The GavelMAINNETPOLLING
Protocol ↗
Term structure

Crypto Yield Curves

A yield curve is the price of time: what credit costs at each maturity, from a week out to a year. Every serious credit market has one. Crypto never did — until the rate could be discovered by auction instead of set by a formula.

Curves

By collateral asset

On the roadmap
Ethereum (WETH) — not yet accepted as collateral by the protocol. A curve, and this page, follow the market.

Yield curve — by time to maturity

reference
19 active loans of 54 total. R² = 0.947.
Informational purposes only — not financial advice or a recommendation.
ⓘ
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.
19 observations · 2 counterparties · 0% external
±RMSE
Active
Repaid
Defaulted
0%5%10%15%7d14d1mo2mo3mo6mo1y2y5y7yXapo — 10.50% posted at 1mo 40% max LTV liquidates on LTV Administered — posted rate card, as of 2026-07-21 (STALE, verify) A price the desk sets, not a price a market cleared.Xapo — 10.50% posted at 3mo 40% max LTV liquidates on LTV Administered — posted rate card, as of 2026-07-21 (STALE, verify) A price the desk sets, not a price a market cleared.Strike — 14.20% posted at 6mo Published range 10.70–14.20% 45% max LTV no price liquidation (hedged) Administered — posted rate card, as of 2026-07-21 (STALE, verify) A price the desk sets, not a price a market cleared.Xapo — 10.50% posted at 6mo 40% max LTV liquidates on LTV Administered — posted rate card, as of 2026-07-21 (STALE, verify) A price the desk sets, not a price a market cleared.Ledn — 11.49% posted at 1yr Published range 9.25–11.49% 50% max LTV liquidates on LTV Administered — posted rate card, as of 2026-07-21 (STALE, verify) A price the desk sets, not a price a market cleared.SALT — 8.75% posted at 1yr Published range 7.49–8.75% 50% max LTV liquidates on LTV Administered — posted rate card, as of 2026-10-09 A price the desk sets, not a price a market cleared.Xapo — 10.50% posted at 1yr 40% max LTV liquidates on LTV Administered — posted rate card, as of 2026-07-21 (STALE, verify) A price the desk sets, not a price a market cleared.n=1n=4n=5n=6n=2n=1R²=0.947Loan Duration (log scale)Rate (APR %)
Rates at Standard Tenors
Tenor
7d
14d
1mo
2mo
3mo
6mo
1y
2y
5y
7y
The Gavel
2.65%
3.64%
4.51%
5.10%
5.35%
5.64%
5.74%
5.65%
5.23%
5.00%
Posted card
—
—
10.50%
—
10.50%
10.50–14.20%
8.75–11.49%
—
—
—
US Treasury
—
—
4.05%
—
4.21%
4.25%
4.38%
4.59%
4.70%
4.79%
Curve Fit Quality
R²
0.9468
RMSE
0.173%
Data Points
19
rate = -1.129 + 2.328·ln(d) -0.197·ln(d)²
Residuals (actual − fitted)
Chart Legend
Current fitted yield curve
Confidence band (±1 RMSE = ±0.17%)
Canonical bin means (±1σ error bars)
Fit extrapolated beyond 1y(no loans at those tenors yet)
Active loans(19)
Repaid loans(35)
Benchmarks
US Treasury
Canonical yield curve: active loans binned into standard tenors, log-quadratic fit through bin means.
Access yield curve data via API · GET /v1/yield-curve · GET /v1/yield-curve/history
solid = observed span · dashed = fitted extension, both directions
The Gavel
19 · R² 0.95
Posted card
9 · span 30d–1y
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