btc-usd
5 classes served in usd
BTC collateral, USD 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 | 4.367% | 3.189% | 1.248% | 584 | 93 | $11.67bn | $11.24bn |
| 14 | 4.350% | 3.153% | 1.232% | 584 | 93 | $11.68bn | $11.29bn |
| 30 | 4.324% | 3.093% | 1.233% | 584 | 93 | $11.55bn | $11.36bn |
| 60 | 4.239% | 2.999% | 1.216% | 590 | 93 | $11.07bn | $11.19bn |
| 90 | 4.184% | 2.907% | 1.221% | 590 | 93 | $10.54bn | $10.99bn |
| 180 | 4.177% | 2.840% | 1.233% | 594 | 93 | $10.35bn | $11.20bn |
| 365 | 4.644% | 3.062% | 1.429% | 594 | 93 | $11.33bn | $13.31bn |
| 730 | 5.357% | 3.560% | 1.604% | 597 | 93 | $8.85bn | $10.70bn |
Collateral coverage per window
| Window | BTC | Other | Mixed pooled |
|---|
| 7 | $2.21bn | $2.01bn | $7.46bn |
| 14 | $2.18bn | $2.00bn | $7.49bn |
| 30 | $2.12bn | $1.97bn | $7.46bn |
| 60 | $2.05bn | $1.83bn | $7.18bn |
| 90 | $1.99bn | $1.71bn | $6.84bn |
| 180 | $1.83bn | $1.56bn | $6.97bn |
| 365 | $1.74bn | $1.16bn | $8.43bn |
| 730 | $1.09bn | $723m | $7.04bn |
| Window (days) | Borrow | Lend | Spread | Pools | Venues | Debt | Supplied |
|---|
| 7 | 5.233% | — | — | 1 | 1 | $0 | $0 |
| 14 | 5.205% | — | — | 1 | 1 | $0 | $0 |
| 30 | 5.078% | — | — | 1 | 1 | $0 | $0 |
| 60 | 4.916% | — | — | 1 | 1 | $0 | $0 |
Collateral coverage per window
| Window | BTC | Other | Mixed pooled |
|---|
| 7 | $0 | $0 | $0 |
| 14 | $0 | $0 | $0 |
| 30 | $0 | $0 | $0 |
| 60 | $0 | $0 | $0 |
| Window (days) | Borrow | Lend | Spread | Pools | Venues | Debt | Supplied |
|---|
| 7 | — | 11.350% | — | 3 | 1 | $0 | $0 |
| 14 | — | 11.433% | — | 3 | 1 | $0 | $0 |
| 30 | — | 11.908% | — | 3 | 1 | $0 | $0 |
| 60 | — | 12.732% | — | 4 | 1 | $0 | $0 |
| 90 | — | 12.903% | — | 4 | 1 | $0 | $0 |
| 180 | — | 12.120% | — | 4 | 1 | $0 | $0 |
| 365 | — | 11.370% | — | 4 | 1 | $0 | $0 |
| 730 | — | 10.851% | — | 4 | 1 | $0 | $0 |
Collateral coverage per window
| Window | BTC | Other | Mixed pooled |
|---|
| 7 | $0 | $0 | $0 |
| 14 | $0 | $0 | $0 |
| 30 | $0 | $0 | $0 |
| 60 | $0 | $0 | $0 |
| 90 | $0 | $0 | $0 |
| 180 | $0 | $0 | $0 |
| 365 | $0 | $0 | $0 |
| 730 | $0 | $0 | $0 |
| Window (days) | Borrow | Lend | Spread | Pools | Venues | Debt | Supplied |
|---|
| 7 | 8.283% | — | — | 12 | 1 | $549m | $0 |
| 14 | 8.321% | — | — | 12 | 1 | $555m | $0 |
| 30 | 8.376% | — | — | 12 | 1 | $572m | $0 |
| 60 | 8.346% | — | — | 12 | 1 | $582m | $0 |
| 90 | 8.265% | — | — | 12 | 1 | $561m | $0 |
| 180 | 7.987% | — | — | 12 | 1 | $546m | $0 |
| 365 | 7.489% | — | — | 12 | 1 | $555m | $0 |
| 730 | 7.433% | — | — | 12 | 1 | $732m | $0 |
Collateral coverage per window
| Window | BTC | Other | Mixed pooled |
|---|
| 7 | $2m | $547m | $0 |
| 14 | $2m | $553m | $0 |
| 30 | $2m | $570m | $0 |
| 60 | $2m | $580m | $0 |
| 90 | $2m | $559m | $0 |
| 180 | $2m | $544m | $0 |
| 365 | $3m | $552m | $0 |
| 730 | $32m | $700m | $0 |
| Window (days) | Borrow | Lend | Spread | Pools | Venues | Debt | Supplied |
|---|
| 7 | 11.764% | — | — | 5 | 5 | $0 | $0 |
| 14 | 11.764% | — | — | 5 | 5 | $0 | $0 |
| 30 | 11.764% | — | — | 5 | 5 | $0 | $0 |
| 60 | 11.764% | — | — | 5 | 5 | $0 | $0 |
Collateral coverage per window
| Window | BTC | Other | Mixed pooled |
|---|
| 7 | $0 | $0 | $0 |
| 14 | $0 | $0 | $0 |
| 30 | $0 | $0 | $0 |
| 60 | $0 | $0 | $0 |
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