ETH: DeFi Dollar Rate Spread to 3-Month T-Bills
Included with Plus.
How much more, or less, a dollar earns when lent, or costs when borrowed, in Ethereum's lending markets than in 3-month US Treasury bills: the DeFi dollar rate's supply and borrow rates minus the bill's yield, with their 7-day averages.
Why use it. Treasury bills are the risk-free price of dollars. A lender on chain also carries smart-contract, collateral and stablecoin risk, so the supply spread is what those risks pay; when it is below zero, bills pay more and dollars tend to move to tokenised Treasury funds and savings products. The borrow spread is what borrowers pay over the risk-free rate for leverage against their crypto. How to read it. Above zero, dollars on chain pay or cost more than bills; below zero, less. A supply spread below zero for weeks marks weak demand for on-chain leverage; a borrow spread that jumps marks a rush for it. The 7-day averages smooth the hours when one large market's utilisation swings.
Calculation. Each hour: the supply rate and the borrow rate of DeFi Dollar Rate (USDC, USDT, DAI and USDS in the main Ethereum markets of Aave v3 and v2, Spark, Compound v3 and Morpho Blue, each market weighted by its dollars, protocols' own interest only, from CryptoKeyhole's own Ethereum archive node) minus the 3-month bill as an APY, in percentage points. The bill: the U.S. Treasury's official 3-month par yield for the hour's UTC date, from Treasury's Daily Treasury Par Yield Curve Rates (a simple annual rate over the bill's days), put on the lending rates' compounded basis as if the bill were rolled every 91 days at that yield: (1 + yield x 91/365)^(365/91) - 1, so 4.19% becomes 4.26%. Weekends and bond-market holidays take the latest earlier trading day; until Treasury publishes a day's yield, late in the US afternoon, that day's hours use the previous trading day and are recomputed once it is out. Source for the bill: U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates; no Treasury endorsement. 7-day averages: the mean of the hourly spreads over the 168 hours to each hour. A day is the mean of its hourly spreads (the 7-day averages take its last hour); the latest day is a partial. History begins on 19 October 2026, 14:00 UTC, with the DeFi dollar rate. Before tax: bill interest is free of US state income tax and lending interest is not.