L1 · Crypto-native funds (L1.5, confirm only)
Yield / synthetic stablecoins · 13w
USDe, USDf, BFUSD, USDS and DAI combined. Size tracks funding rates and on-chain leverage — a leverage thermometer.
Source：DefiLlama（逐币）Level：auxDescriptive
Current reading · as of 2026-10-01
-5.17%
Leverage receding13-week change -5.17% (level $17.55B)
Zones: rules and how often each occurred
| Zone | Rule | Share of history in this zone |
|---|---|---|
| Leverage receding ◀ now | < -1.00% | 35.5% |
| Flat | -1.00% ~ +1.00% | 3.8% |
| Leverage building | ≥ +1.00% | 60.7% |
Normal range
Current
-5.17%
Percentile 27
Normal range (p10–p90)
-15.86% ~ +126.58%
80% of history
Typical (p25–p75)
-6.49% ~ +47.19%
median +7.71%
Extremes
-38.82% ~ +786.16%
2020-02-21 – 2026-10-01, 346 weekly observations
p5 -20.77%median +7.71%p95 +158.95%
Window: 2020-02-21 – 2026-10-01, 346 weekly observations. L1 macro gauges use post-2018 data only (macro had no explanatory power over BTC in 2010–2017); on-chain cycle gauges use full history. Percentiles describe position in history — not trade signals.
Judged series · full history 13-week change · dashed = zone boundaries; blue band = normal range (light p10–p90, dark p25–p75)
Yield / synthetic supply
For reference: BTC price (log) same time axis, linked hover
Rules and evidence grades: Methodology; rule changes are logged in Corrections.