> ## Documentation Index
> Fetch the complete documentation index at: https://docs.hermetica.fi/llms.txt
> Use this file to discover all available pages before exploring further.

# Historical Performance

<Info>
  Note: Backtest results are not a guarantee of future returns.
</Info>

Our backtests from January 2021 to September 2025 show an **average APY of 10.56%** for the BTC funding rate.

This Bitcoin-native yield fluctuates based on market demand for long leverage. In the 2022 bull market, the annualized return reached 25.03%. The 2023 bear market saw a 1.83% return. Only 5.9% of days in the backtest period had negative funding.

<Frame caption="sUSDh Historical Performance">
  <img src="https://mintcdn.com/hermeticalabsinc/cr4cicPK4ZdtyX_c/assets/images/usdh/historical-performance/historical-performance-october-2025.png?fit=max&auto=format&n=cr4cicPK4ZdtyX_c&q=85&s=70d0d456aed3a6e399afdd35694b197b" alt="sUSDh Historical Performance" width="1721" height="966" data-path="assets/images/usdh/historical-performance/historical-performance-october-2025.png" />
</Frame>

<Info>
  Since 100% of USDh generates yield but only a subset of USDh is staked and accrues the yield, the real return to stakers can be higher than the BTC funding rate backtest results.
</Info>