SOFR percentiles and volume
SOFR for October 8, 2026 was 3.87%, set on $2,963 billion of overnight Treasury repo. The percentiles show how far the rest of that volume traded from the median.
A single SOFR print is the median of a very large set of trades. Alongside it the New York Fed publishes four more rates from the same distribution and the dollar volume behind it. Those five numbers tell you whether the day's trading was tight or scattered, which side of the median the outliers fell on, and how much money the rate rests on. This page explains each field, then summarizes them year by year since 2018.
What the published fields mean
SOFR is a volume-weighted median: the New York Fed orders the day's eligible trades from lowest to highest rate, adds up their dollar volume, and takes the rate at which the running total reaches half. The percentiles are read off the same cumulative curve at other points, according to the New York Fed's methodology.
| Field | API name | What it tells you |
|---|---|---|
| 1st percentile | percentPercentile1 | The rate at which the cheapest 1% of dollar volume had traded. A low reading flags trades well below the market, such as specials that survived the DVP trim, or trades still near the old rate on the first day after the policy range moves up. |
| 25th percentile | percentPercentile25 | A quarter of dollar volume traded at or below this rate. |
| SOFR (median) | percentRate | Half of dollar volume traded at or below this rate. This is the published SOFR. |
| 75th percentile | percentPercentile75 | Three quarters of dollar volume traded at or below this rate. The 25th–75th gap is the range of the middle half of the market. |
| 99th percentile | percentPercentile99 | Only the most expensive 1% of dollar volume traded above this rate. It rises when a slice of borrowers has to pay well above the market, or, on the first day after a cut, when some trades still clear near the old rate. |
| Volume | volumeInBillions | Dollar volume of the transactions underlying the rate, rounded to the nearest $1 billion. |
The median and the percentiles are each rounded to the nearest basis point. A width of 1 bp between two of them can therefore mean almost no dispersion at all.
The latest ten days
| Effective date | SOFR | Change (bp) | 1st pct | 25th pct | 75th pct | 99th pct | Volume ($bn) |
|---|---|---|---|---|---|---|---|
| Oct 8, 2026 | 3.87% | -1 | 3.83% | 3.85% | 3.91% | 3.95% | 2,963 |
| Oct 7, 2026 | 3.88% | -2 | 3.81% | 3.86% | 3.92% | 3.96% | 2,968 |
| Oct 6, 2026 | 3.90% | +1 | 3.84% | 3.88% | 3.95% | 3.98% | 2,997 |
| Oct 5, 2026 | 3.89% | +1 | 3.84% | 3.87% | 3.94% | 3.97% | 3,007 |
| Oct 2, 2026 | 3.88% | +1 | 3.83% | 3.86% | 3.93% | 3.96% | 3,013 |
| Oct 1, 2026 | 3.87% | -3 | 3.83% | 3.84% | 3.92% | 3.97% | 3,067 |
| Sep 30, 2026 | 3.90% | +2 | 3.83% | 3.88% | 3.96% | 3.99% | 3,230 |
| Sep 29, 2026 | 3.88% | -2 | 3.81% | 3.86% | 3.93% | 3.97% | 2,967 |
| Sep 28, 2026 | 3.90% | 0 | 3.83% | 3.89% | 3.95% | 3.98% | 2,964 |
| Sep 25, 2026 | 3.90% | +2 | 3.83% | 3.89% | 3.95% | 3.99% | 2,914 |
Daily volume and percentile range
SOFR daily volume ($ billions)
The volume view plots the published daily volume. The percentile range view plots two widths for each day in basis points: the 99th percentile minus the 1st, and the 75th minus the 25th. Hover or touch the chart to read a single day. The two days without published percentiles, May 31, 2019 and August 5, 2021, show as gaps.
Volume and dispersion by year
| Year | Days | Avg volume ($bn) | Highest volume ($bn) | Avg 1st–99th width (bp) | Median 1st–99th width (bp) | Avg 25th–75th width (bp) |
|---|---|---|---|---|---|---|
| 2018 | 188 | 805.6 | 1,000 Dec 31 | 20.9 | 17 | 8.1 |
| 2019 | 250 | 1,056.2 | 1,281 Sep 3 | 27.4 | 19 | 9.3 |
| 2020 | 251 | 1,033.3 | 1,358 Mar 18 | 14.7 | 13 | 5.3 |
| 2021 | 250 | 906.0 | 1,088 Dec 1 | 15.4 | 15 | 1.8 |
| 2022 | 249 | 967.9 | 1,174 Dec 1 | 24.8 | 25 | 4.4 |
| 2023 | 249 | 1,409.9 | 1,850 Nov 30 | 16.8 | 16 | 6.5 |
| 2024 | 250 | 2,006.9 | 2,523 Sep 30 | 15.4 | 14 | 7.3 |
| 2025 | 249 | 2,756.8 | 3,485 Dec 31 | 15.7 | 15 | 8.1 |
| 2026 | 193 | 3,099.6 | 3,508 Jan 2 | 13.8 | 13 | 7.7 |
Volume has nearly quadrupled
Average daily volume rose from $805.6 billion in 2018 to $3,099.6 billion in 2026 so far. The lowest day in the series is June 29, 2018, at $702 billion. Volume first reached $2,000 billion on April 1, 2024, $3,000 billion on September 30, 2025, and $3,500 billion on January 2, 2026, which remains the record at $3,508 billion. Through 2020 to 2022 the average sat near $1 trillion; the climb began in 2023 and has continued each year since.
Each year's busiest day falls at or next to a month turn: December 31 in 2018 and 2025, December 1 in 2021 and 2022, November 30 in 2023, September 30 in 2024 and January 2 in 2026. The 2020 peak, March 18, is the exception, falling in the week the target range was cut to zero.
Width is a separate signal from volume
More volume has not meant more dispersion. The 2026 average 1st–99th width, 13.8 bp, is the narrowest of any year, on the highest volume. The widest years were 2019 and 2022, for different reasons. In 2019 the average of 27.4 bp is pulled up by a handful of extreme days; the median day was 19 bp. In 2022 the average and median are both about 25 bp, so the whole year was wide, not just a few days in it.
The 25th–75th column shows what the zero lower bound did to the market. In 2021 the middle half of SOFR volume typically traded within 1 bp, the median width that year, as rates sat between 0.01% and 0.11%. Since 2023 the middle half has spread to 6 to 8 bp on average.
The tails on days the range moves
The first day in a new federal funds target range shows a recognizable pattern: the median moves with the range, but the tail on the old side lags. On July 28, 2022, the first day after a 75 bp increase, SOFR printed 2.28% while the 1st percentile was 1.55%, the widest 1st–99th spread of 2022 at 90 bp. On September 19, 2024, the first day after a 50 bp cut, SOFR was 4.82% but the 99th percentile was still 5.34%. On September 17, 2026, the first day of the latest increase, SOFR printed 3.85% and the 1st percentile 3.70%. If you are screening for unusual days, check the range change dates on the target range page first.
The upper tail is the longer one
In 2026 so far the 99th percentile has averaged 8.9 bp above SOFR, while the 1st percentile has averaged 4.9 bp below it. The same imbalance holds in every year since 2018. The upper end of the distribution is where pressure shows up, and the SOFR spikes and month-end guide follows it through the stress episodes.
Volume is the total behind SOFR, not the size of the Treasury repo market, and it is rounded to $1 billion. The New York Fed does not publish percentiles when it uses contingency data. The snapshot has two days with no percentiles, May 31, 2019 (a contingency day) and August 5, 2021, both flagged with a footnote in the New York Fed data. Percentiles are volume-weighted, so a 99th percentile far above the median can come from a small slice of trades. The how SOFR is calculated guide works through the median on sample trades.
To pull the daily percentiles and volume for any date range as a table or CSV, use the SOFR history lookup. To compare SOFR's level with the repo segments it contains, see SOFR vs TGCR, BGCR and EFFR.
Data: Federal Reserve Bank of New York. Yearly averages, widths and chart series are computed by BitsSecurity and are not New York Fed figures.