Fundingdailybp

SOFR minus effective federal funds

Name: SOFR minus effective federal funds
Creator: QuantNow Derived Research

SOFR is secured and should print below unsecured funds. When it sets above, collateral is scarce and dealer balance sheet is full. The spread turns before most funding squeezes.

Latest: -1.000 bp
As of: 1 Oct 2026
Standard deviations: -0.60
Percentile: 22nd percentile

30 days to 4 Oct 2026 · -3.000 bp to 2.000 bp

The archive behind this

This page shows the last 30 days. SOFR minus effective federal funds has 2,124 readings in the warehouse, back to 2 Apr 2018. A plan opens the rest of it, with CSV export and the analyst.

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Source

QuantNow Derived Research

Secured overnight financing rate less the effective federal funds rate, in basis points.

Informational research only. Nothing here is personalised investment advice.