Custodial Credit Spread

No current reading

CCS is derived from the Gavel curve, and no auction has settled on mainnet yet — so there is no reading to publish. It is computed and appears here automatically once the market produces the underlying data.

What it measures

Spread between posted CeFi BTC-backed loan rates (Ledn, Strike, Xapo, SALT) and the market-cleared Gavel rate at matched tenor.

Premium Gavel rates command over external benchmarks (Treasuries, DeFi variable, BTC supply yield).

How it is computed

CCS_Nd = cefi_rate_Nd − gavel_rate_Nd, per desk plus a composite median at each tenor. Anchors: Strike volatility-proof (45% LTV, 6mo, hedged) and Xapo (40% LTV, 180d) → Gavel 180d; Ledn (50% LTV, 12mo), Xapo (40% LTV, 365d) and SALT (70% LTV, 1yr) → Gavel 365d. CeFi inputs are ADMINISTERED posted rates a desk sets, not prices a market cleared — the spread is indicative, not like-for-like, and LTV/term/custody/liquidation model differ and travel as metadata. Open-ended (Nexo), on-chain (Coinbase via Morpho) and unpublished bilateral (Cantor) desks are deliberately excluded from the spread.

Available windows: 180d, 365d. Default: 365d. The window is the maturity being priced — "90d" is the 90-day point on the curve, not a span of history.

How to read it

CCS > 0: Gavel is cheaper than the custodial desk — the quantified value of going permissionless and non-custodial. CCS < 0: Gavel dearer — a young/thin-market or unhedged-tail premium. The risks are not the same: Ledn liquidates on LTV, Strike bundles a ~2.95pp hedge premium to avoid price liquidation entirely, and Gavel has no price liquidation at all. Worth watching longitudinally: CCS compressing toward 0 would be the data signature of Gavel becoming the reference rate.

Use it programmatically

This indicator is available over the REST API and to AI agents over the Model Context Protocol. The methodology above is the whole of it — there is no proprietary adjustment layer between the inputs and the number.