BTC → ETH
BTC collateral, ETH borrowed: every class that prices borrowing in ETH, each in its own table. The classes form their rates differently, so they sit side by side and are not averaged into one rate.
As of 2026-10-15 · 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. For the open-term classes (algorithmic, minted): 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. For auction and posted card, each point is the mean of rates agreed for their own terms over the window; for corporate, the mean of the instruments' yields. The window is neither a loan's term nor an instrument's maturity.
Denominations are different products. btc and usd are different products and are never aggregated. 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 | Pool debt (all borrowers) | Supplied |
|---|---|---|---|---|---|---|---|
| 7 | 1.95% | 1.16% | 0.60% | 94 | 50 | $6.64bn | $9.31bn |
| 14 | 1.98% | 1.19% | 0.59% | 94 | 50 | $6.90bn | $9.56bn |
| 30 | 2.01% | 1.21% | 0.59% | 94 | 50 | $6.94bn | $9.53bn |
| 60 | 2.05% | 1.24% | 0.59% | 94 | 50 | $6.64bn | $9.04bn |
| 90 | 2.06% | 1.24% | 0.60% | 94 | 50 | $6.05bn | $8.25bn |
| 180 | 2.19% | 1.31% | 0.61% | 94 | 50 | $5.24bn | $7.12bn |
| 365 | 2.24% | 1.37% | 0.63% | 94 | 50 | $7.21bn | $9.61bn |
| 730 | 2.45% | 1.57% | 0.66% | 94 | 50 | $7.88bn | $10.14bn |
Collateral coverage per window
| Window | BTC | Other | Mixed pooled |
|---|---|---|---|
| 7 | $563k | $329m | $6.31bn |
| 14 | $576k | $340m | $6.55bn |
| 30 | $557k | $375m | $6.57bn |
| 60 | $568k | $386m | $6.25bn |
| 90 | $502k | $367m | $5.68bn |
| 180 | $2.1m | $356m | $4.88bn |
| 365 | $3.7m | $433m | $6.78bn |
| 730 | $8.7m | $396m | $7.47bn |
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/financing-curve |
|---|---|
| MCP | get_credit_state() |
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