Are bitcoin lending rates fixed or variable?

Bitcoin lending rates can be either fixed or variable, depending on the platform and the product. A fixed-rate loan locks the rate for the full term at origination. A variable-rate loan, common with DeFi protocols and some credit-line products, floats with pool utilization or platform policy and can change during the loan term.

Do bitcoin lending rates depend on my credit score?

No, bitcoin lending rates do not depend on your credit score on a fully collateralized BTC-backed loan. The lender prices the loan based on the loan-to-value (LTV) ratio, the loan term, and the BTC pledged as collateral, not on your credit history or income.

Why do bitcoin lending rates vary between platforms?

Bitcoin lending rates vary between platforms because each lender sets its own LTV tiers, funding cost, liquidity position, and rehypothecation policy. A platform with deeper liquidity or a lower cost of capital can offer a lower headline rate at the same LTV than a platform that is liquidity-constrained.

Is a lower bitcoin lending rate always the better deal?

Not necessarily. A lower headline rate can come with a lower maximum LTV, a stricter margin-call threshold, or a rehypothecation policy that raises custodial risk. Comparing the rate alongside the LTV cap, loan term, and collateral-handling policy gives a more complete picture than the rate alone.

How often do bitcoin lending rates change?

Bitcoin lending rates change as often as the platform's funding costs, liquidity position, or risk policy shift, which can mean daily for DeFi protocols with floating rates or only periodically for centralized platforms that review pricing on a fixed schedule. Checking the platform's own rate page at the time of borrowing is the only way to confirm the current figure.

Bitcoin Lending Rates

Current APRs to borrow against BTC across 10 US lenders, ranked cheapest first.

Lender	Starting APR	LTV	Term	Lender rate page
Hodl Hodl	1.00% Variable	80% Origination LTV	1 month to 12 months	Investigate rates at Hodl Hodl, opens in a new tab
Nexo	1.90% Variable	50% Origination LTV	Repay anytime	Investigate rates at Nexo, opens in a new tab
Firefish	5.00% Variable	50% Origination LTV	3–24 months	Investigate rates at Firefish, opens in a new tab
Coinbase Borrow	5.00% Variable	86% Liquidation LTV	Repay anytime	Investigate rates at Coinbase Borrow, opens in a new tab
SALT Lending	7.49% Fixed	70% Max LTV	1, 3, or 5 year terms	Investigate rates at SALT Lending, opens in a new tab
Arch Lending	7.74% Fixed	60% Origination LTV	1 to 12 months	Investigate rates at Arch Lending, opens in a new tab
Strike	7.75% Fixed	50% Origination LTV	12-month fixed loan	Investigate rates at Strike, opens in a new tab
Ledn	9.25% Fixed	50% Origination LTV	12 mo.	Investigate rates at Ledn, opens in a new tab
APX Lending	9.99% Fixed	60% Max LTV	3-60 months	Investigate rates at APX Lending, opens in a new tab
Figure	9.999% Fixed	50% Origination LTV	12-month term	Investigate rates at Figure, opens in a new tab

Rates last checked: September 28, 2026 · Methodology

Rates sourced from each lender's own published rate page. LTV caps and loan terms are researched manually and verified periodically.

Rates can change at any time. Confirm the current figure with the lender before borrowing.

Every calculator here runs on formulas verified against primary sources and is reviewed before it ships.

Learn about our methodology →

Built and reviewed by

Fabio Arcieri

Last reviewed: September 2026

What are bitcoin lending rates right now?

Bitcoin lending rates currently run in a roughly 4% to 12% APR band to borrow against BTC across major platforms. The rate you receive depends on the lender, the LTV ratio you choose, and the loan term.

Lower LTV tiers, where you post more BTC relative to the loan amount, generally carry the lowest end of that range. Higher LTV tiers carry more liquidation risk for the lender and price in a higher rate as a result. The table above shows how that range splits out lender by lender.

What affects bitcoin lending rate?

Four levers move the rate a lender quotes:

LTV ratio
Loan duration
Platform liquidity
Rehypothecation policy

A higher LTV ratio raises the rate because the lender carries more liquidation risk if Bitcoin’s price drops. Longer loan durations typically carry a rate premium, since the lender’s capital stays locked for longer. Platform liquidity, how much capital a lender has available to deploy, also shifts pricing; a liquidity-constrained platform raises rates to ration demand.

Liquidation risk isn’t binary. Most lenders set a maintenance LTV above the origination LTV and trigger a margin call, not an immediate liquidation, when the loan crosses it.

A cure period, typically 24 to 72 hours depending on the lender, gives the borrower a window to post more collateral or repay principal before any forced sale. The sale itself usually liquidates only enough collateral to restore the maintenance threshold, not the full loan.

Rehypothecation, where a lender reuses pledged BTC collateral for its own lending or trading activity, lets a platform offer a lower headline rate by generating additional yield on the same collateral. It also raises the custodial risk profile for the borrower, since the lender’s solvency now depends on a second layer of activity beyond the loan itself.

Chainlink’s explainer on rehypothecation in crypto points to Celsius and BlockFi, both of which deployed customer collateral into volatile positions before their 2022 collapses, as the clearest examples of this risk materializing.

This isn’t financial advice on which lender to use. The headline rate alone doesn’t tell you what happens to your collateral, and that’s a separate question from the advertised APR.

Can you earn a yield on your Bitcoin?

Earning yield on Bitcoin works through a different mechanism than borrowing against it: instead of pledging BTC as collateral for a loan, you lend or deploy it so a counterparty pays you interest. The yield rate, counterparty risk, and custody model vary widely depending on which mechanism you use.

Several paths exist for putting idle BTC to work:

Interest-bearing accounts on centralized platforms that lend out deposited BTC to borrowers
DeFi lending pools where BTC, typically wrapped as WBTC, earns a floating rate set by pool utilization
Lightning Network routing, where you earn routing fees by running a node that forwards payments

A dedicated yield-rates article covers the current rates, risks, and platform comparison for each of these paths in more depth.

Try the Bitcoin loan calculator

The Bitcoin loan calculator lets you plug in the rates and LTV ratios above to simulate a loan against your BTC.

Frequently asked questions

Are bitcoin lending rates fixed or variable?
Bitcoin lending rates can be either fixed or variable, depending on the platform and the product. A fixed-rate loan locks the rate for the full term at origination. A variable-rate loan, common with DeFi protocols and some credit-line products, floats with pool utilization or platform policy and can change during the loan term.
Do bitcoin lending rates depend on my credit score?
No, bitcoin lending rates do not depend on your credit score on a fully collateralized BTC-backed loan. The lender prices the loan based on the loan-to-value (LTV) ratio, the loan term, and the BTC pledged as collateral, not on your credit history or income.
Why do bitcoin lending rates vary between platforms?
Bitcoin lending rates vary between platforms because each lender sets its own LTV tiers, funding cost, liquidity position, and rehypothecation policy. A platform with deeper liquidity or a lower cost of capital can offer a lower headline rate at the same LTV than a platform that is liquidity-constrained.
Is a lower bitcoin lending rate always the better deal?
Not necessarily. A lower headline rate can come with a lower maximum LTV, a stricter margin-call threshold, or a rehypothecation policy that raises custodial risk. Comparing the rate alongside the LTV cap, loan term, and collateral-handling policy gives a more complete picture than the rate alone.
How often do bitcoin lending rates change?
Bitcoin lending rates change as often as the platform's funding costs, liquidity position, or risk policy shift, which can mean daily for DeFi protocols with floating rates or only periodically for centralized platforms that review pricing on a fixed schedule. Checking the platform's own rate page at the time of borrowing is the only way to confirm the current figure.