Variable Rate Basis
Premium the selected reference rate earns over the best available variable DeFi USDC supply yield.
Latest reading
30d window. Baked at build time and refreshed live on load. Historical series and alternative windows are available over the API.
What it measures
Premium the selected reference rate earns over the best available variable DeFi USDC supply yield.
Premium Gavel rates command over external benchmarks (Treasuries, DeFi variable, BTC supply yield).
How it is computed
VRB = rate(reference, tenor) − max(variable_DeFi_USDC_supply_APYs) averaged over the same tenor window.
Available windows: 7d, 14d, 30d, 60d, 90d. Default: 30d. 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
Positive VRB means lenders are compensated for committing to a fixed term. Rising VRB suggests increasing demand for term credit. Negative VRB (very rare) would mean variable rates spiked above term — a stress signal.
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.
Informational purposes only — not financial advice or a recommendation.