Rates and research
How to read the Haven SPX Box Rate
Five points, each a standardized maturity. The 1-month node is not the 1-year node. None of them is an annual percentage rate on a loan.
Key takeaway
Read the maturity you mean. On the rates page the curve is 4.49% at 1 month, 4.55% at 3 months, 4.60% at 6 months, 4.88% at 1 year, and 5.12% at 2 years, marked updated 3:45 p.m. ET.
| Maturity | Haven SPX Box Rate |
|---|---|
| 1 month | 4.49% |
| 3 months | 4.55% |
| 6 months | 4.60% |
| 1 year | 4.88% |
| 2 years | 5.12% |
On this print, longer maturities are higher. That is the shape of this curve, not a promise about the next one. The 3:45 p.m. New York time is when the daily record is taken. “Updated 3:45 PM ET” on the rates page means that snapshot.
What this means
Pick the tenor before you quote the number. The Haven SPX Box Rate is a constant-maturity reference rate. It is not the implied yield of one box, not a Truth in Lending APR, and not a commitment to lend.
Related
How is the 1-month rate calculated?Historical box spread ratesHow does box financing work?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.