IndexCurrenciesRatesFairnessCalculatorAPIMethod

Method

How this was built, and what is wrong with it.

This index was assembled by hand. Not scraped, not generated. Every row was researched from the issuer's own filings and pages where those were reachable, and from named third-party registries where they were not. No row exists that we could not find evidence for, and no field carries a number we estimated.

The confidence labels

verified  28 rows
Confirmed at the issuer, in a regulatory filing, or on a block explorer.
inferred  4 rows
Assembled from partial evidence. The row notes say which part was inferred and from what.
unverified  8 rows
Sourced only from a third-party registry or the press. Real enough to list, not confirmed at the issuer. Do not act on the terms in these rows without checking them yourself.

How old a number is allowed to get

A number without a date is a claim. A number with a date is evidence. Every figure on the site carries the date it was true and the tolerance we hold it to, and the page says so out loud once that tolerance is exceeded.

Nothing here is computed when the site is built. The build stamps each figure with the date it was true and the tolerance it is held to, and your browser works out the age as you read, which is why a page left open overnight is still honest in the morning and why we can prove no published number was ever edited by hand.

central bank policy rate  45 days
Measured from when we last read the central bank, not from when the rate last moved. A rate unchanged since October is a committee holding, not a stale number. Most of these committees meet on a six week cycle, so past 45 days without a re-read a rate may have been superseded at a meeting we did not see.
spot exchange rate  2 days
A daily reference rate is stale the next morning. Two days allows for a weekend.
forward points and hedging cost  2 days
Forward points move with spot and with the front end of both curves. Same tolerance as spot, for the same reason.
published yield  7 days
Money market and T-bill fund yields are published daily or weekly and drift slowly. A week is the point at which we would rather show the date than the number.
assets under management  30 days
Fund size moves slowly and is quoted as a floor here in any case, so a month is tolerable.
eligibility, transferability, redemption and contract addresses  180 days
These change when an issuer changes a legal term or redeploys a contract, which is rare and usually announced. Six months, then we re-verify.
the set as a whole  30 days
Not any one number but the shape of the shelf: which instruments exist, which currencies are empty, which sources we have read. New instruments launch and old ones wind down on roughly a monthly rhythm, so past 30 days the absences stop being evidence.

Past tolerance is not a claim that a number is wrong. It is a claim that we can no longer tell you it is right, which is a different and more useful thing to say.

What counts as reachable

Every headline number on this site is the best yield a reader can get to, not the best yield published. Those are different, and the gap between them is large enough to change the answer in four currencies. A published rate on an instrument you cannot end up owning is a fact about someone else's balance sheet, so we sort every yielding row into one of these before anything is headlined.

open
Permissionless. Anyone can hold it. It can headline a currency.
allowlist
Holdable, but only from an allowlisted wallet. It can headline a currency, and the page says so, because onboarding is a real cost but it is not a wall.
not established
Nobody publishes the transfer terms, so we cannot tell you whether you can hold it. Treat it as needing onboarding until the issuer says otherwise. It can headline a currency only when nothing better exists, and the page never describes it as something you can buy. Every yielding sterling and franc row is in this bucket.
private ledger
It settles on a private permissioned ledger, with no public-chain representation, so no public-chain holder can reach it. It is excluded from every headline. This is what demotes the two HKSAR digital green bond tranches, which are otherwise the highest published HKD and CNH rates on the shelf.
cannot be held
The yielding balance cannot be sent to an external wallet. It is a custodial platform position, not an instrument you hold. It is excluded from every headline. This is what demotes the 3.00% JPY and 1.00% SGD figures, which are the numbers most likely to have been quoted at you elsewhere.

The two tests are independent and run in that order. An instrument on a private ledger is out of reach whatever its transfer terms say, and an earlier version of this site collapsed the two into one field and got both wrong.

The rules we held to

An empty shelf is a finding

13 currencies have no on-chain yield instrument at all. Each of those gets a page stating what was checked and what was found, because "there is nothing" is only worth reading if you can see the work behind it. The claim that nothing is missing is the actual product here, and that claim is only defensible if the misses are enumerated too, which is what the rest of this page is.

Known gaps

Things we could not establish. Each one is a specific, closeable piece of work rather than a general disclaimer. Several are gaps because an issuer renders its own numbers in JavaScript and publishes nothing a machine can read, which is worth noticing given what this index is for.

Empty shelves

Currencies where the search was run and returned nothing, with what was checked.

Dead ends

Things that look like they belong in this index and do not. Most are non-yielding stablecoins, which are payment rails rather than instruments, and several are matured or wound-down products that still appear in search results. Recorded so nobody has to check them twice.