> For the complete documentation index, see [llms.txt](https://docs.stakingrewards.com/staking-data/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.stakingrewards.com/staking-data/methodologies/the-graph-srb.md).

# The Graph SRB

GRTSRB is a benchmark representing the mean, annualized staking rate across all active The Graph indexers.

GRTSRB is calculated and published by Staking Rewards via the [The Graph Profile](https://www.stakingrewards.com/asset/the-graph) and [Data API](https://www.stakingrewards.com/data-api).

> **TL;DR:** The Graph staking rewards come from GRT token issuance on Arbitrum One. The reward rate equals tokens issued per block annualized divided by total staked GRT across all indexers. Indexer-level rates are adjusted by query fee cut and reward cut.

$$
GRTSRB = (ib \* t\_y / bt) / st
$$

<table data-full-width="false"><thead><tr><th width="154">Formula key</th><th width="194">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>ib</td><td>Issuance Per Block</td><td>The number of GRT tokens issued as indexing rewards per Ethereum block on Arbitrum.</td></tr><tr><td>bt</td><td>Block Time</td><td>The average Ethereum block time in seconds.</td></tr><tr><td>st</td><td>Staked Tokens</td><td>The total number of GRT tokens staked (self-staked + delegated) across all indexers on Arbitrum.</td></tr><tr><td><span class="math">t_y</span></td><td>Year Constant</td><td>31,536,000 seconds (365 days)</td></tr></tbody></table>

* GRTSRB takes into account all accumulated rewards, whether they have been claimed or remain unclaimed.
* GRTSRB operates on a non-compounded basis, meaning it excludes returns generated from the reinvestment of rewards.
* The Graph protocol operates on Arbitrum One. All staking, delegation, and reward distribution occurs on Arbitrum.

#### Slashing

{% hint style="info" %}
The Graph implements slashing for indexers who serve incorrect data or allocate dishonestly. Slashing can affect up to 2.5% of an indexer's self-stake. Delegators are not directly slashed but may experience reduced returns if their indexer is slashed.
{% endhint %}

***

### The Graph Indexer Staking Rewards Rate: GRTSRB(v) <a href="#the-graph-indexer-staking-rewards-rate-grtsrb-v" id="the-graph-indexer-staking-rewards-rate-grtsrb-v"></a>

Staking Rewards calculates the GRTSRB for each indexer based on a 30-day rolling window of actual delegator indexing rewards earned:

$$
GRTSRB(v) = (dr\_{now} - dr\_{30d}) / dt\_{30d} \* t\_y / t\_d
$$

<table data-full-width="false"><thead><tr><th width="141">Formula Key</th><th width="194">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>dr<sub>now</sub></td><td>Delegator Rewards Now</td><td>Cumulative delegator indexing rewards at the current evaluation point.</td></tr><tr><td>dr<sub>30d</sub></td><td>Delegator Rewards 30d Ago</td><td>Cumulative delegator indexing rewards 30 days prior.</td></tr><tr><td>dt<sub>30d</sub></td><td>Delegated Tokens 30d Ago</td><td>Delegated tokens at the 30-day-ago snapshot.</td></tr><tr><td><span class="math">t_y</span></td><td>Year Constant</td><td>365 days</td></tr><tr><td><span class="math">t_d</span></td><td>Day Window</td><td>Actual number of days between snapshots.</td></tr></tbody></table>

7-day and 60-day rolling window rates are also calculated and published for each indexer.

***

### Inflation Rate

$$
i = (ib \* t\_y / bt) / cs
$$

<table data-full-width="false"><thead><tr><th width="141">Formula Key</th><th width="158">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>ib</td><td>Issuance Per Block</td><td>GRT issued per Ethereum block on Arbitrum.</td></tr><tr><td>bt</td><td>Block Time</td><td>Average Ethereum block time in seconds.</td></tr><tr><td>cs</td><td>Circulating Supply</td><td>The total circulating supply of GRT tokens.</td></tr><tr><td><span class="math">t_y</span></td><td>Year Constant</td><td>31,536,000 seconds</td></tr></tbody></table>

**Inflation Rate Behaviour**

The Graph's inflation rate is governed by on-chain parameters. The `networkGRTIssuancePerBlock` parameter determines the GRT minted per Ethereum block. This rate can be adjusted through governance proposals.

***

### Real Reward Rate: GRTSRB^R

$$
GRTSRB^R = (1 + GRTSRB) / (1 + i) - 1
$$

***

#### Observation Period:

1. The GRTSRB is determined based on the latest on-chain issuance parameters and staked token totals at the point of evaluation.
2. The per-indexer GRTSRB(v) uses a 30-day rolling window of daily indexer data for annualized reward rate calculation.
3. This data is then annualized for a comprehensive year-long projection.

#### Calculation

The calculation happens every 8 hours and is immediately published via [Data API](https://www.stakingrewards.com/data-api).

#### Limitations

1. GRTSRB employs a 365-day convention for annualizing staking rates. This convention remains consistent and does not accommodate adjustments for leap years.
2. GRTSRB does not factor in query fee revenue earned by indexers, which is an additional source of income beyond indexing rewards.
3. Individual indexer rates may vary significantly based on their allocation strategy, query traffic, and delegation parameters.

***

#### Other Metrics

| Metric                 | Description                                                |
| ---------------------- | ---------------------------------------------------------- |
| Staked Tokens          | Total GRT self-staked by indexers on Arbitrum              |
| Delegated Tokens       | Total GRT delegated to indexers by delegators              |
| Staking Wallets        | Total unique delegations across all indexers               |
| Total Query Fees       | Cumulative query fees collected across the network         |
| Total Indexing Rewards | Cumulative indexing rewards distributed                    |
| Epoch Length           | Number of Ethereum blocks per Graph epoch                  |
| Lockup Time            | 28 epochs \* epoch length \* block time (unbonding period) |

***

#### Data Sources:

* The Graph Network Subgraph on Arbitrum (network statistics, indexer data)
* The Graph Analytics Subgraph on Arbitrum (daily indexer reward data)
* Arbitrum and Ethereum RPC Endpoints (GRT token supply via contract calls)
* CoinGecko (price, circulating supply)

***

#### References:

* <https://thegraph.com/docs/en/indexing/overview/>
* [https://thegraph.com/docs/en/tokenomics/](https://thegraph.com/docs/en/)

***

:books: [Learn more about GRT Staking](https://www.stakingrewards.com/asset/the-graph)

:bar\_chart: [Calculate your GRT Staking Rewards](https://www.stakingrewards.com/calculator?asset=the-graph)

:gear: [Access historic The Graph Staking Data via API](https://www.stakingrewards.com/data-api)

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Last updated on 03/24/2026
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