Live Bitfinex market data · funding microstructure

Live Bitfinex funding book, explained for lenders.

Inspect fixed borrower bids, lender offers, cumulative depth, FRR queues and market utilization for USD, USDT and BTC. The table separates the two sides and keeps each rate beside its loan term.

Public market data only. No account or API key is required. Rates are gross observations, not guaranteed returns.

Live normalized book

Funding demand and supply

Borrower bids pay lenders; lender offers compete to be borrowed. Levels refresh automatically from public Bitfinex data.

Current FRR APR11.32%
Market utilization98.31%
Lenders queued at FRR0 USD
Borrowers bidding at FRR0 USD
Highest fixed borrower bid10.00% · 120d
Lowest fixed lender offer8.76% · 2d
Headline bid minus offer+1.24%

Fixed borrower bids

Highest-paying requests first. A bid only matches supply compatible with its requested term.

Gross APRDaily rateTermAmountCumulative
10.00%0.0274%120d4M USD4M USD
6.25%0.0171%117d508,118 USD5M USD
6.25%0.0171%120d20,000 USD5M USD
6.25%0.0171%120d2M USD7M USD
5.89%0.0161%117d560,000 USD7M USD
5.88%0.0161%120d100,000 USD7M USD
5.85%0.0160%120d20,000 USD7M USD
5.84%0.0160%30d12,883 USD7M USD
5.84%0.0160%120d10M USD17M USD
5.52%0.0151%117d560,000 USD18M USD
5.49%0.0150%90d20,000 USD18M USD
5.48%0.0150%5d20,000 USD18M USD

Fixed lender offers

Cheapest offered capital first. Cumulative depth shows how much supply sits ahead in this sample.

Gross APRDaily rateTermAmountCumulative
8.76%0.0240%2d1,000 USD1,000 USD
8.90%0.0244%2d421 USD1,421 USD
8.94%0.0245%2d1,000 USD2,421 USD
9.00%0.0247%2d416 USD2,838 USD
9.05%0.0248%7d416 USD3,254 USD
9.09%0.0249%2d308 USD3,562 USD
9.11%0.0249%30d416 USD3,979 USD
9.13%0.0250%2d1,000 USD4,979 USD
9.16%0.0251%2d416 USD5,395 USD
9.21%0.0252%7d416 USD5,812 USD
9.22%0.0253%2d618 USD6,430 USD
9.26%0.0254%2d154 USD6,584 USD
367 bid and offer rows sampled from the public book.Source: Bitfinex public funding book API. Book rows can move or fill at any time and do not promise execution.
How to read it

A funding book is a market for the price of time

Stratum reads the public Bitfinex lend book, separates FRR and fixed rows, normalizes rates to daily percent and gross APR, and sums displayed liquidity. Utilization comes from Bitfinex funding statistics. The view is a sampled snapshot, not the full private matching engine.

Borrower bids vs lender offers

A borrower bid is demand for capital at a stated maximum rate and term. A lender offer is supply at a stated minimum rate and term. Higher bids favor lenders; lower offers tend to fill sooner.

The FRR queue

FRR rows float with the Flash Return Rate instead of naming a fixed price. Their depth shows how much passive capital or demand is waiting at that benchmark.

Why crossed rates may not match

The highest bid and lowest offer can appear crossed while requesting different loan periods. They are headline levels, not an executable spread; term compatibility still controls matching.

Bitfinex funding-book FAQ

What do bids and offers mean in the Bitfinex funding book?

Bids are borrowers asking for capital and naming what they will pay. Offers are lenders supplying capital and naming the minimum rate they will accept. Amount and period matter as well as rate.

What is the FRR queue?

It is capital resting at the Flash Return Rate rather than a fixed rate. FRR updates hourly from active fixed funding and acts as a floating benchmark for lenders and borrowers.

Why can the highest bid be above the lowest offer?

Funding orders include a loan period. A high 120-day borrower bid is not necessarily compatible with a low two-day lender offer, so headline rates can overlap without immediately matching.

Can the funding book predict whether my offer will fill?

It shows visible competition and cumulative supply ahead of a sampled level, which informs fill probability. It cannot predict new demand, cancellations, early returns or the exact private matching sequence.