sfrxUSD: redemption value, spread and APY
sfrxUSD is the staked, yield-bearing form of Frax's frxUSD stablecoin. ArbScreener compares what sfrxUSD costs on a DEX with the frxUSD it redeems for on-chain, and shows the gap as a spread and an APY — priced in frxUSD, not USD.
Redemption at a glance
| Chain | Redeems into | Redeem time | Token address |
|---|---|---|---|
| Ethereum | frxUSD | Instant | 0xcf62F905562626CfcDD2261162a51fd02Fc9c5b6 |
Verify any address against the protocol's own documentation before using it.
Live status
| Chain | Spread | APY | Redeem time | Enter | Exit |
|---|---|---|---|---|---|
| Ethereum | -0.02% | -149.2% | Instant | Mint via the protocol | Redeem via the protocol |
As of 20:44 UTC; refreshed while the board is in use. A positive spread means redeeming returns more than buying costs. Gross estimates, not advice. The exact size of each verdict, a quote at your own position size and Telegram alerts are on Pro.
How ArbScreener prices sfrxUSD
sfrxUSD is an ERC-4626 vault share. ArbScreener asks the vault contract how much frxUSD one share redeems for (convertToAssets, with previewRedeem as a fallback), so the redemption value comes from the contract itself and not from a price feed.
The redemption spread is what redeeming returns minus what buying costs on a DEX, as a fraction of the cost, at a standard quote size and net of the protocol's fee. The APY annualizes that spread over the redeem wait (counted as at least one day), so a discount that takes weeks to collect ranks below the same discount collected today. Everything is in frxUSD, never USD.
The board's full method is in the EVM YBS & Stablecoins guide.
Official links
- Mint and redeem: https://frax.com/earn
Questions
What is sfrxUSD?
sfrxUSD is the staked, yield-bearing form of Frax's frxUSD stablecoin.
How does ArbScreener value sfrxUSD?
sfrxUSD is an ERC-4626 vault share. ArbScreener asks the vault contract how much frxUSD one share redeems for (convertToAssets, with previewRedeem as a fallback), so the redemption value comes from the contract itself and not from a price feed.
How long does it take to redeem sfrxUSD?
Ethereum: instant. The wait is priced into the APY, so a slow redemption needs a bigger discount to rank high.
What does the sfrxUSD redemption spread mean?
The redemption spread is what redeeming returns minus what buying costs on a DEX, as a fraction of the cost, at a standard quote size and net of the protocol's fee. The APY annualizes that spread over the redeem wait (counted as at least one day), so a discount that takes weeks to collect ranks below the same discount collected today. Everything is in frxUSD, never USD.
Risks
These are gross estimates for research, not financial advice. They do not include gas, bridge fees, slippage beyond the quote, or smart-contract and depeg risk, and a redemption value can move during the wait. ArbScreener is read-only and never signs, routes or custodies anything. See the Terms of Service.
Other tokens on this board
sUSDe · syzUSD · scrvUSD · sDOLA · sUSDS · fxSAVE · sUSDai · USDai · all tracked tokens