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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.

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Inside This Report

Inside This Report

Inside This Report

The Three Anchors That Actually Matter
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.

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
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.

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
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.

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
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.

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

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

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

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.

Ready to Read Crypto USD Rates the Right Way?

Ready to Read Crypto USD Rates the Right Way?

Ready to Read Crypto USD Rates the Right Way?

This report is essential for DeFi participants, macro and relative value traders who need to interpret crypto rates with precision. If you care about settlement liquidity, leverage costs, or downstream yield products, this paper gives you the framework to separate level convergence from structural reality.

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