Nunchi House Index

Implied Secured Funding Rate

A live benchmark for secured dollar exposure across lending venues and derivatives funding, styled in the Nunchi institutional palette.

Current Rate
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Updated hourly from live sources
ISFR
SMA 20   SMA 50
O— H— L— C— —
Implied Secured Funding Rate · Two-Tier Model (V2) · Updated Hourly OHLC API · History API
CURRENT RATE
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ISFR V2
BASE RATE
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Lending median
DERIV SPREAD
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vs base rate
RISK PREMIUM
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α = 0.25
SOURCES
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Current Composition
SOURCERATETIERWEIGHT
Methodology
The Implied Secured Funding Rate is a two-tier composite index that captures the cost of secured dollar exposure across DeFi. It blends on-chain lending yields with perpetual futures funding rates to produce a single, institutional-grade benchmark.

Weighted Median is used instead of a simple mean to resist outlier manipulation. Each source's weight determines its share of the cumulative distribution; the median is the rate at which cumulative weight crosses 50%.

Alpha (α = 0.25) dampens the derivatives spread, reflecting that funding rate volatility is structurally higher than lending rate volatility. A quarter of the spread is attributed to genuine risk premium; the remainder is noise.

Fallback: If all lending sources fail, the index falls back to a flat weighted median across all available sources. If derivatives sources fail, the risk premium is zero and ISFR equals the base rate.

Frequency: Recalculated every hour from live on-chain and API data. Hourly snapshots are aggregated into OHLC candles for charting.

Lending
On-chain USDC supply rates from the two largest battle-tested money markets. Weights are proportional to protocol TVL.
Aave V3 60%
Compound V3 40%
Derivatives
Annualised perpetual funding rates and secured yield strategies. Captures the market's implied cost of leveraged dollar exposure.
Hyperliquid 50%
Ethena sUSDe 50%