Compare financing
How does this compare with brokerage margin?
Traditional brokerage margin is a posted schedule. One rate applies to the whole debit balance, and that rate steps down as the balance rises. The Haven SPX Box Rate is a reference rate from listed SPX options. The schedule is a broker’s loan rate. The Haven figure is a reference rate.
Key takeaway
Charles Schwab’s published USD margin rate, checked October 14, 2026, is 12.075% on balances under $25,000 and 10.325% from $250,000 to $500,000. Overnight SOFR was 3.89% on October 13, so the posted schedule sits about 6.4 to 8.2 percentage points above SOFR. The 1-year Haven SPX Box Rate on October 6, 2026 was 4.88%. The schedule can be set beside the reference rate. It is not a history, and it is not an offer from Haven.
| Balance | Schwab |
|---|---|
| $100 to $24,999 | 12.075% |
| $25,000 to $49,999 | 11.575% |
| $50,000 to $99,999 | 10.625% |
| $100,000 to $249,999 | 10.575% |
| $250,000 to $499,999 | 10.325% |
Schwab’s base rate is 10.25%, last changed September 18, 2026. Each tier rate applies to the whole debit balance. A $300,000 balance falls in the $250,000 to $499,999 tier, at 10.325%. That is 5.4 percentage points above the 1-year Haven SPX Box Rate, and 6.4 points above overnight SOFR. Balances of $500,000 and above are quoted by the broker, not listed on the public table. No interest is charged below $100. Checked October 14, 2026, on Schwab’s margin rates page. SOFR is the New York Fed print for October 13.
The longer comparison, including why a historical margin line is not drawn, is on Box Spread Financing vs. Margin Loans.
What this means
Use the posted schedule for what a margin loan costs at a stated balance today. Use the Haven SPX Box Rate for the options-market reference at a stated maturity. The 4.88% figure is the reference rate. The Schwab figures are the margin schedule.
Related
Box Spread Financing vs. Margin LoansAlternatives to a Margin LoanWhat are the liquidation risks?Haven SPX Box RateFinancing simulator
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. The Haven SPX Box Rate is a constant-maturity reference rate. It is not a Truth in Lending APR and not a commitment to lend.