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
INVERTED · 15 active loans of 24 total. R² = 0.332.
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.
15 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 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 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 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 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 A price the desk sets, not a price a market cleared.SALT — 10.97% posted at 1yr Published range 7.49–14.45% 70% max LTV liquidates on LTV Administered — posted rate card, as of 2026-07-21 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 A price the desk sets, not a price a market cleared.n=1n=4n=4n=3n=2n=1INVERTEDR²=0.332Loan Duration (log scale)Rate (APR %)
Rates at Standard Tenors
Tenor
7d
14d
1mo
2mo
3mo
6mo
1y
2y
5y
7y
The Gavel
6.16%
5.66%
5.32%
5.21%
5.24%
5.42%
5.80%
6.36%
7.39%
7.85%
Posted card
—
—
10.50%
—
10.50%
10.50–14.20%
10.50–11.49%
—
—
—
US Treasury
—
—
3.85%
—
3.91%
3.99%
4.16%
4.34%
4.49%
4.62%
Curve Fit Quality
R²
0.3317
RMSE
0.310%
Data Points
15
Shape
Inverted
rate = 8.562 -1.611·ln(d) + 0.194·ln(d)²
Residuals (actual − fitted)
Chart Legend
Current fitted yield curve
Confidence band (±1 RMSE = ±0.31%)
Canonical bin means (±1σ error bars)
Fit extrapolated beyond 1y(no loans at those tenors yet)
Active loans(15)
Repaid loans(9)
Benchmarks
US Treasury
Canonical yield curve: active loans binned into standard tenors, log-quadratic fit through bin means. Shape: INVERTED.
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
15 · R² 0.33
Posted card
7 · span 30d–1y
≡0 active · 0 loans · Oracle-free lending≡0 active · 0 loans · Oracle-free lending≡0 active · 0 loans · Oracle-free lending≡0 active · 0 loans · Oracle-free lending≡0 active · 0 loans · Oracle-free lending≡0 active · 0 loans · Oracle-free lending≡0 active · 0 loans · Oracle-free lending≡0 active · 0 loans · Oracle-free lending≡0 active · 0 loans · Oracle-free lending≡0 active · 0 loans · Oracle-free lending≡0 active · 0 loans · Oracle-free lending≡0 active · 0 loans · Oracle-free lending≡0 active · 0 loans · Oracle-free lending≡0 active · 0 loans · Oracle-free lending