Classes
A class is how a rate is FORMED, not how good it is. An administered rate and a utilisation-driven one are different kinds of number and are never compared without their labels.
The market, by class
| Class | BTC collateral | share | Dollar debt against bitcoin | share | LTV | Borrow | Lend | Liquidates at | Threshold (LTV) |
|---|---|---|---|---|---|---|---|---|---|
| Corporate › | 965,248 BTC | 81% | $26.33bn | 79% | 33.3% | 11.63% | — | — | |
| Algorithmic › | 160,164 BTC | 13% | $4.46bn | 13% | 46.5% | 4.73% | 3.31% | $46,254 | 45.0%–97.0% LTV |
| Posted card › | 59,685 BTC | 5.0% | $2.42bn | 7.3% | 44.3% | 14.39% | 6.14% | — | |
| Minted › | 1,413 BTC | 0.1% | $37.3m | 0.1% | 43.3% | 7.72% | — | $40,516 | 94.0%–96.5% LTV |
| Auction › | 0.4647 BTC | <0.1% | $17k | <0.1% | 45.6% | 5.50% | 5.50% | — | |
| Outside the market — no rate class; shown with their own figures, never added to it: | |||||||||
| Futures and brokers (no rate class) › | — | — | — | — | — | — | |||
Ordered by debt, never by a rate; a figure in italics covers part of a book
Ordered by debt against bitcoin, then collateral — never by a rate. Shares are of this market's total, and add up. A figure in italics covers only part of a book — hover for what it leaves out; a dash carries its reason. 29 lend from a pool against every collateral, report a whole book, or are financed without a lien: their figures are shown on their rows and not added ($16.06bn in all). /v1/market/tree
What each class is — alphabetical, not a ranking
| Class | Denominations served | How the rate is formed |
|---|---|---|
| Algorithmic | btc, eth, eur, usd | Rates set by a formula reading pool utilisation, adjusting continuously. Pooled venues lend one reserve against every collateral; isolated venues price each market alone. |
| Auction | usd | Rates discovered by competitive bidding, fixed at origination for a fixed term. Both the rate and the maturity are settled before the loan exists. |
| Corporate | usd | Yields on securities issued by companies holding bitcoin — a declared rate against a market price, not a venue lending against collateral. Some are perpetual preferreds; most are convertible notes and credit facilities with dated maturities. |
| Minted | chf, usd | Rates on debt minted against collateral by a protocol rather than lent by a depositor. There is no lender to pay, so the series has a borrow leg only. |
| Posted card | usd | Rates published on a desk’s rate card. Administered: a posted price rather than a cleared one, and it changes when the desk decides. |
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/financing-curve GET https://api.bitcoincreditstack.com/v1/market/tree |
|---|---|
| MCP | get_credit_state() compare_venues() |
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