Sourcesoter · settlement-reports · distribution rewards
Prime breakdown: Spark
Spark · $72.7M Sky revenue over Jan–Sep 2026
Month
Prime side
- Demand-side revenue
- $1 527 738
- Agent rate
- $122 912
- Distribution rewards (settled)
- $1 404 826
- + Supply-side revenue
- $2 486 880
Prime agent profit$4 014 618
Sky side
- Prime cost of funds
- $7 860 267
- Sky direct exposure
- $5 980
Sky revenue$7 866 247
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
Mar 2026 · 25 venues · negative inflow is an outflow
| Venue | Deployment | NAV · eom | Inflow | Revenue |
|---|---|---|---|---|
| S28 | PYUSD raw (ALM idle — $677M as of 2026-04) | $555.4M | +$25.1M | $2.66M |
| S32 | sUSDS raw / POL (ALM — Cat B 4626, demand-side spread) | $1.37B | +$569.7M | $1.80M |
| S26 | USDC raw (ALM idle) | $0 | -$805K | $805K |
| S1 | Spark USDS (SparkLend spToken) | $150.8M | -$125.3M | $605K |
| S3 | Spark USDT (SparkLend spToken) | $282.4M | -$53.1M | $575K |
| S4 | Spark DAI (SparkLend spToken) | $252.8M | +$6.17M | $570K |
| S43 | Savings USDS / sUSDS proxy (Arbitrum — POL) | $142.9M | -$54.4M | $489K |
| S14 | Maple syrupUSDC (ERC-4626) | $100.0M | -$100.4M | $415K |
| S47 | Savings USDS / sUSDS proxy (Optimism — POL) | $101.7M | — | $323K |
| S37 | Savings USDS / sUSDS proxy (Base — POL) | $75.5M | — | $240K |
| S15 | Maple syrupUSDT (ERC-4626) | $100.0M | +$44.8M | $172K |
| S9 | Aave Ethereum USDT (aToken) | $495.6M | +$495.4M | $163K |
| S23 | Anchorage tri-party loan escrow (USDC pass-through, ~$0 balance) | $134K | — | $134K |
| S24 | Spark.fi USDT Reserve Curve (sUSDS/USDT) | $50.0M | -$82.9K | $77.5K |
| S5 | Spark PYUSD (SparkLend spToken) | $100.0M | -$71.3K | $71.5K |
| S18 | Arkis Spark Prime USDC 1 (ERC-4626) | $10.2M | — | $43.5K |
| S2 | Spark USDC (SparkLend spToken) | $37.2K | -$48.0M | $32.0K |
| S54 | Aave Avalanche USDC (aAvaUSDC) | $10.0M | -$19.3K | $19.3K |
| S25 | Spark.fi PYUSD Reserve Curve (PYUSD/USDS) | $100.0M | -$9.5K | $9.4K |
| S10 | Spark Blue Chip USDC Vault (Morpho) | $977K | -$5.3K | $4.8K |
| S51 | Savings USDS / sUSDS proxy (Unichain — POL) | $979K | — | $3.1K |
| S11 | Spark Blue Chip USDT Vault (Morpho V2) | $40.0K | +$40.0K | $3 |
| S34 | Spark USDC Vault (Morpho, Base) | $428 | -$68 | $1 |
| S12 | Spark DAI Vault (Morpho) | $360 | +$14 | <$1 |
| S16 | Ethena Staked USDe (sUSDe) | $99 | — | <$1 |
Total NAV · $3 900 869 139 · inflows $759 151 353Total revenue · $9 215 769
Rates & subsidy
- SR (subsidized rate)
- 3.75%
- TR (target rate: tbill_3m)
- 3.72%
- BR (base rate)
- 4.12%
- ER (effective rate)
- 3.97%
- ER − BR
- -15.4 bps
- Time-weighted utilized
- $2.43B
- Subsidy benefit to prime
- $306K
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 | $5 965 | $5 965 | Yes |
| S61 | PYUSD in PYUSD/USDS Uniswap V4 | fixed | $2 | $2 | Yes |
| S62 | USDT in USDT/USDS Uniswap V4 | fixed | $13 | $13 | Yes |
Excluded holdings
| Venue | Label | AUM · som | AUM · eom |
|---|---|---|---|
| S56 | Spark Savings V2 — spUSDC vault | $287.8M | $456.8M |
| S57 | Spark Savings V2 — spUSDT vault | $388.0M | $867.9M |
| S59 | Spark Savings V2 — spPYUSD vault | $94.4K | $505K |
| S60 | Spark Savings V2 — spUSDC vault (Avalanche-C, CREATE2 same address) | $152.9M | $73.6M |
The ledger shows calculated distribution rewards. Prime-side figures use the published settlement report.
Calculated distribution rewards by ref code
Mar 2026 · 24 of 24 ref codes · select a row for its token composition
| Ref code | Group | Mar | Total | Tokens | Note |
|---|---|---|---|---|---|
| Spark | $1 271 362 | $1 271 362 | USDS-CLEUSDS-SKYUSDS-SPKsUSDCsUSDSspPYUSDspUSDCspUSDT | ||
| Spark | $48 284 | $48 284 | sUSDC | ||
| Spark | $19 582 | $19 582 | USDS | Note | |
| Spark | $11 114 | $11 114 | sUSDS | ||
| Spark | $9 420 | $9 420 | sUSDCspUSDT | ||
| Spark | $8 707 | $8 707 | sUSDCspUSDCspUSDT | ||
| Spark | $7 614 | $7 614 | sUSDC | ||
| Spark | $6 316 | $6 316 | spUSDT | Note | |
| Spark | $5 576 | $5 576 | stUSDS | Note | |
| Spark | $5 411 | $5 411 | sUSDC | Note | |
| Spark | $4 314 | $4 314 | spUSDC | Note | |
| Spark | $4 238 | $4 238 | sUSDCspUSDCspUSDT | ||
| Spark | $2 579 | $2 579 | sUSDCspUSDCspUSDT | ||
| Spark | $217 | $217 | sUSDC | ||
| Spark | $44 | $44 | spUSDCspUSDT | ||
| Spark | $38 | $38 | sUSDCspUSDC | ||
| Spark | $6 | $6 | sUSDCspUSDCspUSDT | ||
| Spark | $5 | $5 | sUSDC | ||
| Spark | $1 | $1 | sUSDCsUSDS | ||
| Spark | $0 | $0 | sUSDC | ||
| Spark | $0 | $0 | spUSDC | ||
| Spark | $0 | $0 | sUSDC | ||
| Spark | $0 | $0 | spUSDC | ||
| Spark | $0 | $0 | spPYUSD | Note |
Net · filtered$1 404 826 · 24 codes