Sourcesoter · settlement-reports · distribution rewards
Prime breakdown: Spark
Spark · $72.7M Sky revenue over Jan–Sep 2026
Month
Prime side
- Demand-side revenue
- $1 246 877
- Agent rate
- $106 393
- Distribution rewards (settled)
- $1 140 485
- + Supply-side revenue
- $-338 954
Prime agent profit$907 923
Sky side
- Prime cost of funds
- $7 842 259
- Sky direct exposure
- $2 023
Sky revenue$7 844 282
Prime & Sky revenue
Stacked per settlement month. A negative prime revenue is drawn below the axis. Select a bar to change the month above.
Sky revenuePrime revenue
Per-venue breakdown
Jan 2026 · 21 venues · negative inflow is an outflow
| Venue | Deployment | NAV · eom | Inflow | Revenue |
|---|---|---|---|---|
| S32 | sUSDS raw / POL (ALM — Cat B 4626, demand-side spread) | $393.5M | -$137.8M | $1.13M |
| S3 | Spark USDT (SparkLend spToken) | $220.9M | -$119.5M | $967K |
| S4 | Spark DAI (SparkLend spToken) | $305.4M | -$28.3M | $897K |
| S26 | USDC raw (ALM idle) | $0 | -$892K | $892K |
| S14 | Maple syrupUSDC (ERC-4626) | $100.0M | -$200.9M | $851K |
| S1 | Spark USDS (SparkLend spToken) | $556.6M | +$378.8M | $458K |
| S43 | Savings USDS / sUSDS proxy (Arbitrum — POL) | $196.3M | +$195.8M | $253K |
| S37 | Savings USDS / sUSDS proxy (Base — POL) | $75.1M | — | $250K |
| S5 | Spark PYUSD (SparkLend spToken) | $100.0M | -$44.6M | $239K |
| S34 | Spark USDC Vault (Morpho, Base) | $61 | -$168.0M | $218K |
| S2 | Spark USDC (SparkLend spToken) | $43.7M | +$336K | $145K |
| S47 | Savings USDS / sUSDS proxy (Optimism — POL) | $101.1M | +$100.0M | $132K |
| S18 | Arkis Spark Prime USDC 1 (ERC-4626) | $15.1M | — | $82.6K |
| S54 | Aave Avalanche USDC (aAvaUSDC) | $10.0M | -$31.1K | $31.6K |
| S24 | Spark.fi USDT Reserve Curve (sUSDS/USDT) | $50.0M | -$28.4K | $25.5K |
| S10 | Spark Blue Chip USDC Vault (Morpho) | $976K | -$9.17M | $22.9K |
| S25 | Spark.fi PYUSD Reserve Curve (PYUSD/USDS) | $100.0M | -$7.4K | $7.4K |
| S51 | Savings USDS / sUSDS proxy (Unichain — POL) | $973K | — | $3.2K |
| S12 | Spark DAI Vault (Morpho) | $333 | +$44 | $2 |
| S16 | Ethena Staked USDe (sUSDe) | $99 | — | <$1 |
| S23 | Anchorage tri-party loan escrow (USDC pass-through, ~$0 balance) | $1 | — | <$1 |
Total NAV · $2 269 615 844 · inflows $-34 283 758Total revenue · $6 609 696
Rates & subsidy
- SR (subsidized rate)
- 3.66%
- TR (target rate: tbill_3m)
- 3.66%
- BR (base rate)
- 4.31%
- ER (effective rate)
- 4.04%
- ER − BR
- -27.3 bps
- Time-weighted utilized
- $2.37B
- Subsidy benefit to prime
- $529K
Formulas
Subsidized rate (24-month ramp)
SR = TR + ((BR − TR) × T / 24)Cost of funds — subsidy only applies to the first $1B utilized
CoF = SR × min(U, $1B) + BR × max(U − $1B, 0)Effective rate
ER = CoF / UU = time-weighted utilized debt · T = months since program start
Sky-Direct exposures
| Venue | Label | Kind | Actual rev | To Sky | Active |
|---|---|---|---|---|---|
| S21 | USTB on Eth | fixed | $0 | $0 | Yes |
| S24 | USDT in sUSDS/USDT Curve | fixed | $2 023 | $2 023 | Yes |
| S61 | PYUSD in PYUSD/USDS Uniswap V4 | fixed | $0 | $0 | No |
| S62 | USDT in USDT/USDS Uniswap V4 | fixed | $0 | $0 | No |
Excluded holdings
| Venue | Label | AUM · som | AUM · eom |
|---|---|---|---|
| S56 | Spark Savings V2 — spUSDC vault | $215.3M | $207.1M |
| S57 | Spark Savings V2 — spUSDT vault | $153.9M | $120.0M |
| S59 | Spark Savings V2 — spPYUSD vault | $21.5K | $285K |
| S60 | Spark Savings V2 — spUSDC vault (Avalanche-C, CREATE2 same address) | $190.4M | $95.7M |
The ledger shows calculated distribution rewards. Prime-side figures use the published settlement report.
Calculated distribution rewards by ref code
Jan 2026 · 20 of 20 ref codes · select a row for its token composition
| Ref code | Group | Jan | Total | Tokens | Note |
|---|---|---|---|---|---|
| Spark | $1 007 555 | $1 007 555 | USDS-CLEUSDS-SKYUSDS-SPKsUSDCsUSDSspPYUSDspUSDCspUSDT | ||
| Spark | $56 667 | $56 667 | sUSDC | ||
| Spark | $21 333 | $21 333 | sUSDS | ||
| Spark | $17 730 | $17 730 | USDS | Note | |
| Spark | $10 487 | $10 487 | sUSDCsUSDSspUSDCspUSDT | ||
| Spark | $7 582 | $7 582 | sUSDC | Note | |
| Spark | $6 825 | $6 825 | stUSDS | Note | |
| Spark | $3 880 | $3 880 | sUSDC | ||
| Spark | $3 403 | $3 403 | spUSDCspUSDT | ||
| Spark | $2 534 | $2 534 | spUSDC | Note | |
| Spark | $1 187 | $1 187 | sUSDC | ||
| Spark | $978 | $978 | sUSDCsUSDSspUSDCspUSDT | ||
| Spark | $285 | $285 | spUSDT | Note | |
| Spark | $30 | $30 | spUSDCspUSDT | ||
| Spark | $5 | $5 | sUSDC | ||
| Spark | $3 | $3 | sUSDC | ||
| Spark | $2 | $2 | spUSDT | ||
| Spark | $0 | $0 | sUSDC | ||
| Spark | $0 | $0 | sUSDC | ||
| Spark | $0 | $0 | spUSDC |
Net · filtered$1 140 485 · 20 codes