Fixing for 2026-09-01 14:00 UTC · overblock tenor · rates normalised to APY
History
Daily closes since the index began. A moving average is shown only once the full window exists.
Constituents
| Market | Borrow APY | Supply APY | Weight |
|---|
Hatched weights are phasing in. A market becomes eligible once its lending depth stays above the inclusion floor for 30 consecutive days. Incentive shows reward-token yield paid by the venue on top of the base rate; it is displayed but excluded from the fixing.
Methodology
SBOR is published separately for each currency. A dollar rate and a bitcoin rate are not comparable, so they are never blended into one figure.
Within a currency, the fixing is the depth-weighted average of borrow and supply rates across eligible lending markets. Two rates are published rather than one, because the spread between them is itself the signal: it widens when borrow demand outruns supply.
SBOR(supply) = Σ wᵢ·sᵢ / Σ wᵢ
Weight wᵢ is the lending depth of market i in that currency. Rates are read from contract state, not from any venue's published figure.
Rate basis. Markets publish on different bases. Every rate is converted to an annually compounded APY before weighting, so the fixing compares like with like.
Incentives excluded. Reward-token yield paid by a venue is a marketing decision, not the cost of money, so it never enters the fixing. It is shown alongside each market so nothing is hidden.
\nPhase-in. A newly eligible market enters at zero weight and ramps to full weight linearly over 30 days, so adding a venue cannot step the rate.
Moving averages. An average is published only when the full window exists. A 200-day average appears on day 200, not before.
Stale data. If a market's state cannot be read for more than an hour, its weight is zero for that fixing and the omission is recorded.
Revisions. Published fixings are never rewritten. Corrections appear as a new fixing with a note.
Weekly rate report
Monday mornings. Where each currency fixed, how the spread moved over the week, the trend line, and any change to constituents. One email, nothing else.