Separate demand and liquidity
USD and USDT are separate Bitfinex funding currencies with separate order books. A higher rate in one market reflects current borrowing demand and available supply; it does not make that currency permanently superior.
USD vs USDT · live data and backtests
Bitfinex USD vs USDT lending: which funding market pays more?
USD and USDT have separate funding books on Bitfinex. Their rates, available demand and strategy results can diverge. This page compares both with the same measurements: current FRR, rolling averages and every Stratum strategy replayed over the same 1,095-day window.
No permanent winner exists. Rate leadership changes with borrowing demand, while deposit route and asset risk remain different. Data below is descriptive, not a return forecast.
Live comparison
USD and USDT funding rates now
Gross annualized FRR from Bitfinex public funding statistics. Rolling averages use hourly observations before Bitfinex fees and compounding.
| Metric | USD | USDT |
|---|---|---|
| Current daily rate | 0.04% | 0.03% |
| Current annualized APR | 13.59% | 10.92% |
| 24-hour average APR | 13.59% | 10.82% |
| 7-day average APR | 13.59% | 10.71% |
| 30-day average APR | 13.72% | 10.03% |
30-day APR spread USD leads by 3.68 percentage points Download live CSV
Recent leadership
Which currency led on complete UTC days?
Each complete UTC day is reduced to its average FRR-derived APR, then USD and USDT are compared. Partial current day is excluded.
29Days USD led
1Days USDT led
0Tied days
30Complete days compared
A day-level comparison avoids counting a currency as the winner merely because its API returned more hourly observations. It still measures quoted FRR, not your realized offer fills.
Matched 3-year replay
Same strategies, same window, different funding books
Every row compares one strategy against 1,095 days of USD history and the same 1,095-day USDT (UST on the Bitfinex API) window. APR is net of Bitfinex’s standard 15% funding fee in the model.
USD produced the higher modeled APR in 4 of 11 strategies. USDT produced the higher modeled APR in 7 of 11 strategies.
| Strategy | USD | USDT | ||||
|---|---|---|---|---|---|---|
| APR | Order fill rate | Utilization | APR | Order fill rate | Utilization | |
| Adaptive Carry | 9.63% | 5.87% | 73.08% | 6.52% | 2.48% | 49.43% |
| Adaptive Ladder | 8.36% | 64.56% | 98.24% | 7.54% | 62.94% | 98.07% |
| Adaptive Spread | 4.08% | 71.98% | 98.08% | 4.25% | 68.68% | 97.84% |
| Carry Optimizer | 6.54% | 64.04% | 98.06% | 6.63% | 53.78% | 97.12% |
| FRR + Offset | 4.83% | 81.96% | 99.01% | 5.17% | 72.78% | 98.32% |
| Maturity Ladder | 7.21% | 48.25% | 95.71% | 7.06% | 46.44% | 94.99% |
| Rate Ladder | 7.77% | 61.12% | 98.36% | 7.91% | 54.80% | 97.99% |
| Rate Spread | 3.97% | 54.26% | 96.17% | 4.17% | 52.42% | 95.94% |
| Simple FRR | 4.83% | 81.96% | 99.01% | 5.17% | 72.78% | 98.32% |
| Spike Catcher | 6.03% | 17.58% | 63.98% | 6.26% | 11.50% | 53.80% |
| Yield Curve | 10.75% | 21.74% | 96.95% | 9.80% | 17.84% | 95.65% |
Snapshot computed 2026-06-09 · 1,095-day replay window
Backtests assume full-size fills at recorded rates with no market impact or queue competition. Use them to compare strategies and currencies, not as promised returns. Live results can be lower.
Open full backtest datasetHow to choose
Rate is only one part of the choice
Compare expected rate advantage with how you acquire the asset and which risks you accept. Switching for a small APR gap can cost more than the gap earns.
Different deposit routes
USD funding starts with a fiat USD balance. Bitfinex says USD bank wires require Full verification and publishes transfer minimums and fees. USDT can arrive as a supported token, with network and withdrawal conditions depending on the selected chain. Check current fees before moving funds.
Different asset exposure
Both balances remain exposed to Bitfinex platform risk while on the exchange. USDT also remains a token issued under Tether’s terms and backed by its reserves; USD is a fiat balance on Bitfinex. Neither choice is risk-free or deposit-insured through Stratum.
Practical decision rule
Already hold one currency? Start by comparing its rolling rate with the other market, then subtract conversion, deposit and withdrawal friction. Change only when the expected advantage is large enough and persistent enough to matter for your balance and risk preference.
Methodology and sources
Where every number comes from
Live measurements use Bitfinex public funding statistics for fUSD and fUST. Backtest rows come from one dated Stratum engine snapshot. Product mechanics and asset differences link to primary documentation.
USD vs USDT lending FAQ
Is USD or USDT better for Bitfinex lending?
Neither is always better. The two funding books have independent demand, so rate leadership changes. Compare current and rolling rates, then account for deposit or conversion costs and the different asset risks before choosing.
Are Bitfinex USD and USDT funding rates the same?
No. USD and USDT are separate funding currencies with separate books. Their FRR values can be close, but they are calculated from activity in each market and can diverge.
Should I convert USD to USDT for a higher lending rate?
Only after comparing the expected rate advantage with conversion, deposit and withdrawal friction plus your tolerance for USDT issuer risk. A short-lived rate gap may not recover switching costs.
Do the higher backtest results predict future returns?
No. Backtests model historical offers and assume full fills without market impact or queue competition. They help compare identical strategies across currencies, but they are not forecasts or guarantees.
Continue with the underlying data
Test both currencies before going live
Replay the same strategy on USD and USDT, then watch it in paper mode. Your funds remain on Bitfinex and live access uses a withdrawal-disabled API key.