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ISFR

The Implied Secured Funding Rate is a reference benchmark for onchain funding. It describes the cost of capital using lending and derivatives funding rates.

View the ISFR dashboard

Reading the benchmark​

ISFR is expressed as an annualized rate. Read it alongside its observation time and underlying sources. It is a reference value, not an offered deposit rate or a guaranteed return.

Methodology​

The base-rate plus spread model combines a lending base rate with a dampened derivatives spread:

ISFR = R_base + alpha * (R_deriv - R_base)
  • R_base represents the base lending rate.
  • R_deriv represents the derivatives funding rate.
  • alpha controls how much of the spread contributes to the benchmark.

Source coverage and calculation parameters are part of the integration documentation provided with data access.

Data access​

Request data access to discuss ISFR data and your integration.