The Bitcoin Credit Stack
rates are percent a year, continuously compounded · figures as of 2026-10-15 · read 2026-10-16 04:01 UTC
Indicators › Size and leverage › Capital Stack

Capital Stack

capital-stack

The Bitcoin Credit Stack: risk-free, CeFi, DeFi and Gavel layers side by side at matched tenors. The variable DeFi layers are currently withheld (DefiLlama data, not redistributed) and return empty. The leveraged (perp funding) layer is retired (2026-10-02) and returns empty. Payloads carry `withheld` and `retired` blocks naming each field returned empty or null and why.

Units% a year as each source quotes it, by layer: Treasury bond-equivalent, the auction and posted cards APR (the signed curve, benchmark-curves, serves every layer continuously compounded)
Computed at2026-10-16T04:00:03.360Z
Historynot served as a series; a past day's reading is served with as_known_on

Withheld
Withheld: third-party source (DefiLlama), not redistributed. Fields: variable_defi, variable_defi_lend, variable_defi_borrow.

Source: Board of Governors of the Federal Reserve System (H.15, H.4.1, H.6).

By tenor

APR %7d30d90d180d1y2y
risk free——4.28%4.37%4.53%4.82%
term defi4.27%5.16%5.54%5.65%5.66%—
cefi term—10.50%10.50%12.35%10.50%—

Served empty: variable defi, variable defi lend, variable defi borrow, leveraged — the reasons are in the payload below.

Full payload

Every field as the API serves it
computed_at2026-10-16T04:00:03.360Z
layers
risk_free
4 entries
[
  {
    "duration_days": 90,
    "rate": 4.28,
    "source": "us_treasury_3m"
  },
  {
    "duration_days": 180,
    "rate": 4.37,
    "source": "us_treasury_6m"
  },
  {
    "duration_days": 365,
    "rate": 4.53,
    "source": "us_treasury_1y"
  },
  {
    "duration_days": 730,
    "rate": 4.82,
    "source": "us_treasury_2y"
  }
]
variable_defi
0 entries
[]
variable_defi_lend
0 entries
[]
variable_defi_borrow
0 entries
[]
term_defi
5 entries
[
  {
    "duration_days": 7,
    "rate": 4.2718,
    "source": "gavel"
  },
  {
    "duration_days": 30,
    "rate": 5.1638,
    "source": "gavel"
  },
  {
    "duration_days": 90,
    "rate": 5.543,
    "source": "gavel"
  },
  {
    "duration_days": 180,
    "rate": 5.652,
    "source": "gavel"
  },
  {
    "duration_days": 365,
    "rate": 5.6594,
    "source": "gavel"
  }
]
cefi_term
4 entries
[
  {
    "duration_days": 30,
    "rate": 10.5,
    "source": "cefi_composite",
    "administered": true,
    "effective_date": "2026-07-21",
    "desk_count": 1
  },
  {
    "duration_days": 90,
    "rate": 10.5,
    "source": "cefi_composite",
    "administered": true,
    "effective_date": "2026-07-21",
    "desk_count": 1
  },
  {
    "duration_days": 180,
    "rate": 12.35,
    "source": "cefi_composite",
    "administered": true,
    "effective_date": "2026-07-21",
    "desk_count": 2
  },
  {
    "duration_days": 365,
    "rate": 10.5,
    "source": "cefi_composite",
    "administered": true,
    "effective_date": "2026-10-09",
    "desk_count": 5
  }
]
leveraged
0 entries
[]
layer_notes
cefi_termAdministered posted rate cards (median across fixed-term custodial desks), not market-cleared. Render distinctly; the Gavel→CeFi gap is the composite CCS.
variable_defiWithheld: third-party source (DefiLlama), not redistributed.
variable_defi_lendWithheld: third-party source (DefiLlama), not redistributed.
variable_defi_borrowWithheld: third-party source (DefiLlama), not redistributed.
term_defiGavel — cleared, so one rate serves both sides.
leveragedRetired 2026-10-02: Binance perpetual-futures data is not licensed for redistribution. History retained, not served.
withheld
fields
3 entries
[
  "variable_defi",
  "variable_defi_lend",
  "variable_defi_borrow"
]
providerDefiLlama
absent_becauseWithheld: third-party source (DefiLlama), not redistributed.
retired
on2026-10-02
rulingPV1 R1
fields
1 entries
[
  "leveraged"
]
reasonRetired 2026-10-02: Binance perpetual-futures data is not licensed for redistribution. History retained, not served.
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/credit/capital-stack
MCP
get_indicator({ id: "capital-stack" })

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