Sourcesoter · settlement-reports · distribution rewards
Prime breakdown: Spark
Spark · $72.7M Sky revenue over Jan–Sep 2026
Month
Prime side
- Demand-side revenue
- $1 124 086
- Agent rate
- $114 974
- Distribution rewards (settled)
- $1 009 113
- + Supply-side revenue
- $2 772 996
Prime agent profit$3 897 082
Sky side
- Prime cost of funds
- $7 518 418
- Sky direct exposure
- $3 731
Sky revenue$7 522 150
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
Feb 2026 · 22 venues · negative inflow is an outflow
| Venue | Deployment | NAV · eom | Inflow | Revenue |
|---|---|---|---|---|
| S28 | PYUSD raw (ALM idle — $677M as of 2026-04) | $527.6M | -$89.4K | $2.83M |
| S1 | Spark USDS (SparkLend spToken) | $275.4M | -$282.5M | $1.25M |
| S32 | sUSDS raw / POL (ALM — Cat B 4626, demand-side spread) | $798.6M | +$403.3M | $1.14M |
| S26 | USDC raw (ALM idle) | $0 | -$892K | $892K |
| S4 | Spark DAI (SparkLend spToken) | $246.1M | -$60.0M | $718K |
| S43 | Savings USDS / sUSDS proxy (Arbitrum — POL) | $196.9M | — | $591K |
| S14 | Maple syrupUSDC (ERC-4626) | $200.0M | +$99.4M | $582K |
| S3 | Spark USDT (SparkLend spToken) | $335.0M | +$113.7M | $412K |
| S47 | Savings USDS / sUSDS proxy (Optimism — POL) | $101.4M | — | $305K |
| S37 | Savings USDS / sUSDS proxy (Base — POL) | $75.3M | — | $226K |
| S2 | Spark USDC (SparkLend spToken) | $48.0M | +$4.19M | $104K |
| S15 | Maple syrupUSDT (ERC-4626) | $55.0M | +$54.9M | $102K |
| S5 | Spark PYUSD (SparkLend spToken) | $100.0M | -$57.0K | $61.3K |
| S18 | Arkis Spark Prime USDC 1 (ERC-4626) | $10.1M | -$5.05M | $58.5K |
| S24 | Spark.fi USDT Reserve Curve (sUSDS/USDT) | $50.0M | -$33.8K | $30.5K |
| S54 | Aave Avalanche USDC (aAvaUSDC) | $10.0M | -$20.2K | $19.4K |
| S25 | Spark.fi PYUSD Reserve Curve (PYUSD/USDS) | $100.0M | -$12.6K | $12.8K |
| S51 | Savings USDS / sUSDS proxy (Unichain — POL) | $976K | — | $2.9K |
| S10 | Spark Blue Chip USDC Vault (Morpho) | $978K | -$981 | $2.3K |
| S12 | Spark DAI Vault (Morpho) | $345 | +$11 | $1 |
| S34 | Spark USDC Vault (Morpho, Base) | $495 | +$432 | $1 |
| S16 | Ethena Staked USDe (sUSDe) | $99 | — | <$1 |
Total NAV · $3 131 299 229 · inflows $326 883 984Total revenue · $9 337 462
Rates & subsidy
- SR (subsidized rate)
- 3.71%
- TR (target rate: tbill_3m)
- 3.69%
- BR (base rate)
- 4.31%
- ER (effective rate)
- 4.07%
- ER − BR
- -23.9 bps
- Time-weighted utilized
- $2.51B
- Subsidy benefit to prime
- $443K
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 | $3 734 | $3 734 | Yes |
| S61 | PYUSD in PYUSD/USDS Uniswap V4 | fixed | $0 | $0 | Yes |
| S62 | USDT in USDT/USDS Uniswap V4 | fixed | $-3 | $-3 | Yes |
Excluded holdings
| Venue | Label | AUM · som | AUM · eom |
|---|---|---|---|
| S56 | Spark Savings V2 — spUSDC vault | $207.1M | $287.8M |
| S57 | Spark Savings V2 — spUSDT vault | $120.0M | $388.0M |
| S59 | Spark Savings V2 — spPYUSD vault | $285K | $94.4K |
| S60 | Spark Savings V2 — spUSDC vault (Avalanche-C, CREATE2 same address) | $95.7M | $152.9M |
The ledger shows calculated distribution rewards. Prime-side figures use the published settlement report.
Calculated distribution rewards by ref code
Feb 2026 · 22 of 22 ref codes · select a row for its token composition
| Ref code | Group | Feb | Total | Tokens | Note |
|---|---|---|---|---|---|
| Spark | $911 631 | $911 631 | USDS-CLEUSDS-SKYUSDS-SPKsUSDCsUSDSspPYUSDspUSDCspUSDT | ||
| Spark | $41 751 | $41 751 | sUSDC | ||
| Spark | $14 347 | $14 347 | USDS | Note | |
| Spark | $13 279 | $13 279 | sUSDS | ||
| Spark | $6 588 | $6 588 | sUSDC | Note | |
| Spark | $6 314 | $6 314 | stUSDS | Note | |
| Spark | $5 541 | $5 541 | spUSDCspUSDT | ||
| Spark | $5 344 | $5 344 | sUSDCspUSDCspUSDT | ||
| Spark | $1 671 | $1 671 | sUSDC | ||
| Spark | $1 267 | $1 267 | sUSDCsUSDSspUSDCspUSDT | ||
| Spark | $801 | $801 | spUSDC | Note | |
| Spark | $270 | $270 | sUSDC | ||
| Spark | $264 | $264 | spUSDT | Note | |
| Spark | $34 | $34 | spUSDCspUSDT | ||
| Spark | $4 | $4 | sUSDC | ||
| Spark | $4 | $4 | sUSDC | ||
| Spark | $1 | $1 | sUSDCsUSDS | ||
| Spark | $1 | $1 | sUSDCspUSDC | ||
| Spark | $0 | $0 | sUSDC | ||
| Spark | $0 | $0 | sUSDCspUSDC | ||
| Spark | $0 | $0 | sUSDC | ||
| Spark | $0 | $0 | spUSDC |
Net · filtered$1 009 113 · 22 codes