Sourcesoter · settlement-reports · distribution rewards
Prime breakdown: Spark
Spark · $64.4M Sky revenue over Jan–Aug 2026
Month
Prime side
- Demand-side revenue
- $839 680
- Agent rate
- $145 039
- Distribution rewards (settled)
- $694 641
- + Supply-side revenue
- $97 756
Prime agent profit$937 436
Sky side
- Prime cost of funds
- $6 267 982
- Sky direct exposure
- $-7 826
Sky revenue$6 260 156
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
Aug 2026 · 19 venues · negative inflow is an outflow
| Venue | Deployment | NAV · eom | Inflow | Revenue |
|---|---|---|---|---|
| S1 | Spark USDS (SparkLend spToken) | $682.6M | -$71.7M | $1.30M |
| S28 | PYUSD raw (ALM idle — $677M as of 2026-04) | $239.1M | +$55.2K | $1.24M |
| S32 | sUSDS raw / POL (ALM — Cat B 4626, demand-side spread) | $705.3M | +$128.6M | $1.17M |
| S3 | Spark USDT (SparkLend spToken) | $341.6M | -$28.4M | $1.15M |
| S4 | Spark DAI (SparkLend spToken) | $304.3M | +$13.6M | $535K |
| S34 | Spark USDC Vault (Morpho, Base) | $283.3M | +$283.1M | $289K |
| S43 | Savings USDS / sUSDS proxy (Arbitrum — POL) | $89.6M | -$55.3M | $276K |
| S18 | Arkis Spark Prime USDC 1 (ERC-4626) | $20.3M | — | $103K |
| S5 | Spark PYUSD (SparkLend spToken) | $100.0M | -$41.2K | $41.1K |
| S23 | Anchorage tri-party loan escrow (USDC pass-through, ~$0 balance) | $40.1K | — | $40.1K |
| S2 | Spark USDC (SparkLend spToken) | $6.83M | -$4.23M | $32.6K |
| S65 | Spark Blue Chip USDT Vault (Morpho — 2026-06 redeployment) | $32.5M | -$28.3M | $28.2K |
| S10 | Spark Blue Chip USDC Vault (Morpho) | $11.0M | +$10.2M | $13.5K |
| S12 | Spark DAI Vault (Morpho) | $908 | +$43 | $139 |
| S61 | Spark.fi PYUSD Reserve Uniswap V4 (PYUSD/USDS) | $100.1M | -$84 | $47 |
| S16 | Ethena Staked USDe (sUSDe) | $101 | — | <$1 |
| S13 | Spark USDS Vault (Morpho) | $22 | — | <$1 |
| S9 | Aave Ethereum USDT (aToken) | $6 | — | <$1 |
| S66 | Spark.fi RLUSD Reserve Uniswap V4 (RLUSD/USDS) | $20.0M | +$20.0M | -$461 |
Total NAV · $2 936 797 079 · inflows $267 539 911Total revenue · $6 224 058
Rates & subsidy
- SR (subsidized rate)
- 3.65%
- TR (target rate: tbill_3m→sofr@2026-07-23)
- 3.64%
- BR (base rate)
- 3.66%
- ER (effective rate)
- 3.66%
- ER − BR
- -0.8 bps
- Time-weighted utilized
- $2.03B
- Subsidy benefit to prime
- $14.2K
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 | $-7 826 | $-7 826 | Yes |
Excluded holdings
| Venue | Label | AUM · som | AUM · eom |
|---|---|---|---|
| S56 | Spark Savings V2 — spUSDC vault | $268.6M | $309.3M |
| S57 | Spark Savings V2 — spUSDT vault | $404.6M | $367.5M |
| S59 | Spark Savings V2 — spPYUSD vault | $30.6K | $231K |
| S60 | Spark Savings V2 — spUSDC vault (Avalanche-C, CREATE2 same address) | $12.5M | $9.48M |
| S63 | Spark Savings V2 — spUSDG vault (Robinhood Chain) | $21.7M | $18.8M |
The ledger shows calculated distribution rewards. Prime-side figures use the published settlement report.
Calculated distribution rewards by ref code
Aug 2026 · 25 of 25 ref codes · select a row for its token composition
| Ref code | Group | Aug | Total | Tokens | Note |
|---|---|---|---|---|---|
| Spark | $609 890 | $609 890 | USDS-CLEUSDS-SKYUSDS-SPKsUSDCsUSDSspPYUSDspUSDCspUSDT | ||
| Spark | $21 979 | $21 979 | sUSDC | ||
| Spark | $21 393 | $21 393 | sUSDCspUSDCspUSDT | ||
| Spark | $11 232 | $11 232 | stUSDS | Note | |
| Spark | $5 867 | $5 867 | sUSDSspUSDCspUSDT | ||
| Spark | $5 265 | $5 265 | sUSDCsUSDSspUSDT | ||
| Spark | $4 014 | $4 014 | spUSDC | Note | |
| Spark | $3 686 | $3 686 | sUSDS | ||
| Spark | $3 325 | $3 325 | spUSDT | Note | |
| Spark | $2 670 | $2 670 | USDS-SPKsUSDS | ||
| Spark | $1 997 | $1 997 | sUSDCspUSDCspUSDT | ||
| Spark | $1 994 | $1 994 | USDS | Note | |
| Spark | $370 | $370 | sUSDC | Note | |
| Spark | $368 | $368 | spUSDCspUSDT | ||
| Spark | $222 | $222 | sUSDC | ||
| Spark | $222 | $222 | sUSDC | ||
| Spark | $59 | $59 | spUSDCspUSDT | ||
| Spark | $33 | $33 | spUSDCspUSDT | ||
| Spark | $32 | $32 | sUSDCsUSDS | ||
| Spark | $20 | $20 | spUSDCspUSDT | ||
| Spark | $2 | $2 | sUSDC | ||
| Spark | $1 | $1 | sUSDC | ||
| Spark | $0 | $0 | spUSDC | ||
| Spark | $0 | $0 | sUSDC | ||
| Spark | $0 | $0 | sUSDC |
Net · filtered$694 641 · 25 codes