | $7m | $197m |
| 365 | $0 | $5m | $273m |
| 730 | $0 | $3m | $365m |