Sourcesoter · settlement-reports · distribution rewards
Prime breakdown: Spark
Spark · $72.7M Sky revenue over Jan–Sep 2026
Month
Prime side
- Demand-side revenue
- $1 748 122
- Agent rate
- $118 578
- Distribution rewards (settled)
- $1 629 544
- + Supply-side revenue
- $2 924 050
Prime agent profit$4 672 172
Sky side
- Prime cost of funds
- $10 679 339
- Sky direct exposure
- $40 534
Sky revenue$10 719 873
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
May 2026 · 24 venues · negative inflow is an outflow
| Venue | Deployment | NAV · eom | Inflow | Revenue |
|---|---|---|---|---|
| S32 | sUSDS raw / POL (ALM — Cat B 4626, demand-side spread) | $1.58B | -$151.5M | $3.83M |
| S28 | PYUSD raw (ALM idle — $677M as of 2026-04) | $262.4M | -$417.8M | $3.09M |
| S3 | Spark USDT (SparkLend spToken) | $495.8M | -$183.7M | $1.87M |
| S26 | USDC raw (ALM idle) | $0 | -$892K | $892K |
| S4 | Spark DAI (SparkLend spToken) | $267.0M | +$217K | $559K |
| S43 | Savings USDS / sUSDS proxy (Arbitrum — POL) | $143.8M | — | $436K |
| S14 | Maple syrupUSDC (ERC-4626) | $105.3M | -$429K | $424K |
| S47 | Savings USDS / sUSDS proxy (Optimism — POL) | $102.4M | — | $310K |
| S1 | Spark USDS (SparkLend spToken) | $550.2M | +$402.0M | $294K |
| S37 | Savings USDS / sUSDS proxy (Base — POL) | $76.0M | — | $231K |
| S11 | Spark Blue Chip USDT Vault (Morpho V2) | $71.9M | +$20.0M | $217K |
| S15 | Maple syrupUSDT (ERC-4626) | $0 | -$77.0M | $120K |
| S24 | Spark.fi USDT Reserve Curve (sUSDS/USDT) | $48.8M | -$1.33M | $33.6K |
| S2 | Spark USDC (SparkLend spToken) | $12.2M | +$2.92M | $32.5K |
| S5 | Spark PYUSD (SparkLend spToken) | $100.0M | -$29.5K | $29.0K |
| S18 | Arkis Spark Prime USDC 1 (ERC-4626) | $15.0M | +$15.0M | $21.7K |
| S25 | Spark.fi PYUSD Reserve Curve (PYUSD/USDS) | $100.0M | -$5.8K | $6.4K |
| S10 | Spark Blue Chip USDC Vault (Morpho) | $3.50M | +$2.79M | $4.8K |
| S51 | Savings USDS / sUSDS proxy (Unichain — POL) | $985K | — | $3.0K |
| S12 | Spark DAI Vault (Morpho) | $540 | +$5 | $76 |
| S23 | Anchorage tri-party loan escrow (USDC pass-through, ~$0 balance) | $10 | — | $8 |
| S34 | Spark USDC Vault (Morpho, Base) | $425 | +$199 | $1 |
| S16 | Ethena Staked USDe (sUSDe) | $100 | — | <$1 |
| S9 | Aave Ethereum USDT (aToken) | $6 | — | <$1 |
Total NAV · $3 932 765 094 · inflows $-389 796 300Total revenue · $12 407 988
Rates & subsidy
- SR (subsidized rate)
- 3.73%
- TR (target rate: tbill_3m)
- 3.69%
- BR (base rate)
- 3.95%
- ER (effective rate)
- 3.89%
- ER − BR
- -6.6 bps
- Time-weighted utilized
- $3.36B
- Subsidy benefit to prime
- $181K
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 | $40 551 | $40 551 | Yes |
| S61 | PYUSD in PYUSD/USDS Uniswap V4 | fixed | $-0 | $-0 | Yes |
| S62 | USDT in USDT/USDS Uniswap V4 | fixed | $-17 | $-17 | Yes |
Excluded holdings
| Venue | Label | AUM · som | AUM · eom |
|---|---|---|---|
| S56 | Spark Savings V2 — spUSDC vault | $573.3M | $303.5M |
| S57 | Spark Savings V2 — spUSDT vault | $1.13B | $1.27B |
| S59 | Spark Savings V2 — spPYUSD vault | $1.07M | $774K |
| S60 | Spark Savings V2 — spUSDC vault (Avalanche-C, CREATE2 same address) | $37.1M | $25.6M |
The ledger shows calculated distribution rewards. Prime-side figures use the published settlement report.
Calculated distribution rewards by ref code
May 2026 · 24 of 24 ref codes · select a row for its token composition
| Ref code | Group | May | Total | Tokens | Note |
|---|---|---|---|---|---|
| Spark | $1 510 880 | $1 510 880 | USDS-CLEUSDS-SKYUSDS-SPKsUSDCsUSDSspPYUSDspUSDCspUSDT | ||
| Spark | $26 401 | $26 401 | sUSDC | ||
| Spark | $25 506 | $25 506 | sUSDCspUSDCspUSDT | ||
| Spark | $12 249 | $12 249 | sUSDCsUSDSspUSDT | ||
| Spark | $11 848 | $11 848 | sUSDS | ||
| Spark | $10 730 | $10 730 | stUSDS | Note | |
| Spark | $9 527 | $9 527 | USDS | Note | |
| Spark | $4 582 | $4 582 | USDS-SPKsUSDS | ||
| Spark | $4 042 | $4 042 | spUSDT | Note | |
| Spark | $3 912 | $3 912 | spUSDC | Note | |
| Spark | $3 083 | $3 083 | sUSDC | ||
| Spark | $2 742 | $2 742 | sUSDCsUSDSspUSDCspUSDT | ||
| Spark | $1 825 | $1 825 | sUSDC | Note | |
| Spark | $1 540 | $1 540 | sUSDCspUSDCspUSDT | ||
| Spark | $472 | $472 | sUSDC | ||
| Spark | $92 | $92 | spUSDCspUSDT | ||
| Spark | $76 | $76 | sUSDCsUSDS | ||
| Spark | $34 | $34 | spUSDCspUSDT | ||
| Spark | $4 | $4 | sUSDC | ||
| Spark | $1 | $1 | sUSDCsUSDS | ||
| Spark | $0 | $0 | sUSDC | ||
| Spark | $0 | $0 | spUSDC | ||
| Spark | $0 | $0 | sUSDC | ||
| Spark | $0 | $0 | spUSDC |
Net · filtered$1 629 544 · 24 codes