btc-eth
BTC collateral, ETH 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 | 2.057% | 0.583% | 0.587% | 189 | 75 | $6.51bn | $18.87bn |
| 14 | 2.088% | 0.592% | 0.591% | 189 | 75 | $6.52bn | $18.89bn |
| 30 | 2.071% | 0.585% | 0.599% | 189 | 75 | $5.84bn | $16.96bn |
| 60 | 2.049% | 0.584% | 0.604% | 189 | 75 | $5.34bn | $15.36bn |
| 90 | 2.047% | 0.585% | 0.609% | 189 | 75 | $4.98bn | $14.29bn |
| 180 | 2.321% | 0.699% | 0.590% | 189 | 75 | $5.78bn | $15.58bn |
| 365 | 2.166% | 0.668% | 0.604% | 189 | 75 | $8.77bn | $23.27bn |
| 730 | 2.271% | 0.734% | 0.606% | 189 | 75 | $8.76bn | $22.39bn |
Collateral coverage per window
| Window | BTC | Other | Mixed pooled |
|---|---|---|---|
| 7 | $606,929 | $392m | $6.12bn |
| 14 | $631,663 | $394m | $6.12bn |
| 30 | $482,980 | $358m | $5.48bn |
| 60 | $476,939 | $338m | $5.00bn |
| 90 | $506,506 | $319m | $4.66bn |
| 180 | $2m | $364m | $5.42bn |
| 365 | $4m | $483m | $8.28bn |
| 730 | $9m | $411m | $8.34bn |