Sourcesoter · settlement-reports · distribution rewards
Prime breakdown: Spark
Spark · $72.7M Sky revenue over Jan–Sep 2026
Month
Prime side
- Demand-side revenue
- $1 763 358
- Agent rate
- $115 023
- Distribution rewards (settled)
- $1 648 334
- + Supply-side revenue
- $2 207 752
Prime agent profit$3 971 109
Sky side
- Prime cost of funds
- $9 107 813
- Sky direct exposure
- $21 042
Sky revenue$9 128 855
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
Jun 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) | $1.18B | -$403.7M | $3.03M |
| S28 | PYUSD raw (ALM idle — $677M as of 2026-04) | $236.2M | -$27.8M | $1.56M |
| S26 | USDC raw (ALM idle) | $0 | -$1.44M | $1.44M |
| S3 | Spark USDT (SparkLend spToken) | $527.9M | +$31.0M | $1.10M |
| S1 | Spark USDS (SparkLend spToken) | $488.8M | -$62.4M | $996K |
| S4 | Spark DAI (SparkLend spToken) | $270.7M | +$3.27M | $514K |
| S43 | Savings USDS / sUSDS proxy (Arbitrum — POL) | $144.2M | — | $419K |
| S14 | Maple syrupUSDC (ERC-4626) | $105.3M | -$413K | $415K |
| S47 | Savings USDS / sUSDS proxy (Optimism — POL) | $201.1M | +$98.4M | $393K |
| S37 | Savings USDS / sUSDS proxy (Base — POL) | $211.4M | +$135.1M | $352K |
| S18 | Arkis Spark Prime USDC 1 (ERC-4626) | $20.1M | +$5.00M | $95.6K |
| S11 | Spark Blue Chip USDT Vault (Morpho — pre-2026-06 deployment) | $2 | -$72.0M | $44.1K |
| S2 | Spark USDC (SparkLend spToken) | $6.74M | -$5.48M | $37.4K |
| S65 | Spark Blue Chip USDT Vault (Morpho — 2026-06 redeployment) | $45.9M | +$45.9M | $35.9K |
| S25 | Spark.fi PYUSD Reserve Curve (PYUSD/USDS) | $4 | -$100.0M | $30.1K |
| S5 | Spark PYUSD (SparkLend spToken) | $100.0M | -$26.6K | $26.8K |
| S24 | Spark.fi USDT Reserve Curve (sUSDS/USDT) | <$1 | -$48.8M | $11.5K |
| S10 | Spark Blue Chip USDC Vault (Morpho) | $641K | -$2.87M | $4.9K |
| S51 | Savings USDS / sUSDS proxy (Unichain — POL) | $104.4M | +$103.4M | $2.9K |
| S34 | Spark USDC Vault (Morpho, Base) | $394 | -$721 | $690 |
| S12 | Spark DAI Vault (Morpho) | $637 | — | $98 |
| S16 | Ethena Staked USDe (sUSDe) | $100 | — | <$1 |
| S9 | Aave Ethereum USDT (aToken) | $6 | — | <$1 |
| S23 | Anchorage tri-party loan escrow (USDC pass-through, ~$0 balance) | $1 | — | -$9 |
Total NAV · $3 641 323 774 · inflows $-302 862 912Total revenue · $10 505 160
Rates & subsidy
- SR (subsidized rate)
- 3.81%
- TR (target rate: tbill_3m→sofr@2026-07-23)
- 3.81%
- BR (base rate)
- 3.84%
- ER (effective rate)
- 3.83%
- ER − BR
- -0.9 bps
- Time-weighted utilized
- $2.95B
- Subsidy benefit to prime
- $22.5K
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 | $19 891 | $19 891 | Yes |
| S61 | PYUSD in PYUSD/USDS Uniswap V4 | fixed | $1 030 | $1 030 | Yes |
| S62 | USDT in USDT/USDS Uniswap V4 | fixed | $120 | $120 | Yes |
Excluded holdings
| Venue | Label | AUM · som | AUM · eom |
|---|---|---|---|
| S56 | Spark Savings V2 — spUSDC vault | $303.5M | $317.2M |
| S57 | Spark Savings V2 — spUSDT vault | $1.27B | $863.4M |
| S59 | Spark Savings V2 — spPYUSD vault | $774K | $797K |
| S60 | Spark Savings V2 — spUSDC vault (Avalanche-C, CREATE2 same address) | $25.6M | $19.1M |
The ledger shows calculated distribution rewards. Prime-side figures use the published settlement report.
Calculated distribution rewards by ref code
Jun 2026 · 26 of 26 ref codes · select a row for its token composition
| Ref code | Group | Jun | Total | Tokens | Note |
|---|---|---|---|---|---|
| Spark | $1 496 631 | $1 496 631 | USDS-CLEUSDS-SKYUSDS-SPKsUSDCsUSDSspPYUSDspUSDCspUSDT | ||
| Spark | $50 842 | $50 842 | sUSDCsUSDSspUSDT | ||
| Spark | $26 002 | $26 002 | sUSDCspUSDCspUSDT | ||
| Spark | $19 027 | $19 027 | sUSDC | ||
| Spark | $12 654 | $12 654 | USDS-SPKsUSDS | ||
| Spark | $8 925 | $8 925 | stUSDS | Note | |
| Spark | $8 768 | $8 768 | sUSDS | ||
| Spark | $5 925 | $5 925 | sUSDC | Note | |
| Spark | $5 835 | $5 835 | USDS | Note | |
| Spark | $3 548 | $3 548 | spUSDC | Note | |
| Spark | $3 452 | $3 452 | spUSDT | Note | |
| Spark | $2 222 | $2 222 | sUSDCspUSDCspUSDT | ||
| Spark | $1 728 | $1 728 | sUSDSspUSDC | ||
| Spark | $1 418 | $1 418 | sUSDCsUSDSspUSDCspUSDT | ||
| Spark | $835 | $835 | sUSDC | ||
| Spark | $372 | $372 | sUSDC | ||
| Spark | $71 | $71 | sUSDCsUSDS | ||
| Spark | $42 | $42 | sUSDCsUSDS | ||
| Spark | $31 | $31 | spUSDCspUSDT | ||
| Spark | $4 | $4 | sUSDC | ||
| Spark | $0 | $0 | spPYUSD | Note | |
| Spark | $0 | $0 | sUSDC | ||
| Spark | $0 | $0 | spUSDC | ||
| Spark | $0 | $0 | spUSDC | ||
| Spark | $0 | $0 | sUSDC | ||
| Spark | $0 | $0 | spUSDC |
Net · filtered$1 648 334 · 26 codes