Sourcesoter · settlement-reports · distribution rewards
Prime breakdown: Spark
Spark · $72.7M Sky revenue over Jan–Sep 2026
Month
Prime side
- Demand-side revenue
- $809 350
- Agent rate
- $145 157
- Distribution rewards (settled)
- $664 193
- + Supply-side revenue
- $1 016 416
Prime agent profit$1 825 767
Sky side
- Prime cost of funds
- $8 214 792
- Sky direct exposure
- $3 876
Sky revenue$8 218 668
- January-August true-up
- $2 392 354.07
Prime-side supply-side revenue paid to Spark.
The true-up increases MSC debt and send-to-prime equally, so Sky's net revenue is unchanged.
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
Sep 2026 · 18 venues · negative inflow is an outflow
| Venue | Deployment | NAV · eom | Inflow | Revenue |
|---|---|---|---|---|
| S1 | Spark USDS (SparkLend spToken) | $1.33B | +$649.3M | $2.33M |
| S28 | PYUSD raw (ALM idle — $677M as of 2026-04) | $197.2M | -$43.7M | $1.81M |
| S32 | sUSDS raw / POL (ALM — Cat B 4626, demand-side spread) | $771.0M | +$63.6M | $1.24M |
| S26 | USDC raw (ALM idle) | $0 | -$984K | $984K |
| S34 | Spark USDC Vault (Morpho, Base) | $318.4M | +$34.1M | $902K |
| S3 | Spark USDT (SparkLend spToken) | $290.7M | -$51.8M | $829K |
| S4 | Spark DAI (SparkLend spToken) | $274.0M | -$30.9M | $588K |
| S18 | Arkis Spark Prime USDC 1 (ERC-4626) | $20.4M | — | $103K |
| S5 | Spark PYUSD (SparkLend spToken) | $143.8M | +$43.7M | $97.2K |
| S65 | Spark Blue Chip USDT Vault (Morpho — 2026-06 redeployment) | $78.0M | +$45.4M | $56.0K |
| S43 | Savings USDS / sUSDS proxy (Arbitrum — POL) | <$1 | -$89.7M | $51.6K |
| S2 | Spark USDC (SparkLend spToken) | $26.3M | +$19.4M | $37.4K |
| S10 | Spark Blue Chip USDC Vault (Morpho) | $39.5M | +$28.4M | $32.7K |
| S61 | Spark.fi PYUSD Reserve Uniswap V4 (PYUSD/USDS) | $100.1M | -$65 | $402 |
| S12 | Spark DAI Vault (Morpho) | $1.1K | — | $184 |
| S16 | Ethena Staked USDe (sUSDe) | $101 | — | <$1 |
| S9 | Aave Ethereum USDT (aToken) | $6 | — | <$1 |
| S66 | Spark.fi RLUSD Reserve Uniswap V4 (RLUSD/USDS) | $20.0M | — | -$90 |
Total NAV · $3 613 441 714 · inflows $666 971 329Total revenue · $9 063 575
Rates & subsidy
- SR (subsidized rate)
- 3.70%
- TR (target rate: tbill_3m→sofr@2026-07-23)
- 3.75%
- BR (base rate)
- 3.74%
- ER (effective rate)
- 3.72%
- ER − BR
- -1.2 bps
- Time-weighted utilized
- $2.69B
- Subsidy benefit to prime
- $27.5K
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 | $0 | $0 | Yes |
| S62 | USDT in USDT/USDS Uniswap V4 | fixed | $3 876 | $3 876 | Yes |
Excluded holdings
| Venue | Label | AUM · som | AUM · eom |
|---|---|---|---|
| S56 | Spark Savings V2 — spUSDC vault | $309.3M | $300.6M |
| S57 | Spark Savings V2 — spUSDT vault | $367.5M | $447.0M |
| S59 | Spark Savings V2 — spPYUSD vault | $231K | $31.0K |
| S60 | Spark Savings V2 — spUSDC vault (Avalanche-C, CREATE2 same address) | $9.48M | $8.68M |
The ledger shows calculated distribution rewards. Prime-side figures use the published settlement report.
No calculated DR data is available for this month.
Calculated distribution rewards by ref code
Sep 2026 · 0 of 0 ref codes · select a row for its token composition
| Ref code | Group | 2026-09 | Total | Tokens | Note |
|---|---|---|---|---|---|
| No distribution rewards recorded for this prime and month. | |||||
Net · filtered$0 · 0 codes