Borrow over lend rate, per class
intermediation-spread
What borrowers pay over what lenders earn, per class, where both legs come from the same venues: pools (from 2022-09-19) and the desks that post both rates (from 2026-10-07). Not at market level, where the two legs come from different classes; not for minted stablecoins (no lender) or auctions (one price). Recast on 2026-10-09 from a one-venue comparison.
| Units | points (continuously compounded) |
|---|---|
| Computed at | 2026-10-15 |
| History | served |
Methodology descriptive · IX1
What it measures. What borrowers pay over what lenders earn, per class: the class’s dollar-debt-weighted borrow rate minus its supply-weighted lend rate, both continuously compounded.
Where it is shown. Only where both legs come from the same venues: the pools, and the lending desks that post a borrow and a lend rate. Not for the market as a whole, where the lend rate is almost all pools while the borrow rate includes minted and desk loans; not for minted stablecoins, which have no lender; not for auctions, where borrower and lender meet at one price.
Read with care. The wedge is the venues’ reserve and the part of supply not lent out, not a profit figure. Coverage steps on either leg move it. 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 over lend rate, pools
What borrowers pay over what lenders earn across the pools, both legs from the same venues. The desks that post both rates (from 2026-10-07) are in the reading and on the explorer. 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
What borrowers pay over what lenders earn in the algorithmic class: the tree's dollar-debt-weighted borrow rate (weighted by dollar debt for 65 of 98 venues) minus its supply-weighted lend rate (weighted by dollar supply for 60 of 98 venues), both continuously compounded. The wedge is the venues' reserve and the unlent part of supply, not a profit figure. Coverage steps on either leg move it. Observational: one credit cycle, from 2022-09-19.
https://www.bitcoincreditstack.com/indicators/intermediation-spread
Full payload
Every field as the API serves it
| id | intermediation-spread | ||||
|---|---|---|---|---|---|
| name | Borrow over lend rate, per class | ||||
| measure | CX-IX1 | ||||
| question | What do borrowers pay over what lenders earn, in each class where both legs come from the same venues (pools; desks posting both)? | ||||
| headline | cx.class.algorithmic.intermediation_spread | ||||
| source | Derived in the vintage store: credit_tree borrow rate − lend rate | ||||
| series | 2 entries[
{
"series_id": "cx.class.algorithmic.intermediation_spread",
"date": "2026-10-15",
"value": 1.418383928137,
"unit": "percent_cc",
"kind": "derived",
"coverage_lend": {
"in": 60,
"of": 98,
"markets": {
"in": 27,
"of": 27,
"weight_in_usd": 2820769105.498754,
"weight_of_usd": 2820769105.498754
}
},
"coverage_borrow": {
"in": 65,
"of": 98,
"markets": {
"in": 27,
"of": 27,
"weight_in_usd": 2520850279.856482,
"weight_of_usd": 2520850279.856482
}
},
"limitation": "What borrowers pay over what lenders earn in the algorithmic class: the tree's dollar-debt-weighted borrow rate (weighted by dollar debt for 65 of 98 venues) minus its supply-weighted lend rate (weighted by dollar supply for 60 of 98 venues), both continuously compounded. The wedge is the venues' reserve and the unlent part of supply, not a profit figure. Coverage steps on either leg move it. Observational: one credit cycle, from 2022-09-19.",
"vintage_id": "cx@2026-10-15T08:15:00.589Z"
},
{
"series_id": "cx.class.posted-card.intermediation_spread",
"date": "2026-10-15",
"value": 8.246410788005,
"unit": "percent_cc",
"kind": "derived",
"coverage_lend": {
"in": 2,
"of": 24
},
"coverage_borrow": {
"in": 5,
"of": 24
},
"limitation": "What borrowers pay over what lenders earn in the posted-card class: the tree's dollar-debt-weighted borrow rate (weighted by dollar debt for 5 of 24 venues; 5 posted rate(s) carry no weight and are not in it) minus its supply-weighted lend rate (weighted by dollar supply for 2 of 24 venues), both continuously compounded. The wedge is the venues' reserve and the unlent part of supply, not a profit figure. Coverage steps on either leg move it. Observational: one credit cycle, from 2022-09-19.",
"vintage_id": "cx@2026-10-15T08:15:00.589Z"
}
] | ||||
| methodology |
| ||||
| sample | One credit cycle, from 2022-09-19: observational. Descriptive, not a forecast or a signal, and not an index. |
Where this comes from
| REST | GET https://api.bitcoincreditstack.com/v1/market/measure/intermediation-spread |
|---|---|
| MCP | get_indicator({ id: "intermediation-spread" }) get_indicator({ id: "intermediation-spread", include_history: true }) get_series({ ids: ["cx.class.algorithmic.intermediation_spread", "cx.class.posted-card.intermediation_spread"] }) |
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