{ "name": "Bitfinex lending strategy backtest results", "description": "Dated 1,095-day backtest snapshot across 11 Bitfinex funding strategies and four currencies. Results are modeled, optimistic, and not forecasts or return guarantees.", "version": "2026-06-09T21:10:12.477520Z", "temporal_coverage": "2023-06-11/2026-06-09", "methodology_url": "https://stratum.money/bitfinex-lending-backtest-data/", "license": "https://creativecommons.org/licenses/by/4.0/", "source": "Stratum backtest engine using historical Bitfinex funding-market data", "caveats": [ "Assumes full-size fills at recorded rates.", "Does not model market impact or competition for queue priority.", "Average APR is net of the standard 15% Bitfinex funding fee.", "Use results to compare strategies, not to forecast future returns." ], "records": [ { "currency": "BTC", "bitfinex_symbol": "fBTC", "strategy_id": "ADAPTIVE_CARRY", "strategy_name": "Adaptive Carry", "average_apr_percent_net_of_fees": 0.07761179, "order_fill_rate_percent": 0.74829111, "capital_utilization_percent": 13.7412272, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "BTC", "bitfinex_symbol": "fBTC", "strategy_id": "ADAPTIVE_LADDER", "strategy_name": "Adaptive Ladder", "average_apr_percent_net_of_fees": 0.19150747, "order_fill_rate_percent": 48.43577531, "capital_utilization_percent": 94.0491968, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "BTC", "bitfinex_symbol": "fBTC", "strategy_id": "ADAPTIVE_SPREAD", "strategy_name": "Adaptive Spread", "average_apr_percent_net_of_fees": 0.0250839, "order_fill_rate_percent": 57.08929532, "capital_utilization_percent": 94.86272451, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "BTC", "bitfinex_symbol": "fBTC", "strategy_id": "CARRY_OPTIMIZER", "strategy_name": "Carry Optimizer", "average_apr_percent_net_of_fees": 0.17632515, "order_fill_rate_percent": 52.00248859, "capital_utilization_percent": 95.55417594, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "BTC", "bitfinex_symbol": "fBTC", "strategy_id": "FRR_OFFSET", "strategy_name": "FRR + Offset", "average_apr_percent_net_of_fees": 0.0360688, "order_fill_rate_percent": 69.71542296, "capital_utilization_percent": 94.18254975, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "BTC", "bitfinex_symbol": "fBTC", "strategy_id": "MATURITY_LADDER", "strategy_name": "Maturity Ladder", "average_apr_percent_net_of_fees": 0.08237364, "order_fill_rate_percent": 44.98387608, "capital_utilization_percent": 79.3344836, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "BTC", "bitfinex_symbol": "fBTC", "strategy_id": "RATE_LADDER", "strategy_name": "Rate Ladder", "average_apr_percent_net_of_fees": 0.09527296, "order_fill_rate_percent": 43.49104307, "capital_utilization_percent": 94.9643161, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "BTC", "bitfinex_symbol": "fBTC", "strategy_id": "RATE_SPREAD", "strategy_name": "Rate Spread", "average_apr_percent_net_of_fees": 0.03186144, "order_fill_rate_percent": 42.03900333, "capital_utilization_percent": 91.9216332, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "BTC", "bitfinex_symbol": "fBTC", "strategy_id": "SIMPLE_FRR", "strategy_name": "Simple FRR", "average_apr_percent_net_of_fees": 0.0360688, "order_fill_rate_percent": 69.71542296, "capital_utilization_percent": 94.18254975, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "BTC", "bitfinex_symbol": "fBTC", "strategy_id": "SPIKE_CATCHER", "strategy_name": "Spike Catcher", "average_apr_percent_net_of_fees": 0.22024804, "order_fill_rate_percent": 1.58157748, "capital_utilization_percent": 36.21692667, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "BTC", "bitfinex_symbol": "fBTC", "strategy_id": "YIELD_CURVE", "strategy_name": "Yield Curve", "average_apr_percent_net_of_fees": 0.2523338, "order_fill_rate_percent": 17.28992269, "capital_utilization_percent": 83.88081913, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "ETH", "bitfinex_symbol": "fETH", "strategy_id": "ADAPTIVE_CARRY", "strategy_name": "Adaptive Carry", "average_apr_percent_net_of_fees": 0.48453726, "order_fill_rate_percent": 0.63251282, "capital_utilization_percent": 15.27156146, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "ETH", "bitfinex_symbol": "fETH", "strategy_id": "ADAPTIVE_LADDER", "strategy_name": "Adaptive Ladder", "average_apr_percent_net_of_fees": 0.92850597, "order_fill_rate_percent": 38.04018684, "capital_utilization_percent": 90.49260382, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "ETH", "bitfinex_symbol": "fETH", "strategy_id": "ADAPTIVE_SPREAD", "strategy_name": "Adaptive Spread", "average_apr_percent_net_of_fees": 0.4008015, "order_fill_rate_percent": 46.91317675, "capital_utilization_percent": 93.56344057, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "ETH", "bitfinex_symbol": "fETH", "strategy_id": "CARRY_OPTIMIZER", "strategy_name": "Carry Optimizer", "average_apr_percent_net_of_fees": 0.65715042, "order_fill_rate_percent": 29.82322902, "capital_utilization_percent": 88.64014855, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "ETH", "bitfinex_symbol": "fETH", "strategy_id": "FRR_OFFSET", "strategy_name": "FRR + Offset", "average_apr_percent_net_of_fees": 0.51772371, "order_fill_rate_percent": 46.21308499, "capital_utilization_percent": 91.34827883, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "ETH", "bitfinex_symbol": "fETH", "strategy_id": "MATURITY_LADDER", "strategy_name": "Maturity Ladder", "average_apr_percent_net_of_fees": 0.62645988, "order_fill_rate_percent": 30.71273053, "capital_utilization_percent": 79.9709215, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "ETH", "bitfinex_symbol": "fETH", "strategy_id": "RATE_LADDER", "strategy_name": "Rate Ladder", "average_apr_percent_net_of_fees": 1.22123637, "order_fill_rate_percent": 28.63905371, "capital_utilization_percent": 89.79189945, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "ETH", "bitfinex_symbol": "fETH", "strategy_id": "RATE_SPREAD", "strategy_name": "Rate Spread", "average_apr_percent_net_of_fees": 0.42499412, "order_fill_rate_percent": 39.10566804, "capital_utilization_percent": 91.87808592, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "ETH", "bitfinex_symbol": "fETH", "strategy_id": "SIMPLE_FRR", "strategy_name": "Simple FRR", "average_apr_percent_net_of_fees": 0.51772371, "order_fill_rate_percent": 46.21308499, "capital_utilization_percent": 91.34827883, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "ETH", "bitfinex_symbol": "fETH", "strategy_id": "SPIKE_CATCHER", "strategy_name": "Spike Catcher", "average_apr_percent_net_of_fees": 1.45355641, "order_fill_rate_percent": 1.08972936, "capital_utilization_percent": 31.27820283, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "ETH", "bitfinex_symbol": "fETH", "strategy_id": "YIELD_CURVE", "strategy_name": "Yield Curve", "average_apr_percent_net_of_fees": 1.49350524, "order_fill_rate_percent": 7.4331419, "capital_utilization_percent": 78.82540679, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USD", "bitfinex_symbol": "fUSD", "strategy_id": "ADAPTIVE_CARRY", "strategy_name": "Adaptive Carry", "average_apr_percent_net_of_fees": 9.62776975, "order_fill_rate_percent": 5.86901431, "capital_utilization_percent": 73.07718322, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USD", "bitfinex_symbol": "fUSD", "strategy_id": "ADAPTIVE_LADDER", "strategy_name": "Adaptive Ladder", "average_apr_percent_net_of_fees": 8.36396882, "order_fill_rate_percent": 64.56179859, "capital_utilization_percent": 98.24481735, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USD", "bitfinex_symbol": "fUSD", "strategy_id": "ADAPTIVE_SPREAD", "strategy_name": "Adaptive Spread", "average_apr_percent_net_of_fees": 4.08255849, "order_fill_rate_percent": 71.97548137, "capital_utilization_percent": 98.07846667, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USD", "bitfinex_symbol": "fUSD", "strategy_id": "CARRY_OPTIMIZER", "strategy_name": "Carry Optimizer", "average_apr_percent_net_of_fees": 6.54090265, "order_fill_rate_percent": 64.04158509, "capital_utilization_percent": 98.05548896, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USD", "bitfinex_symbol": "fUSD", "strategy_id": "FRR_OFFSET", "strategy_name": "FRR + Offset", "average_apr_percent_net_of_fees": 4.83179866, "order_fill_rate_percent": 81.95747447, "capital_utilization_percent": 99.01270323, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USD", "bitfinex_symbol": "fUSD", "strategy_id": "MATURITY_LADDER", "strategy_name": "Maturity Ladder", "average_apr_percent_net_of_fees": 7.20606807, "order_fill_rate_percent": 48.24577419, "capital_utilization_percent": 95.71229206, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USD", "bitfinex_symbol": "fUSD", "strategy_id": "RATE_LADDER", "strategy_name": "Rate Ladder", "average_apr_percent_net_of_fees": 7.76824947, "order_fill_rate_percent": 61.12496996, "capital_utilization_percent": 98.3633925, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USD", "bitfinex_symbol": "fUSD", "strategy_id": "RATE_SPREAD", "strategy_name": "Rate Spread", "average_apr_percent_net_of_fees": 3.96946701, "order_fill_rate_percent": 54.25990275, "capital_utilization_percent": 96.1688633, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USD", "bitfinex_symbol": "fUSD", "strategy_id": "SIMPLE_FRR", "strategy_name": "Simple FRR", "average_apr_percent_net_of_fees": 4.83179866, "order_fill_rate_percent": 81.95747447, "capital_utilization_percent": 99.01270323, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USD", "bitfinex_symbol": "fUSD", "strategy_id": "SPIKE_CATCHER", "strategy_name": "Spike Catcher", "average_apr_percent_net_of_fees": 6.0335455, "order_fill_rate_percent": 17.57904079, "capital_utilization_percent": 63.98057676, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USD", "bitfinex_symbol": "fUSD", "strategy_id": "YIELD_CURVE", "strategy_name": "Yield Curve", "average_apr_percent_net_of_fees": 10.75142093, "order_fill_rate_percent": 21.73829996, "capital_utilization_percent": 96.95453675, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USDT", "bitfinex_symbol": "fUST", "strategy_id": "ADAPTIVE_CARRY", "strategy_name": "Adaptive Carry", "average_apr_percent_net_of_fees": 6.52164038, "order_fill_rate_percent": 2.47848548, "capital_utilization_percent": 49.43025725, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USDT", "bitfinex_symbol": "fUST", "strategy_id": "ADAPTIVE_LADDER", "strategy_name": "Adaptive Ladder", "average_apr_percent_net_of_fees": 7.53756769, "order_fill_rate_percent": 62.93569249, "capital_utilization_percent": 98.07044229, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USDT", "bitfinex_symbol": "fUST", "strategy_id": "ADAPTIVE_SPREAD", "strategy_name": "Adaptive Spread", "average_apr_percent_net_of_fees": 4.24951975, "order_fill_rate_percent": 68.67663119, "capital_utilization_percent": 97.84142183, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USDT", "bitfinex_symbol": "fUST", "strategy_id": "CARRY_OPTIMIZER", "strategy_name": "Carry Optimizer", "average_apr_percent_net_of_fees": 6.62832015, "order_fill_rate_percent": 53.78127832, "capital_utilization_percent": 97.11821854, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USDT", "bitfinex_symbol": "fUST", "strategy_id": "FRR_OFFSET", "strategy_name": "FRR + Offset", "average_apr_percent_net_of_fees": 5.16534467, "order_fill_rate_percent": 72.77892524, "capital_utilization_percent": 98.32031642, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USDT", "bitfinex_symbol": "fUST", "strategy_id": "MATURITY_LADDER", "strategy_name": "Maturity Ladder", "average_apr_percent_net_of_fees": 7.06156193, "order_fill_rate_percent": 46.43595213, "capital_utilization_percent": 94.98904492, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USDT", "bitfinex_symbol": "fUST", "strategy_id": "RATE_LADDER", "strategy_name": "Rate Ladder", "average_apr_percent_net_of_fees": 7.91452938, "order_fill_rate_percent": 54.79937872, "capital_utilization_percent": 97.98705303, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USDT", "bitfinex_symbol": "fUST", "strategy_id": "RATE_SPREAD", "strategy_name": "Rate Spread", "average_apr_percent_net_of_fees": 4.17147603, "order_fill_rate_percent": 52.41566597, "capital_utilization_percent": 95.93559752, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USDT", "bitfinex_symbol": "fUST", "strategy_id": "SIMPLE_FRR", "strategy_name": "Simple FRR", "average_apr_percent_net_of_fees": 5.16534467, "order_fill_rate_percent": 72.77892524, "capital_utilization_percent": 98.32031642, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USDT", "bitfinex_symbol": "fUST", "strategy_id": "SPIKE_CATCHER", "strategy_name": "Spike Catcher", "average_apr_percent_net_of_fees": 6.26393839, "order_fill_rate_percent": 11.50352239, "capital_utilization_percent": 53.79672877, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" }, { "currency": "USDT", "bitfinex_symbol": "fUST", "strategy_id": "YIELD_CURVE", "strategy_name": "Yield Curve", "average_apr_percent_net_of_fees": 9.7968075, "order_fill_rate_percent": 17.8397237, "capital_utilization_percent": 95.64844622, "sample_days": 1095, "computed_at": "2026-06-09T21:10:12.477520Z" } ] }