The fairness monitor
On chain currency hedging has no reference price, so venues charge what they like. We publish the reference: the interbank forward, the price banks give each other for the same protection. A markup near 1x is honest pricing. The first reading, on the pairs that matter, was roughly 5x.
The simple version. If you hold US dollar yield but live in Canadian dollars, your return moves every time the exchange rate does. Removing that risk is called hedging, and it works like insurance: you pay a running premium, and your return stops depending on the currency.
That insurance has a market price. Banks trade it with each other all day as the interbank forward (a desk would say "the forward points"), and for Canadian dollars it works out to about $155 a year per $10,000 protected. The largest on chain venue currently charges about $748 a year for the same protection. You would pay 4.8 times the going rate, and most of the yield you were protecting is gone.
Why we measure it: until some venue sells the protection near the interbank price, the "hold dollars, hedge the currency" route eats itself, and we will not route anyone into it. The first venue to price fairly wins the flow. This page is the scoreboard.
Venue numbers load live in your browser from the venue's own feed.
Live funding loads in your browser straight from the venue's own feed. The logged snapshot behind the daily record was read , source; the log grows one snapshot per weekday and the history is the point, because funding moves hourly and a venue is judged on its record, not its best moment. 2 snapshots on record.
| Pair | Protects | Venue charges, per $10k | Interbank forward, per $10k | Markup |
|---|---|---|---|---|
| EUR/USD | EUR holders | $749/yr | $149/yr | 5.0x |
| USD/JPY | JPY holders | $310/yr | $300/yr | 1.0x |
| GBP/USD | GBP holders | $531/yr | $-8/yr | n/a |
| USD/CAD | CAD holders | $748/yr | $155/yr | 4.8x |
| USD/CHF | CHF holders | $1129/yr | $411/yr | 2.7x |
| USD/SEK | SEK holders | $23/yr | no benchmark | n/a |
| AUD/USD | AUD holders | $463/yr | $-76/yr | n/a |
| NZD/USD | NZD holders | $725/yr | no benchmark | n/a |
| USD/SGD | SGD holders | $891/yr | no benchmark | n/a |
| USD/TRY | TRY holders | $303/yr | no benchmark | n/a |
| USD/CNH | CNH holders | $1147/yr | no benchmark | n/a |
| USD/INR | INR holders | $53/yr | no benchmark | n/a |
| USD/KRW | KRW holders | $4/yr | no benchmark | n/a |
| USD/MXN | MXN holders | $303/yr | no benchmark | n/a |
| USD/ZAR | ZAR holders | $317/yr | no benchmark | n/a |
| USD/BRL | BRL holders | $53/yr | no benchmark | n/a |
| USD/IDR | IDR holders | $53/yr | no benchmark | n/a |
| USD/TWD | TWD holders | $104/yr | no benchmark | n/a |
Dollar figures are per $10,000 protected for a year. "Venue charges" is the funding rate
for the side of the trade that protects a holder of that currency, taken from the venue's own
published hourly rate, annualized, plus opening fee and spread over a 12 month hold. "Interbank
forward" is the 3M forward carry for the identical exposure,
, hand read from published forward
tables, which is why its date moves slower than the live feeds. Both sides' funding and the
full precision record are at /v1/fairness.json.
One venue so far, because a venue only goes on this page once its feed can be read and its units proven against its own interface, which for Avantis was done on 2026-08-07. Ostium is next in line: its rollover model is the right design (priced off the futures term structure plus a stated broker premium) but its app resists automated reading, so it waits on a manual capture. Gains Trade after that. If you run a venue with a published funding feed, the fastest way onto this page is the same address as the rates page: rates@protean.finance.
Two patterns as the daily record grows. First, whether the expensive side of each pair stays systematically the side that protects a real holder, which is what the first snapshot showed on every pair with a rate gap: if the markup always lands on the person with a reason to be there, that is a pricing choice, not an accident. Second, whether any venue converges toward 1x, because the first one that does becomes the first venue this site will route a hedged position through. That is the bar, it is public, and this page is it.
No venue paid to be here or can pay not to be. Funding recomputes hourly and is unbounded, so any single reading is a reading, not a promise. The method and every number's source are open for anyone who wants to re-run the arithmetic.