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Guides & research
Practical explanations, market data, and comparisons for portfolio financing and box spreads.
Featured Guides
Portfolio financingBorrowing against a portfolioBorrow against a portfolio instead of selling the positions that secure it.SPX box spreadsWhat is an SPX box spread?Four listed options that lock a known cash difference at expiration.Compare financingHow does this compare with brokerage margin?A listed options package beside a broker's floating margin debit.Rates and researchHow to read the Haven SPX Box RateTenor, quote, and the Haven SPX Box Rate on one page.Tools
Research & Comparisons
Comparisons built from the Haven SPX Box Rate dataset and public rate series.
Mortgage ratesBox Spread Rates vs. Mortgage RatesFrom 2012 through 2025, the 30-year mortgage rate averaged 2.53 percentage points above the same-week 1-year Haven SPX Box Rate.TreasuriesBox Spread Rates vs. Treasury YieldsFrom 2012 through 2025, the 1-year Haven SPX Box Rate averaged 0.28 percentage points above the 1-year Treasury yield.SOFRBox Spread Rates vs. SOFRFrom 2018 through 2025, the 1-month Haven SPX Box Rate averaged 0.39 percentage points above SOFR.Margin loansBox Spread Financing vs. Margin LoansOn October 6, 2026 the 1-year Haven SPX Box Rate was 4.88%. A USD margin schedule checked October 8 started at 5.38% on the first $100,000.Pledged-asset linesBox Spread Financing vs. Pledged-Asset LinesFrom 2018 through 2025, the 1-month Haven SPX Box Rate averaged 0.39 percentage points above SOFR, the overnight index many pledged-asset lines use.Fixed and floatingFixed vs. Floating Box Spread RatesFrom 2015 through 2025, the 1-month Haven SPX Box Rate was higher on 1,167 of 2,363 days and the 1-year rate was higher on 1,196.View all researchBrowse by Topic
Common Questions
How is Haven able to offer low borrow rates?
Haven uses synthetic financing through utilizing box spreads on the backend, offering long term fixed rates close to government treasury rates.
Where can I see current borrow rates?
The Haven SPX Box Rate is published on Haven Live Rates.
What's the benefit of Haven over a SBLOC from a traditional brokerage?
Securities Backed Lines of Credit (SBLOCs) from traditional brokerages generally have: 1) high borrow APYs 2) variable instead of fixed rates 3) overly conservative margin requirements. Haven solves these. In addition, for those with gains to offset, SBLOC interest is generally not tax deductible. Haven's is.
How is the Haven SPX Box Rate calculated?
The Haven SPX Box Rate is Haven's constant-maturity reference rate. Qualifying SPX and SPXW box spreads near the index are ranked, outliers are dropped, and a median of the strongest remaining quotes is taken at each expiration. Standardized maturities are then read from that curve. The Haven SPX Box Rate is not the implied yield of a single box, not a Truth in Lending APR, and not a commitment to lend.
Where are my assets stored?
Institutional custody and clearing will be provided by Interactive Brokers ($900B+ AUC).
What perks come with joining as a founding member?
Founding members will enjoy perks such as zero spread loans, free membership, no origination fees, and first access to future perks such as Haven metal credit cards.
How can I contact customer support?
Feel free to reach out at: hello@haven.finance
When will Haven launch?
Haven is slated to launch later in 2026.
Haven Funding LLC is owned by Haven Systems LLC. Neither firm is a bank or a registered broker-dealer. Securities and execution services are provided through Interactive Brokers LLC, member FINRA/SIPC. The Haven SPX Box Rate is Haven's constant-maturity reference rate, derived from qualifying SPX and SPXW box spreads. It is not the implied yield of a single box, not a Truth in Lending APR, and not a commitment to lend. After-tax figures are illustrations under IRC ยง1256, not tax advice. Borrowing against securities can involve margin calls, interest-rate changes, and liquidation of collateral.