Provider at a glance
- Category
- Lending & Borrowing
- Entity
- All 2 Spark products
- Official website
- spark.fi
Independent rankingchecked How it works
Details
Scored 80 out of 100 under methodology 2026.10.18, from the evidence read in September 2026.
Spark
Sky's money market forked from Aave v3
Lending & Borrowing
#2 Overall
Ranked #2 of 8 lending & borrowing in the published ranking
80
ChainChoice Score
The ChainChoice Score, shown against 100: published scores run from 41 to 99.- High evidence confidence
- $396 interest/yr
Is Spark right for you?
Right for you if these matter most
- Liquidation price8/10; the category best is 9
- Who sets your rate10/10, the category best
- Contagion between markets8/10; the category best is 9
Look elsewhere if these come first
- Loss record published7/10 here; Venus scores 9
Not yet tested for your country. Markets it lists: Global.
to test where you can use it.
The rank above is the published one, the same for every reader. Find my best crypto lending platform shows where it lands for you.
What will Spark cost you?
$396 interest/yr
- Amount borrowed
- $10k
- Borrow APR
- 3.9595%
How safe is Spark?
- Evidence: verified4 of 4 criteria rest on quoted, sourced receipts. Read September 2026.
- LicenceMiCA (EU): no register record on file here.
Alternatives to Spark
Compare all 4- 1Venus1 point above · stronger on loss record published (9 against 7)81
- 3Morpho2 points below · stronger on contagion between markets (9 against 8)78
- 4Euler V23 points below · stronger on contagion between markets (9 against 8)77
For your setup
Find out if Spark fits you
The rank above is the published one — the same for every visitor. Answer the category's questions and this section shows where Spark lands for you, which criteria your answers weight up, and which stated needs the record does or does not meet. The published rank stays beside it.
- A few questions
- No account required
- Ranking-blind: no commercial input
- Personalised in under 60 seconds
Find my best crypto lending platformNothing is inferred from clicks, popularity or commercial value.
Why this rank
Why Spark ranks #2
Each strength is read from evidence on a 0–10 ladder and weighted as the published methodology states. The 32 objective points these produce (26.5 here) sit inside the score; availability, friction, trust record and measured data add the rest. Best in this ranking on 1 of 4.
4 published criteria · Σ weight 100
CriterionWeightStrength · 0–10ScoreContrib.MedianBestRankEvidence
328+8.196.59#2/8Loading evidence…
2410+7.689.010#1/8Loading evidence…
248+6.148.09#4/8Loading evidence…
207+4.487.09#4/8Loading evidence…
Hairline = best in this ranking · tick = its median · a missing bar is "not scored", never zero
Margin−1behind Venus, #1
RobustnessOne point from changingacross a one-point change to each of its 4 criterion scores, the re-run scores 78–82 and ranks #1–#3
Evidence4 of 4 scored4 quoted, 4 with a source link
What would move the rank
Each line is the ranking run again with one of Spark’s criterion scores changed and every other value held: the smallest whole-point change on that criterion that moves its rank, and where the re-run puts it. Up to 4 climbs and 3 falls are listed, smallest change first. Nothing here is a forecast.
What price gets you liquidated, and how far can it drift? 8 → 9 on its ladder · passes Venus+182#2 → #1
If one market goes bad, how much of yours goes with it? 8 → 10 on its ladder · passes Venus+282#2 → #1
Has it lost lender money before, and did it publish it? 7 → 9 on its ladder · passes Venus+282#2 → #1
What price gets you liquidated, and how far can it drift? 8 → 7 on its ladder · Morpho passes it−178#2 → #3
Who sets your rate — a utilisation curve or a curator? 10 → 8 on its ladder · Morpho passes it−277#2 → #4
If one market goes bad, how much of yours goes with it? 8 → 6 on its ladder · Morpho passes it−277#2 → #4
Smallest climb: “What price gets you liquidated, and how far can it drift?” 8 → 9 passes Venus, #1.
Strengths
3 from the score dataWhere it leads
Best for readers who weight
- What price gets you liquidated, and how far can it drift? — 8/10, category best 9/10
- Who sets your rate — a utilisation curve or a curator? — 10/10, the category best
- If one market goes bad, how much of yours goes with it? — 8/10, category best 9/10
Tradeoffs
1 from the score dataWhere it trails
Not for readers who put first
- Has it lost lender money before, and did it publish it? — 7/10 against a category best of 9/10
Record watch-outs
- Read the oracle-type field on your collateral in the app before you post it, and read the liquidity line before you supply. SparkLend does not price every asset at market: 'stablecoins such as USDS and DAI use a fixed price of 1.00 USD, which does not deviate even if the asset's market price moves away from this value' (https://docs.spark.fi/products/sparklend/guides/oracles). If you post USDS or DAI as collateral, a real-world depeg will not move your health factor at all — and the peg-ratio killswitch that exists for exactly this failure covers only 'wstETH, rETH, weETH, cbBTC, WBTC, LBTC', not the fixed-price stablecoins (https://docs.spark.fi/products/sparklend). USDS is issued by Sky, whose governance both sets that $1.00 constant and authors your borrow rate, so the protection and the exposure share a controller. Second, the USDC supply rate you are being shown was deliberately engineered by thinning the withdrawal buffer, and Spark's own risk body said so before the vote: 'At 98% utilization, only about 2% of supplied USDC is immediately available before new deposits, repayments, liquidations, or other liquidity sources are needed. Withdrawals become more fragile', and 'The proposal improves the displayed supply rate by accepting a thinner liquidity buffer' (Spark Risk Council, 2026-06-22, https://forum.skyeco.com/t/july-2-2026-proposed-changes-to-spark-for-upcoming-spell/27982).
Competitive position
Where Spark leads and where it trails
Rank on every objective dimension among the rows scored on it. A criterion in the top third of its pool is listed as a lead, the bottom third as a trail; the middle is neither. Popularity, size and commercial terms are not dimensions.
Availability#1 / 814.0 of 20 · constant here
Published criteria#2 / 819.9 of 30 · best 20.4
Friction#1 / 82.7 of 10 · constant here
Trust record#1 / 83.2 of 8 · constant here
Measured data#1 / 88.3 of 18 · constant here
Where Spark leads
- What price gets you liquidated, and how far can it drift?#2 / 8
- Who sets your rate — a utilisation curve or a curator?#1 / 8
Where it trailsNo criterion in the bottom third of its pool.
Closest alternatives
The 3 nearest rows by score
Nearest by published score in either direction. Each card states the criteria on which the two rows differ and the cost difference under the same scenario inputs; the compare arithmetic below shows why the higher one ranks higher.
Venus#1 of 8 · score 81 · 1.0 point ahead
Spark leads on
- Who sets your rate — a utilisation curve or a curator?10 vs 9
- If one market goes bad, how much of yours goes with it?8 vs 7
Venus leads on
- What price gets you liquidated, and how far can it drift?9 vs 8
- Has it lost lender money before, and did it publish it?9 vs 7
Largest single reason Venus is ahead: published criteria (+1.3 display points).Scenario cost: Venus has no verified pricing for this scenario.
Morpho#3 of 8 · score 78 · 2.0 points behind
Spark leads on
- What price gets you liquidated, and how far can it drift?8 vs 7
- Who sets your rate — a utilisation curve or a curator?10 vs 9
Morpho leads on
- If one market goes bad, how much of yours goes with it?9 vs 8
Largest single reason Spark is ahead: published criteria (+2.1 display points).Scenario cost: Morpho has no verified pricing for this scenario.
Euler V2#4 of 8 · score 77 · 3.0 points behind
Spark leads on
- What price gets you liquidated, and how far can it drift?8 vs 7
- Who sets your rate — a utilisation curve or a curator?10 vs 8
Euler V2 leads on
- If one market goes bad, how much of yours goes with it?9 vs 8
- Has it lost lender money before, and did it publish it?8 vs 7
Largest single reason Spark is ahead: published criteria (+2.3 display points).Scenario cost: Euler V2 has no verified pricing for this scenario.
Against the leader
81 vs 80 · gap 1.0Why Venus ranks above Spark
The compare workspace's arithmetic applied to these two rows. Each dimension's share of the gap is its weight × the difference, on the displayed scale — it reproduces the displayed gap of 1.0 to within rounding.
DimensionThisVenusGap share
Availability · 23% weight · constant here14.014.0same
Published criteria · 35% weight19.920.4−1.3, worse
Friction · 12% weight · constant here2.72.7same
Trust record · 9% weight · constant here3.23.2same
Measured data · 21% weight · constant here8.38.3same
Published criterionThisVenusPoints
What price gets you liquidated, and how far can it drift? · w3289−1.02, worse
Who sets your rate — a utilisation curve or a curator? · w24109+0.77, better
If one market goes bad, how much of yours goes with it? · w2487+0.77, better
Has it lost lender money before, and did it publish it? · w2079−1.28, worse
Net8081−1.0
Your scenario
What Spark costs on your scenario
Interest on what you borrow at the published rate. Variable rates move; excludes origination and liquidation penalties. Change an input and every figure recomputes from the published rate; the published rank does not move.
interest/yr · default scenario — set your own
Amount borrowed · your input$10k
Borrow APR · published rate3.9595%
Rate read from the provider’s published pricing ↗ on 28 September 2026.
interest/yrCost is stated as interest/yr in USD; it is never a yield, never annualised, and it does not enter the score.
$396
Under the default inputs · USDCategory median and cheapestNot statedOnly 1 of 8 rows publish a comparable price; a median and a cheapest row need at least 3.
7 of 8 rows in this ranking have no verified rate for this scenario and are absent from the median, not counted as free.
Evidence
Evidence read 28 September 2026
One row per published criterion: the page each strength was read from, its source type by domain, the reading date and whether the file and the published table agree. Open a row for the quote and the receipt.
4 of 4 cells scored
Score evidenceVerified4 of 4 criteria reconstruct from receipts
4 of 4 criteria reconstruct from a quoted, sourced receipt equal to the published strength.Public receiptsReading…4 quoted with a source URL
The receipt file has not been read yet.Evidence confidenceHighcoverage and corroboration, never freshness
4/4 criteria scored, with 4 dated sources quoted.RobustnessOne point from changingrank #1 to #3 across one-point re-runs
Whether the position holds when one criterion score is changed by one point and the ranking is run again. It is always a re-run of the ranking, never an estimate.The newest evidence read on the platform is 3 November 2026; this category's reading is older. The scores stand as read on 28 September 2026.
Reading the evidence ledger…
CriterionSourceTypeReadFreshnessStatusReceipt
What price gets you liquidated, and how far can it drift?strength 8 · weight 32Report an error—28 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.Who sets your rate — a utilisation curve or a curator?strength 10 · weight 24Report an error—28 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.If one market goes bad, how much of yours goes with it?strength 8 · weight 24Report an error—28 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.Has it lost lender money before, and did it publish it?strength 7 · weight 20Report an error—28 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.How you can lose money here, and what the ranking scores
- Control failure (Spark 10/10): a key or vote changes the rules, freezes or mints.Scored by Who sets your rate — a utilisation curve or a curator? · 24%
- Oracle failure (Spark 8/10): a wrong price or outcome liquidates or settles a position.Scored by What price gets you liquidated, and how far can it drift? · 32%
- Insolvency failure: the firm or issuer that owes you cannot pay.Scored by If one market goes bad, how much of yours goes with it? · 24% (Spark 8/10)Scored by Has it lost lender money before, and did it publish it? · 20% (Spark 7/10)
Not assessed by this ranking: Contract failure, Regulatory failure, Execution failure, Exit failure. A high place says nothing about these; the Methodology tab says what each means.
Facts
facts, not scoresWhat the record publishes
- Pricing
- SparkLend's stablecoin reserves price off the Sky Savings Rate (SSR) plus a fixed spread up to the kink, and suppliers receive the borrow interest less a 10% reserve factor; there is no deposit or curator fee. The 10 September 2026 spell proposal (https://
forum .skyeco .com /t /september- 10-2026 -proposed-changes-to-spark-for-upcoming-spell /28208, posted 31 August 2026, fetched 28 September 2026) reads the rate on-chain at Ethereum block 25,861,675 (29 August 2026): "getVariableRateSlope1() returns 3.9594644783474038423088%, which equals the SSR of 3.4594644783474038423088% plus the 0.50% spread exactly." For USDT, the largest reserve, it cuts that spread "from 0.005e27 (+0.50%) to 0.001e27 (+0.10%)" and states the effect: "The borrow rate at the kink falls from 3.9595% to 3.5595%" and "At 95% utilisation and a 10% reserve factor that is a supply rate of about 3.04%"; at the time of posting "The live borrow rate is 3.4824% and the live supply rate 2.6186%." The same post gives the other stablecoin curves: "USDC runs a 98% kink with a +1.00% spread". These are SSR-linked and move with every SSR change and with utilisation; they are not a fixed price. The 2 July 2026 SSR figure this note previously carried is superseded.Spark — official page at forum.skyeco.com ↗ · 28 September 2026 - Prices published in
- USDSpark — official page at forum.skyeco.com ↗ · 28 September 2026
- Licences held
- Not published
- Compliance level
- partial
- Regulatory note
- Not published
- Supported chains
- ethereum
- Markets served
- global
- Primary markets
- Not published
- Restricted markets
- Not published
- Operating limits
- Not published
- Availability note
- Not published
Legal entity on file: Spark, placed in 2 products. Only confirmed entities are shown; nothing is inferred from the brand name.
If something goes wrong with Spark: where to complain, and where to report a scam
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How this page is reviewed
Reviewed means this product in this category was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
Accountable for this review: Mathias Siemonsmeier, Founder.
How we review · Review calendar · Corrections log · How we make money
History
What the record carries
Changes to published ranks are recorded in a ledger; every step and its cause is listed on the rank-history page. The entries below begin with the current verified snapshot, then the methodology versions whose changes applied to this category, newest first.
10 methodology entries
- 28 September 2026Current verified snapshot · methodology 2026.10.18Score 80, #2 of 8. 4 of 4 criteria scored. History starts here; earlier values are not interpolated.
- 11 October 2026
2026.10.9No live feed or market rate moves a score- fixed Lending and borrowing: the borrow rate leaves the fee term, which now scores every protocol alike, so the category ranks on its four published criteria. Venus, first on those criteria, moves from #7 to #1; Spark stays #2; Morpho moves from #1 to #3 and Compound from #8 to #6.
- fixed Exchanges: the fee term reads each exchange's taker fee from the catalog instead of a table dated 1 April. Kraken (0.80 %) moves from #6 to #9 and Gemini (1.20 %) from #10 to #11; Coinbase, Luno, Bitvavo and VALR each move up one place, and Bybit stays #1.
- removed Staking: a yield no longer stands in for a staking provider's missing commission. No published score moves.
- added /methodology/live-data publishes which numbers may move a score; on every build a test fills each live feed with extreme values and fails if a single score moves.
- 10 October 2026
2026.10.8When nothing serves your country, the list shown for reference is the published ranking · platform-wide- fixed The reference list shown when nothing serves your country is the published order with the published scores, and a build check now fails any such list out of that order or with a score the ranking does not publish.
- fixed The explorer prints an overall rank only for a row the published ranking holds; a country entrant such as Coinbase Commerce for US merchants shows no overall rank.
- changed Published orders do not move. Country results change only where nothing serves the country: in India bill pay keeps Bitcoin Well first and now shows Strike second, as published; 35 such runs across all categories and countries now match the published list exactly.
- 10 October 2026
2026.10.6A criterion you require re-scores the rows that meet it · platform-wide- changed The explorer sends each criterion you require, at any band, as fit_required with your other answers; region, licence, chain and fact filters stay filters. On /best, a required criterion joins For you as a marked preference does, which needs your country; Overall stays the published ranking, filtered.
- added Every published criterion has a golden case as the explorer sends it (require:<criterion>), so the order a requirement gives is replayed and gated as the published order is, and a change to it needs an entry here.
Methodology 2026.10.18, the same published run every visitor sees · receipt lending_borrowing:spark:2026.10.18:57a5bb9ffe4f
Are you Spark? Reply to this verdict, or send evidence, ask for a correction or claim the listing. Every message gets a public ticket number; none of it changes a rank unless a public page or a signed statement supports it.
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Editorial review of Spark , on file since April 2026 — the review is separate from the score.