Borrow spread over the 3-month bill
borrow-spread
Q5. The credit tree’s borrow rate minus the 3-month Treasury bill (H.15, continuously compounded), for the market and each class, as read on each date: coverage steps move it. The chain-linked version is bsbs. Descriptive, not an index.
| Units | points (continuously compounded) |
|---|---|
| Computed at | 2026-10-13 |
| History | served |
Methodology descriptive · CX1 Q5
What it measures. The credit tree's dollar-debt-weighted borrow rate, for the market and each class, minus the 3-month Treasury constant-maturity yield converted to continuous compounding, 2·ln(1 + y/2).
Read with care. Coverage grew from 5 venues to more than 80, and a venue entering moves this spread without any borrower paying more. The chain-linked version is the Bitcoin-Secured Borrow Spread (bsbs). Variable rates against a three-month bill: the terms differ. Desk rates are posted, not cleared.
Sample. One credit cycle, from 2022-09-19, so it is observational. A descriptive series: not an index, not a forecast and not a signal. Every published version is kept and can be read as known on any date (as_known_on).
History
Borrow spread over the 3-month bill, the secured market
As read on each date: venues entering the data move it. The chain-linked version is bsbs. From 2022-09-19, one credit cycle; weekly (Mondays) plus the latest day.
Mondays are drawn here; every day is in the explorer. Open in the explorer →
What this cannot be read as
The credit tree's borrow rate (weighted by dollar debt for 80 of 128 venues; 5 posted rate(s) carry no weight and are not in it), continuously compounded, minus the 3-month Treasury constant-maturity yield of 2026-10-13 converted from its bond-equivalent basis to continuous compounding, 2·ln(1 + y/2). A variable rate against a three-month bill: the terms differ and are not matched. Desk rates in it are posted, not cleared. A coverage step in the rate (venues entering) moves the spread without the market moving. Observational: one credit cycle, from 2022-09-19.
https://www.bitcoincreditstack.com/indicators/borrow-spread
Full payload
Every field as the API serves it
| id | borrow-spread | ||||
|---|---|---|---|---|---|
| name | Borrow spread over the 3-month bill | ||||
| measure | CX-Q5 | ||||
| question | What do borrowers pay against bitcoin collateral over the 3-month US Treasury bill, as read on each date (coverage steps included)? | ||||
| headline | cx.market.secured.borrow_spread_over_ust_3m | ||||
| source | Derived in the vintage store: credit_tree − macro | ||||
| series | 4 entries[
{
"series_id": "cx.market.secured.borrow_spread_over_ust_3m",
"date": "2026-10-13",
"value": 2.146411710768,
"unit": "percent_cc",
"kind": "derived",
"coverage": {
"in": 80,
"of": 128,
"markets": {
"in": 27,
"of": 27,
"weight_in_usd": 2499777153.819868,
"weight_of_usd": 2499777153.819868
}
},
"bill_date": "2026-10-13",
"limitation": "The credit tree's borrow rate (weighted by dollar debt for 80 of 128 venues; 5 posted rate(s) carry no weight and are not in it), continuously compounded, minus the 3-month Treasury constant-maturity yield of 2026-10-13 converted from its bond-equivalent basis to continuous compounding, 2·ln(1 + y/2). A variable rate against a three-month bill: the terms differ and are not matched. Desk rates in it are posted, not cleared. A coverage step in the rate (venues entering) moves the spread without the market moving. Observational: one credit cycle, from 2022-09-19.",
"vintage_id": "cx@2026-10-15T08:15:00.588Z"
},
{
"series_id": "cx.class.algorithmic.borrow_spread_over_ust_3m",
"date": "2026-10-13",
"value": 0.680325063295,
"unit": "percent_cc",
"kind": "derived",
"coverage": {
"in": 71,
"of": 98,
"markets": {
"in": 27,
"of": 27,
"weight_in_usd": 2499777153.819868,
"weight_of_usd": 2499777153.819868
}
},
"bill_date": "2026-10-13",
"limitation": "The credit tree's borrow rate (weighted by dollar debt for 71 of 98 venues), continuously compounded, minus the 3-month Treasury constant-maturity yield of 2026-10-13 converted from its bond-equivalent basis to continuous compounding, 2·ln(1 + y/2). A variable rate against a three-month bill: the terms differ and are not matched. Desk rates in it are posted, not cleared. A coverage step in the rate (venues entering) moves the spread without the market moving. Observational: one credit cycle, from 2022-09-19.",
"vintage_id": "cx@2026-10-15T08:15:00.588Z"
},
{
"series_id": "cx.class.minted.borrow_spread_over_ust_3m",
"date": "2026-10-13",
"value": 3.456080873275,
"unit": "percent_cc",
"kind": "derived",
"coverage": {
"in": 3,
"of": 5
},
"bill_date": "2026-10-13",
"limitation": "The credit tree's borrow rate (weighted by dollar debt for 3 of 5 venues), continuously compounded, minus the 3-month Treasury constant-maturity yield of 2026-10-13 converted from its bond-equivalent basis to continuous compounding, 2·ln(1 + y/2). A variable rate against a three-month bill: the terms differ and are not matched. Desk rates in it are posted, not cleared. A coverage step in the rate (venues entering) moves the spread without the market moving. Observational: one credit cycle, from 2022-09-19.",
"vintage_id": "cx@2026-10-15T08:15:00.588Z"
},
{
"series_id": "cx.class.posted-card.borrow_spread_over_ust_3m",
"date": "2026-10-13",
"value": 10.175388688413,
"unit": "percent_cc",
"kind": "derived",
"coverage": {
"in": 5,
"of": 24
},
"bill_date": "2026-10-13",
"limitation": "The credit tree's borrow rate (weighted by dollar debt for 5 of 24 venues; 5 posted rate(s) carry no weight and are not in it), continuously compounded, minus the 3-month Treasury constant-maturity yield of 2026-10-13 converted from its bond-equivalent basis to continuous compounding, 2·ln(1 + y/2). A variable rate against a three-month bill: the terms differ and are not matched. Desk rates in it are posted, not cleared. A coverage step in the rate (venues entering) moves the spread without the market moving. Observational: one credit cycle, from 2022-09-19.",
"vintage_id": "cx@2026-10-15T08:15:00.588Z"
}
] | ||||
| methodology |
| ||||
| sample | One credit cycle, from 2022-09-19: observational. Descriptive, not a forecast or a signal, and not an index. | ||||
| attribution | 1 entries[
{
"provider": "Board of Governors of the Federal Reserve System",
"text": "Source: Board of Governors of the Federal Reserve System (H.15, H.4.1, H.6).",
"url": "https://www.federalreserve.gov/releases/h15/",
"covers": "US Treasury yields, federal funds rate, prime rate, balance sheet, M2"
}
] |
Where this comes from
| REST | GET https://api.bitcoincreditstack.com/v1/market/measure/borrow-spread |
|---|---|
| MCP | get_indicator({ id: "borrow-spread" }) get_indicator({ id: "borrow-spread", include_history: true }) get_series({ ids: ["cx.market.secured.borrow_spread_over_ust_3m", "cx.class.algorithmic.borrow_spread_over_ust_3m", "cx.class.minted.borrow_spread_over_ust_3m", "cx.class.posted-card.borrow_spread_over_ust_3m"] }) |
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