Rates tell you what you pay. Custody, track record and loan terms tell you what you’re taking on. Compare both before you borrow.
Compare rates, collateral, repayment and available evidence. Open a platform guide for its terms and common questions.
| Platform / best fit | Advertised rate | Collateral & LTV | Model | Explore |
|---|---|---|---|---|
L LednFor managed Bitcoin-backed borrowing | 9.25–10.99%Published APR tiers9.25% tier begins at $2M; 10.99% below $250K. See source discrepancy note. | BTC50% typical starting LTV | CentralizedFiat / stablecoins | Visit provider ↗Guide & FAQs → |
A Arch LendingFor multi-asset collateral and fixed pricing | 7.25–10.49%Published APR tiers7.25% is the $10M+ quoted tier; 10.49% below $250K. | BTC, ETH, SOL + moreUp to 60% for BTC | CentralizedUSD / USDC | Visit provider ↗Guide & FAQs → |
C Coinbase / MorphoFor borrowing through an existing Coinbase account | In-app quoteVariable or fixed optionsMarket rate and Coinbase fees depend on the selected product. | Eligible crypto; BTC uses cbBTCAsset / product specific | OnchainUSDC | Visit provider ↗Guide & FAQs → |
N NexoFor borrowers with a broader crypto portfolio | From 1.9%Conditional annual interestNot a universal APR. Loyalty tier, region and other conditions apply. | BTC, ETH + supported assets50% for BTC on product page | CentralizedOptions vary by region | Visit provider ↗Guide & FAQs → |
Aa AaveFor experienced onchain borrowers | Market variableReserve-specific borrow rateSelect network, collateral and borrowed token before comparing. | Supported tokens by marketReserve / mode specific | OnchainSupported onchain tokens | Visit provider ↗Guide & FAQs → |
S StrikeFor Bitcoin borrowers choosing a payment schedule | 7.49–11.25%Standard term-loan APRsSize and payment schedule matter; protected loans cost more. Credit line is separately priced. | BTC50% in standard illustration | CentralizedUSD | Visit provider ↗Guide & FAQs → |
S SALTFor longer terms and multiple repayment options | 7.49–10.50%Published APR rangeOffer depends on term, LTV and jurisdiction; APR includes applicable origination fees. | BTC, ETH, USDC, USDT, SALT30%, 50% or 70%; conditions apply | CentralizedUSD / USDC / USDT | Visit provider ↗Guide & FAQs → |
U UnchainedFor large commercial loans with collaborative custody | 14.18%Published APRProduct calculator lists 12% interest; APR includes costs. Large minimums apply. | BTC50% equivalent to 200% collateral-to-principal | CentralizedUSD | Visit provider ↗Guide & FAQs → |
F FigureFor BTC, ETH or SOL collateral and payment choices | 9.999%Published example APR8.91% interest plus 1% origination fee at 50% LTV in the calculator example. | BTC, ETH, SOL50% in published rate example | CentralizedCash / crypto | Visit provider ↗Guide & FAQs → |
X XapoFor eligible members using a BTC and USD account | 10.5%Published interest rateInterest rate on the borrowing page; account membership is a separate cost to evaluate. | BTCUp to 40% | CentralizedUSD | Visit provider ↗Guide & FAQs → |
L LavaFor a Bitcoin credit line integrated with spending | In-app quoteBorrowing rate not verifiedThe public 6.5% APY is a USD yield, not the borrowing rate. | BTCConfirm in credit agreement | CentralizedDollars; account withdrawal options | Visit provider ↗Guide & FAQs → |
B Binance LoansFor eligible exchange users borrowing crypto | Pair-specificFlexible Loan variable rateThis comparison covers Flexible Loans, not Fixed Rate, VIP or Lite products. | Eligible Simple Earn collateral assetsCollateral / loan pair specific | CentralizedSupported crypto assets | Visit provider ↗Guide & FAQs → |
F FirefishFor Bitcoin escrow with fiat or stablecoin funding | From 5%Advertised starting ratePlus a 1.5% p.a. origination fee and network fees; marketplace offer determines price. | BTC50% initial LTV | MarketplaceSupported fiat currencies / USDC | Visit provider ↗Guide & FAQs → |
H Hodl HodlFor peer-to-peer Bitcoin-backed digital-asset loans | Offer-specificPeer-negotiated interest1.5% borrower origination fee is additional; inspect offer APR and term. | BTCOffer / contract specific | MarketplaceUSDT, USDC, L-BTC or WBTC | Visit provider ↗Guide & FAQs → |
M MorphoFor direct access to a selected lending market | Market variableMorpho Blue market rateSpecify network, collateral, loan asset, oracle and interest-rate model. | Market-specific tokens; BTC representations where supportedMarket-specific liquidation LTV | OnchainMarket loan token | Visit provider ↗Guide & FAQs → |
Co CompoundFor experienced users of onchain money markets | Market variableCompound III borrow rateChoose the network and base-asset market; incentive-adjusted rates are not guaranteed. | Supported collateral by marketCollateral factors vary by asset and market | OnchainSelected market’s base asset | Visit provider ↗Guide & FAQs → |
Lenders, marketplaces and protocols serve different borrowing needs. This is a selected comparison, not the whole market. Published APR, conditional annual interest and variable market rates are different measures. Read the assumptions and fee details →
There is no universal winner. Start with the asset you hold, the funds you need and the risks you can manage.
A managed Bitcoin-backed loan with published amount-based APR tiers, a documented lending history and public reporting.
Operating since 2018, public loan-book reporting and a separate Proof of Reserves program give borrowers concrete evidence to inspect.
A lower advertised APR is available elsewhere. Collateral can be re-posted under specified funding arrangements, and liquidation remains possible.
Arch is worth comparing when you need a conventional loan backed by assets beyond Bitcoin or want to evaluate a lower published APR.
Fixed-term pricing, asset-specific LTV limits and a stated no-rehypothecation custody model.
The lowest rate belongs to the largest loan tier. Origination fees reduce cash received, and location restrictions apply.
Coinbase provides the interface; Morpho supplies the onchain lending infrastructure. That distinction matters when assessing collateral and risk.
Familiar account experience for eligible Coinbase users, with variable and fixed borrowing options described in the current help center.
Wrapping, smart contracts and market liquidity add dependencies. Fixed loans have different early-repayment economics from variable loans.
Nexo combines borrowing with a wider crypto platform. It can suit a borrower who already uses its portfolio and loyalty features.
Broad collateral support and a credit-line format may help borrowers who do not want a single-asset loan.
The headline rate is conditional. A NEXO-token allocation introduces an additional asset exposure to consider alongside the loan.
Aave is a lending protocol rather than a single retail lender. A useful quote identifies the network, reserve, collateral and borrowing mode.
Borrowers can inspect market parameters and manage positions directly through compatible wallets and interfaces.
You manage wallet security, transactions and health factor. There is no single Aave rate or universal Bitcoin collateral arrangement.
Strike offers several Bitcoin borrowing structures, so choose the product before comparing its rate with Ledn.
Choice of monthly-interest or maturity payments, plus a separate credit line and optional volatility-protected term loans.
The lowest standard APR is a large-loan tier. Protection has an additional cost and conditions; availability is limited to supported US states.
SALT expands the choice beyond a standard one-year Bitcoin loan, with multiple collateral and payment options.
Longer available terms and a choice of interest-only, amortizing or maturity-payment structures where eligible.
A longer term can increase lifetime interest. The available LTV and payment structure depend on the jurisdiction and offer.
Unchained is a distinct alternative for borrowers who prioritize a multisignature collateral arrangement and can meet its commercial-loan minimums.
Borrower participation in collaborative custody, onchain verification and a stated no-rehypothecation policy.
The published APR is higher than Ledn’s listed tiers, with regular interest payments and substantial minimum loan sizes.
Figure combines crypto-backed borrowing with a broader lending business and offers a different collateral and payment experience from Ledn.
Multiple collateral assets, a segregated MPC wallet model and optional liquidation protection.
Protection costs extra. The quoted example and broader company lending volume should not be mistaken for universal pricing or a crypto-only track record.
Xapo places Bitcoin-backed borrowing inside a membership-based account experience, with a lower maximum starting LTV than many alternatives.
Up to 40% LTV, flexible payments within the term and a stated no-rehypothecation policy.
Membership and eligibility affect the total cost and access. Crypto collateral is not covered by the deposit guarantee scheme.
Lava combines a Bitcoin line of credit with spending and account features. Its public overview establishes the product, but does not establish a complete current borrowing quote.
An integrated borrowing-and-spending workflow may suit users who want to access liquidity through one account.
We could not verify a current all-in borrowing rate from the public overview. Obtain the credit agreement and complete fee schedule before comparing costs.
Binance Loans is an exchange-based alternative for eligible users who want to borrow crypto against supported account assets.
Flexible Loans support a range of assets and repayment without a fixed maturity or early-payment penalty.
Rates, collateral limits and eligibility vary. Borrowing crypto is not the same as receiving a bank transfer, and Binance.US is not interchangeable with Binance.
Firefish connects borrowers with funding through a Bitcoin-secured marketplace, using an escrow structure instead of a conventional custodied loan.
Bitcoin escrow and a choice of supported bank currencies or USDC; standard requests can specify desired loan terms.
Matching liquidity matters. The service fee is deducted from Bitcoin collateral, and partial repayment does not itself improve the documented collateral-health calculation.
Lend at Hodl Hodl is a peer-to-peer marketplace for borrowing supported digital assets against Bitcoin collateral.
Borrowers can select counterparty offers and contract terms, with Bitcoin held in multisignature escrow.
The lender and agreed contract matter. Funding is crypto-to-crypto, and the borrower pays an origination fee plus relevant network costs.
Morpho is a protocol with distinct lending markets. This entry covers direct variable-rate Morpho Blue borrowing, separately from Coinbase’s account product.
Users can inspect the selected market’s assets, oracle, liquidation threshold and interest-rate model.
Choosing a market requires technical diligence. Smart-contract, oracle and collateral-token risks remain, and interface fees are separate.
Compound is an adjacent protocol alternative in the research, rather than a retail native-Bitcoin lender. This comparison covers Compound III.
Visible market parameters and direct borrowing of a selected market’s base asset against supported collateral.
Wallet, contract, oracle and token risks require active management. Supported assets and market liquidity determine what is actually borrowable.
Compare the same loan size and term. Ask whether the number is interest, APR or APY, and whether it includes required fees.
A fee withheld at origination lowers your net proceeds. A fee added to principal can itself accrue interest.
Distinguish custody, re-posting, rehypothecation and smart-contract control. A familiar interface is not the entire risk model.
A $50,000 debt against $100,000 of collateral starts at 50% LTV. With unchanged debt, a 37.5% price decline takes it to 80% LTV.
Plan the exit before the loan starts. Renewal can require interest payment, new terms and a lower LTV; it is not always automatic.
Country, state, collateral and loan purpose can change eligibility. A published product page is not an offer to lend to every visitor.
The best fit depends on your collateral, location, repayment plan and risk tolerance. Ledn publishes lending-history and collateral-policy material; Arch may offer a lower advertised APR, Nexo supports a broader portfolio approach, and Coinbase/Morpho or Aave may suit borrowers comfortable with onchain exposure. Unchained offers collaborative custody for large commercial loans; Strike and SALT offer different payment structures; Firefish and Hodl Hodl provide marketplace alternatives. Compare an actual quote, not just a ranking.
Not necessarily. The lowest tier may require a very large loan, token holdings or a different LTV. Upfront fees, net proceeds and early repayment change the result. Our rates guide separates those assumptions.
Yes. A decline in collateral value or an increase in debt can lead to liquidation. Counterparty, custody, smart-contract and operational failures can create additional losses. Holding a loan instead of selling does not remove price risk.
No. The reported BBB− rating applies to the senior notes of a particular securitization. It does not insure your collateral, prevent liquidation or turn a retail crypto loan into a risk-free product. Read the transaction announcement and the rating agency’s digital-assets coverage.
No. Coinbase provides a borrowing interface to Morpho’s onchain lending protocol. Product fees, available assets and account support belong to the specific interface; protocol and market parameters belong to the underlying onchain arrangements. Our comparison covers Coinbase’s Morpho-powered borrowing product, with a separate comparison of direct Morpho borrowing.
Sources were reviewed on October 31, 2026. These are dated research snapshots, not a live quote feed. Variable rates can change immediately, and provider terms can change after review. Follow the primary-source links and verify your offer before committing.