Research
Fixed vs. Floating Box Spread Rates
The 1-month and 1-year Haven SPX Box Rates on days when both were published.
Key takeaway
From 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. The average gap was 0.02 percentage points.
Navy line: 1-month Haven SPX Box Rate. Gray line: 1-year Haven SPX Box Rate. Each point is the average of days when both maturities were published.
Yearly comparison
| Year | Days | 1-month Haven SPX Box Rate | 1-year Haven SPX Box Rate | 1-year minus 1-month, pp |
|---|---|---|---|---|
| 2014 | 39 | 0.48% | 0.53% | 0.04 |
| 2015 | 157 | 0.63% | 0.69% | 0.06 |
| 2016 | 163 | 0.80% | 0.89% | 0.09 |
| 2017 | 143 | 1.52% | 1.58% | 0.07 |
| 2018 | 217 | 2.41% | 2.68% | 0.27 |
| 2019 | 240 | 2.54% | 2.23% | -0.32 |
| 2020 | 233 | 0.92% | 0.70% | -0.22 |
| 2021 | 250 | 0.52% | 0.53% | 0.01 |
| 2022 | 246 | 2.12% | 3.11% | 0.98 |
| 2023 | 246 | 5.20% | 5.15% | -0.05 |
| 2024 | 239 | 5.44% | 4.83% | -0.61 |
| 2025 | 229 | 4.57% | 4.11% | -0.46 |
| 2026 | 170 | 4.08% | 4.21% | 0.13 |
A day is used only when both maturities were published. 2013 has only three 1-month days, so the table starts in 2014. 2020 and 2021 are included. A negative gap means the 1-month rate was higher. 2026 runs through October 6.
In 2022 the 1-year Haven SPX Box Rate was higher by 0.98 percentage points across 246 days. In 2024 the 1-month rate averaged 5.44% and the 1-year rate 4.83%. In 2025 the 1-month rate averaged 4.57% and the 1-year rate 4.11%.
On October 6, 2026 the 1-year Haven SPX Box Rate was 4.88%. The 2026 averages through October 6 are 4.08% at one month and 4.21% at one year.
Both numbers are nodes of the same Haven SPX Box Rate. Neither is a loan coupon by itself.
Sources: Methodology. The table uses the cleaned daily history. The published daily CSV and JSON on the rates page are separate files.
What this means
From 2015 through 2025 the 1-month and 1-year Haven SPX Box Rates traded places. The average gap was 0.02 percentage points. Both numbers are nodes of the same Haven SPX Box Rate, not loan coupons.
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.