Historical Performance

Note: Backtest results are not a guarantee of future returns.

Our backtests from January 2021 to June 2025 show an average APY of 10.75% for the BTC funding rate.

This Bitcoin-native yield fluctuates based on market demand for long leverage. In the 2022 bull market, the annualized return reached 25.03%. The 2023 bear market saw a 1.83% return. Only 5.9% of days in the backtest period had negative funding.

sUSDh Historical Performance

Since 100% of USDh generates yield but only a subset of USDh is staked and accrues the yield, the real return to stakers can be higher than the BTC funding rate backtest results.