The same bill on both conventions: coupon equivalent versus discount basis

Run it yourself

This is the exact query behind the result above. Change a ticker, a date or a column and run it against the warehouse — no account, no key. The no-signup tier is smaller than the one this page was computed on; a query that reaches past it comes back saying which plan runs it.

WITH bill_points AS
(
    SELECT
        tupleElement(pt, 1) AS tenor_point,
        tupleElement(pt, 2) AS maturity_days,
        tupleElement(pt, 3) AS investment_rate
    FROM
    (
        SELECT arrayJoin([
            ('3-month point',  91, toFloat64(yield_3_month)),
            ('1-year point',  365, toFloat64(yield_1_year))
        ]) AS pt
        FROM global_markets.treasury_yields
        WHERE date >= '2026-04-01'
          AND date <  '2026-09-26'
          AND yield_3_month > 0
          AND yield_1_year  > 0
    )
),
converted AS
(
    SELECT
        tenor_point,
        maturity_days,
        concat(toString(maturity_days), ' days') AS term,
        investment_rate,
        36000 / maturity_days
            * (1 - 1 / (1 + investment_rate / 100 * maturity_days / 365)) AS discount_rate
    FROM bill_points
)
SELECT
    tenor_point,
    term,
    round(avg(investment_rate), 2)                       AS investment_rate_pct,
    round(avg(discount_rate), 2)                         AS discount_rate_pct,
    round(avg(investment_rate - discount_rate) * 100, 1) AS gap_bps
FROM converted
GROUP BY tenor_point, term, maturity_days
ORDER BY maturity_days