Sourcesoter · settlement-reports · distribution rewards
Prime breakdown: Spark
Spark · $72.7M Sky revenue over Jan–Sep 2026
Month
Prime side
- Demand-side revenue
- $1 074 766
- Agent rate
- $131 356
- Distribution rewards (settled)
- $943 410
- + Supply-side revenue
- $2 838 238
Prime agent profit$3 913 003
Sky side
- Prime cost of funds
- $5 799 604
- Sky direct exposure
- $-5 205
Sky revenue$5 794 400
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
Jul 2026 · 22 venues · negative inflow is an outflow
| Venue | Deployment | NAV · eom | Inflow | Revenue |
|---|---|---|---|---|
| S3 | Spark USDT (SparkLend spToken) | $368.9M | -$160.7M | $1.65M |
| S28 | PYUSD raw (ALM idle — $677M as of 2026-04) | $237.8M | +$24.5K | $1.56M |
| S32 | sUSDS raw / POL (ALM — Cat B 4626, demand-side spread) | $574.8M | -$605.2M | $1.30M |
| S26 | USDC raw (ALM idle) | $0 | -$1.20M | $1.20M |
| S1 | Spark USDS (SparkLend spToken) | $753.1M | +$263.4M | $896K |
| S4 | Spark DAI (SparkLend spToken) | $290.1M | +$18.9M | $528K |
| S43 | Savings USDS / sUSDS proxy (Arbitrum — POL) | $144.6M | — | $431K |
| S51 | Savings USDS / sUSDS proxy (Unichain — POL) | $0 | -$104.7M | $312K |
| S14 | Maple syrupUSDC (ERC-4626) | $0 | -$105.5M | $224K |
| S37 | Savings USDS / sUSDS proxy (Base — POL) | $0 | -$211.6M | $123K |
| S47 | Savings USDS / sUSDS proxy (Optimism — POL) | $0 | -$201.2M | $117K |
| S18 | Arkis Spark Prime USDC 1 (ERC-4626) | $20.2M | — | $102K |
| S65 | Spark Blue Chip USDT Vault (Morpho — 2026-06 redeployment) | $60.8M | +$14.9M | $35.2K |
| S5 | Spark PYUSD (SparkLend spToken) | $100.0M | -$24.0K | $23.4K |
| S2 | Spark USDC (SparkLend spToken) | $11.0M | +$4.27M | $20.6K |
| S10 | Spark Blue Chip USDC Vault (Morpho) | $772K | +$125K | $6.3K |
| S12 | Spark DAI Vault (Morpho) | $726 | — | $88 |
| S34 | Spark USDC Vault (Morpho, Base) | $193 | -$202 | $1 |
| S16 | Ethena Staked USDe (sUSDe) | $100 | — | <$1 |
| S13 | Spark USDS Vault (Morpho) | $22 | — | <$1 |
| S9 | Aave Ethereum USDT (aToken) | $6 | — | <$1 |
| S23 | Anchorage tri-party loan escrow (USDC pass-through, ~$0 balance) | $1 | — | <$1 |
Total NAV · $2 562 134 008 · inflows $-1 088 550 646Total revenue · $8 526 247
Rates & subsidy
- SR (subsidized rate)
- 3.78%
- TR (target rate: tbill_3m→sofr@2026-07-23)
- 3.79%
- BR (base rate)
- 3.80%
- ER (effective rate)
- 3.80%
- ER − BR
- -0.4 bps
- Time-weighted utilized
- $1.82B
- Subsidy benefit to prime
- $5.9K
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 | $0 | $0 | Yes |
| S61 | PYUSD in PYUSD/USDS Uniswap V4 | fixed | $-1 167 | $-1 167 | Yes |
| S62 | USDT in USDT/USDS Uniswap V4 | fixed | $-4 038 | $-4 038 | Yes |
Excluded holdings
| Venue | Label | AUM · som | AUM · eom |
|---|---|---|---|
| S56 | Spark Savings V2 — spUSDC vault | $317.2M | $268.6M |
| S57 | Spark Savings V2 — spUSDT vault | $863.4M | $404.6M |
| S59 | Spark Savings V2 — spPYUSD vault | $797K | $30.6K |
| S60 | Spark Savings V2 — spUSDC vault (Avalanche-C, CREATE2 same address) | $19.1M | $12.5M |
| S63 | Spark Savings V2 — spUSDG vault (Robinhood Chain) | $441K | $21.7M |
The ledger shows calculated distribution rewards. Prime-side figures use the published settlement report.
Calculated distribution rewards by ref code
Jul 2026 · 26 of 26 ref codes · select a row for its token composition
| Ref code | Group | Jul | Total | Tokens | Note |
|---|---|---|---|---|---|
| Spark | $828 854 | $828 854 | USDS-CLEUSDS-SKYUSDS-SPKsUSDCsUSDSspPYUSDspUSDCspUSDT | ||
| Spark | $29 170 | $29 170 | sUSDCsUSDSspUSDT | ||
| Spark | $25 423 | $25 423 | sUSDCspUSDCspUSDT | ||
| Spark | $18 103 | $18 103 | sUSDC | ||
| Spark | $9 664 | $9 664 | stUSDS | Note | |
| Spark | $6 443 | $6 443 | USDS-SPKsUSDS | ||
| Spark | $4 452 | $4 452 | sUSDS | ||
| Spark | $4 390 | $4 390 | sUSDSspUSDCspUSDT | ||
| Spark | $4 277 | $4 277 | spUSDC | Note | |
| Spark | $3 408 | $3 408 | spUSDT | Note | |
| Spark | $2 751 | $2 751 | USDS | Note | |
| Spark | $2 653 | $2 653 | sUSDC | Note | |
| Spark | $2 572 | $2 572 | sUSDCspUSDCspUSDT | ||
| Spark | $540 | $540 | sUSDC | ||
| Spark | $330 | $330 | sUSDCspUSDCspUSDT | ||
| Spark | $280 | $280 | sUSDC | ||
| Spark | $44 | $44 | sUSDCsUSDS | ||
| Spark | $38 | $38 | spUSDCspUSDT | ||
| Spark | $11 | $11 | spPYUSD | Note | |
| Spark | $4 | $4 | spUSDCspUSDT | ||
| Spark | $2 | $2 | sUSDC | ||
| Spark | $2 | $2 | sUSDC | ||
| Spark | $1 | $1 | spUSDC | ||
| Spark | $0 | $0 | spUSDC | ||
| Spark | $0 | $0 | sUSDC | ||
| Spark | $0 | $0 | sUSDC |
Net · filtered$943 410 · 26 codes