> For the complete documentation index, see [llms.txt](https://docs.hermetica.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.hermetica.fi/usdh/historical-performance.md).

# Historical Performance

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Note: Backtest results are not a guarantee of future returns.
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Our backtests from January 2021 to September 2025 show an **average APY of 10.56%** 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. 

<div data-full-width="false"><figure><img src="/files/ED26qBLxEw2ixffbOchN" alt=""><figcaption><p>sUSDh Historical Performance</p></figcaption></figure></div>

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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.
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