BTC / USD · class
Collateral
Loan denomination
These are USD rates, comparable to any other USD loan. Collateral is the other axis.
Auction
Fixed-term credit discovered by auction, oracle-free. The rate is set when borrower and lender clear, and never changes after.
fixed termfixed at originationauction-discovered
single-sided by construction — borrower's rate is lender's receipt
Yield curve — by time to maturity
FLAT · 11 active loans of 14 total. R² = 0.042.
ⓘ
Observations are currently predominantly own-account. Aletheia Analytics participates on own account to seed observable auction data. This is not yet an independent market assessment.
11 observations · 2 counterparties · 0% external
±RMSE
Active
Repaid
Defaulted
Lending:
Rates at Standard Tenors
Tenor
7d
14d
1mo
2mo
3mo
6mo
1y
2y
5y
7y
Auction
5.07%
5.07%
5.09%
5.14%
5.18%
5.26%
5.38%
5.52%
5.74%
5.83%
US Treasury
—
—
3.79%
—
3.91%
4.02%
4.07%
4.25%
4.40%
4.54%
Curve Fit Quality
R²
0.0421
RMSE
0.512%
Data Points
11
Shape
Flat
rate = 5.221 -0.128·ln(d) + 0.026·ln(d)²
Residuals (actual − fitted)
Chart Legend
Current fitted yield curve
Confidence band (±1 RMSE = ±0.51%)
Canonical bin means (±1σ error bars)
Fit extrapolated beyond 1y(no loans at those tenors yet)
Active loans(11)
Repaid loans(3)
Benchmarks
US Treasury
Canonical yield curve: active loans binned into standard tenors, log-quadratic fit through bin means. Shape: FLAT.
Access yield curve data via API · GET /v1/yield-curve · GET /v1/yield-curve/history
solid = observed span · dashed = fitted extension, both directions
Auction
11 · R² 0.04 · LIVE_BAR unmet — 3 of 30 settled auctions
Rate history — by date
Range:
Auction
Reference
Basis · 0d
matched basis · borrow solid, lend muted
| Venue | Mechanism | Observed span | Observations | Counterparties |
|---|---|---|---|---|
| The Gavel Protocol | auction_discovered | 7d–1y | 11 | 2 |
quality
The Gavel Protocol
Fill rate, failure rate, bid depth, settled-versus-active book, and the venue’s forward curve under its data-sufficiency bar.
The figures behind this panel are read live and are not part of the static copy of this page. What is held behind each input, and what is not, is stated with them.