Sourcesoter · settlement-reports · distribution rewards
Prime breakdown: Spark
Spark · $72.7M Sky revenue over Jan–Sep 2026
Month
Prime side
- Demand-side revenue
- $1 619 564
- Agent rate
- $115 391
- Distribution rewards (settled)
- $1 504 173
- + Supply-side revenue
- $1 267 819
Prime agent profit$2 887 383
Sky side
- Prime cost of funds
- $9 290 941
- Sky direct exposure
- $12 588
Sky revenue$9 303 529
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
Apr 2026 · 24 venues · negative inflow is an outflow
| Venue | Deployment | NAV · eom | Inflow | Revenue |
|---|---|---|---|---|
| S28 | PYUSD raw (ALM idle — $677M as of 2026-04) | $677.2M | +$118.6M | $3.18M |
| S32 | sUSDS raw / POL (ALM — Cat B 4626, demand-side spread) | $1.72B | +$347.8M | $2.78M |
| S3 | Spark USDT (SparkLend spToken) | $677.7M | +$394.7M | $578K |
| S4 | Spark DAI (SparkLend spToken) | $266.2M | +$12.8M | $553K |
| S9 | Aave Ethereum USDT (aToken) | $6 | -$496.1M | $468K |
| S43 | Savings USDS / sUSDS proxy (Arbitrum — POL) | $143.3M | — | $430K |
| S1 | Spark USDS (SparkLend spToken) | $147.9M | -$3.20M | $314K |
| S47 | Savings USDS / sUSDS proxy (Optimism — POL) | $102.0M | — | $306K |
| S37 | Savings USDS / sUSDS proxy (Base — POL) | $75.8M | — | $227K |
| S15 | Maple syrupUSDT (ERC-4626) | $76.9M | -$23.3M | $205K |
| S14 | Maple syrupUSDC (ERC-4626) | $105.3M | +$5.13M | $173K |
| S11 | Spark Blue Chip USDT Vault (Morpho V2) | $51.7M | +$51.5M | $169K |
| S24 | Spark.fi USDT Reserve Curve (sUSDS/USDT) | $50.0M | -$114K | $103K |
| S5 | Spark PYUSD (SparkLend spToken) | $100.0M | -$45.4K | $46.3K |
| S18 | Arkis Spark Prime USDC 1 (ERC-4626) | <$1 | -$10.2M | $18.3K |
| S25 | Spark.fi PYUSD Reserve Curve (PYUSD/USDS) | $100.0M | -$11.3K | $9.6K |
| S10 | Spark Blue Chip USDC Vault (Morpho) | $704K | -$283K | $9.5K |
| S54 | Aave Avalanche USDC (aAvaUSDC) | <$1 | -$10.0M | $4.6K |
| S34 | Spark USDC Vault (Morpho, Base) | $225 | -$4.7K | $4.5K |
| S51 | Savings USDS / sUSDS proxy (Unichain — POL) | $982K | — | $2.9K |
| S2 | Spark USDC (SparkLend spToken) | $9.23M | +$9.19M | $125 |
| S12 | Spark DAI Vault (Morpho) | $459 | +$84 | $14 |
| S16 | Ethena Staked USDe (sUSDe) | $100 | — | <$1 |
| S23 | Anchorage tri-party loan escrow (USDC pass-through, ~$0 balance) | $2 | — | -$133K |
Total NAV · $4 308 091 968 · inflows $396 482 737Total revenue · $9 444 853
Rates & subsidy
- SR (subsidized rate)
- 3.74%
- TR (target rate: tbill_3m)
- 3.70%
- BR (base rate)
- 4.03%
- ER (effective rate)
- 3.93%
- ER − BR
- -9.8 bps
- Time-weighted utilized
- $2.99B
- Subsidy benefit to prime
- $232K
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 | $12 598 | $12 598 | Yes |
| S61 | PYUSD in PYUSD/USDS Uniswap V4 | fixed | $0 | $0 | Yes |
| S62 | USDT in USDT/USDS Uniswap V4 | fixed | $-11 | $-11 | Yes |
Excluded holdings
| Venue | Label | AUM · som | AUM · eom |
|---|---|---|---|
| S56 | Spark Savings V2 — spUSDC vault | $456.8M | $573.3M |
| S57 | Spark Savings V2 — spUSDT vault | $867.9M | $1.13B |
| S59 | Spark Savings V2 — spPYUSD vault | $505K | $1.07M |
| S60 | Spark Savings V2 — spUSDC vault (Avalanche-C, CREATE2 same address) | $73.6M | $37.1M |
The ledger shows calculated distribution rewards. Prime-side figures use the published settlement report.
Calculated distribution rewards by ref code
Apr 2026 · 25 of 25 ref codes · select a row for its token composition
| Ref code | Group | Apr | Total | Tokens | Note |
|---|---|---|---|---|---|
| Spark | $1 376 423 | $1 376 423 | USDS-CLEUSDS-SKYUSDS-SPKsUSDCsUSDSspPYUSDspUSDCspUSDT | ||
| Spark | $37 688 | $37 688 | sUSDC | ||
| Spark | $18 355 | $18 355 | sUSDCspUSDT | ||
| Spark | $15 968 | $15 968 | USDS | Note | |
| Spark | $13 632 | $13 632 | sUSDCspUSDCspUSDT | ||
| Spark | $9 913 | $9 913 | sUSDS | ||
| Spark | $8 509 | $8 509 | stUSDS | Note | |
| Spark | $4 968 | $4 968 | sUSDC | ||
| Spark | $4 736 | $4 736 | spUSDT | Note | |
| Spark | $4 674 | $4 674 | spUSDC | Note | |
| Spark | $3 613 | $3 613 | sUSDC | Note | |
| Spark | $2 929 | $2 929 | sUSDCsUSDSspUSDCspUSDT | ||
| Spark | $2 215 | $2 215 | sUSDCspUSDCspUSDT | ||
| Spark | $377 | $377 | sUSDC | ||
| Spark | $78 | $78 | sUSDCsUSDSspUSDC | ||
| Spark | $40 | $40 | spUSDCspUSDT | ||
| Spark | $33 | $33 | spUSDCspUSDT | ||
| Spark | $14 | $14 | sUSDS | ||
| Spark | $4 | $4 | 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$1 504 173 · 25 codes