Analyzing Crypto Interest Rates
Analyzing Crypto Interest Rates
The Three-Anchor Rates Framework
The Three-Anchor Rates Framework
The Three-Anchor Rates Framework
This report uses 2025 data to separate crypto USD rates into three anchors, explain the mechanics behind each, and show what actually converged in 2025.
This report uses 2025 data to separate crypto USD rates into three anchors, explain the mechanics behind each, and show what actually converged in 2025.
Inside This Report
Inside This Report
The Three Anchors That Actually Matter
The Three Anchors That Actually Matter
Learn why crypto does not have a single USD rate, and how CDOR, perpetual funding, and the Aave interest rate model each anchor a different part of the system.
Learn why crypto does not have a single USD rate, and how CDOR, perpetual funding, and the Aave interest rate model each anchor a different part of the system.
CDOR as the Practical Base Rate for On-Chain USD Liquidity
CDOR as the Practical Base Rate for On-Chain USD Liquidity
Understand what CDOR measures, why it behaves like a policy-rate analogue for DeFi, and how it emerges from secured stablecoin borrowing inside Aave.
Understand what CDOR measures, why it behaves like a policy-rate analogue for DeFi, and how it emerges from secured stablecoin borrowing inside Aave.
Why Daily Moves Are Still Decoupled From TradFi
Why Daily Moves Are Still Decoupled From TradFi
Explore the evidence that CDOR and SOFR are effectively uncorrelated day to day, and why on-chain utilization, liquidations, and fast capital rotation create jagged rate behavior.
Explore the evidence that CDOR and SOFR are effectively uncorrelated day to day, and why on-chain utilization, liquidations, and fast capital rotation create jagged rate behavior.
The Leverage Premium Explained
The Leverage Premium Explained
Get a clean framework for understanding why funding can sit above Aave borrow rates without being a simple arbitrage, and what that spread represents in risk and capital efficiency terms.
Get a clean framework for understanding why funding can sit above Aave borrow rates without being a simple arbitrage, and what that spread represents in risk and capital efficiency terms.
Why DeFi and Institutional Readers Need This Report
Why DeFi and Institutional Readers Need This Report
Clear Rate Interpretation
Clear Rate Interpretation
Stop treating DeFi borrow rates, perp funding, and yield product APYs as interchangeable. Learn what each rate is pricing and what market it belongs to.
Stop treating DeFi borrow rates, perp funding, and yield product APYs as interchangeable. Learn what each rate is pricing and what market it belongs to.
Structural, Not Narrative-Driven
Structural, Not Narrative-Driven
Go beyond headline convergence. Understand the mechanisms that drive daily volatility and why similar average levels do not imply similar dynamics.
Go beyond headline convergence. Understand the mechanisms that drive daily volatility and why similar average levels do not imply similar dynamics.
A Practical Map for Crypto Credit
A Practical Map for Crypto Credit
Use a three-anchor framework to evaluate any crypto USD rate you see, tie DeFi rates back to utilization via the Aave IRM, and separate secured funding from speculative leverage.
Use a three-anchor framework to evaluate any crypto USD rate you see, tie DeFi rates back to utilization via the Aave IRM, and separate secured funding from speculative leverage.
