Bitcoin lending rates are the interest you pay to borrow fiat or stablecoins against BTC collateral, and they vary by platform, loan-to-value (LTV) ratio, and loan term. Lenders like Strike, Ledn, Nexo, and SALT Lending each set their own rate and LTV tiers, while DeFi protocols such as Aave price loans algorithmically against pooled liquidity. For the mechanics behind how these loans work, see our guide to Bitcoin loans explained.
This guide breaks down current rates by platform, the levers that move them, and whether you can earn a yield on Bitcoin instead of borrowing against it. Try the Bitcoin loan calculator to simulate a loan against your BTC.
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 platform breakdown below shows how that range splits out lender by lender.
Bitcoin lending rates by platform
The table below compares headline bitcoin loan rates, LTV ranges, and available terms across major platforms. Every figure is a point-in-time snapshot pulled from each platform’s own rate or pricing page, not a third-party roundup, and rates can change at any time. Verify the current rate directly with the lender before committing.
The headline rate alone is a thin signal. Tracking these pages over time shows LTV caps, term structure, and cure-period length shifting independently of the advertised rate, so two lenders quoting the same APR can carry meaningfully different terms underneath it.
| Lender | APR / rate range | LTV range | Loan term |
|---|---|---|---|
| Coinbase Borrow | ~4% (variable, Morpho-based) | Up to ~75% (133% min collateral ratio) | Open-term |
| Strike | ~7.5%–10.5% | Up to 50% | Open-term / line of credit |
| Ledn | 9.25–11.9% | Up to 50% | Open-term |
| Firefish | From 5% | Up to 50% | 3–24 months |
| Nexo | As low as 1.9% (top tier) | Up to 50% | Open-term |
| SALT Lending | 7.49–10.50% | 30% / 50% / 70% | 1, 3, or 5 years |
| Figure | ~9.999% (50% LTV example) | Up to 75% | 1 year |
Coinbase Borrow
Coinbase Borrow lends USDC against BTC (wrapped as cbBTC and locked in the Morpho protocol) at rates as low as roughly 4% APR, though the rate floats with USDC supply and demand inside Morpho’s lending pools rather than sitting at a single fixed number. Coinbase sets a minimum collateral ratio of 133%, which works out to a maximum LTV around 75%, and automatically liquidates at an 86% LTV threshold with a liquidation penalty. No fixed term applies; the loan stays open as long as the LTV stays under that threshold. This figure is a recurring estimate, not a locked-in rate — confirm the live number on Coinbase’s own borrow page before applying.
Strike
Strike issues bitcoin-backed loans at roughly 7.5% to 10.5% APR depending on loan size, with smaller loans pricing toward the top of that range and loans above $5 million pricing toward the bottom. Maximum LTV is 50% at origination; a margin call triggers at 70% LTV with a 72-hour cure window, and if it isn’t resolved, Strike sells only enough collateral to restore a healthy ratio rather than liquidating the full position. There are no origination, prepayment, closure, or liquidation fees. Strike has published slightly different figures across its own pages at different times, so treat this range as a recurring estimate and confirm the live number on Strike’s pricing page before applying.
Ledn
Ledn prices its BTC-backed loans at a rate starting at 11.9% APR that steps down to 9.25% for loans of $1,000,000 or more, with LTV capped at 50% at origination. Loans carry no fixed term and no monthly payments, and Ledn publishes its custody and collateral-handling policy alongside its rate sheet.
Firefish
Firefish structures its bitcoin loans as fixed-term, peer-to-peer arrangements rather than a pooled lending book. Rates start from 5% APR depending on the term and LTV matched in the marketplace, with a maximum LTV of 50%. Terms typically run 3 to 24 months.
Nexo
Nexo’s bitcoin-backed credit line charges a rate that can step down to as low as 1.9% for top-tier loyalty holders, with standard tiers running materially higher. LTV tops out at 50%, and the credit line has no fixed repayment term.
SALT Lending
SALT Lending offers BTC-backed loans with APR ranging 7.49% to 10.50% depending on LTV tier and term, across three LTV tiers of 30%, 50%, and 70%. Loan terms run 1, 3, or 5 years, and SALT allows partial collateral top-ups to avoid a margin call.
Figure
Figure issues bitcoin-backed loans through its blockchain-based lending infrastructure, with a worked example rate of 9.999% APR at 50% LTV. Maximum LTV runs up to 75% of crypto collateral value, with a standard 1-year term and a 1% origination fee.
DeFi platforms
DeFi lending protocols price bitcoin-backed loans algorithmically against pooled liquidity, with the rate floating as utilization shifts:
- Aave: WBTC borrow rates float with pool utilization, recently around 0.35% APR on Ethereum mainnet, with LTV and liquidation thresholds set by protocol governance.
- Compound: Borrowing against WBTC follows a similar utilization-based rate curve, adjusted continuously by the protocol’s interest rate model.
- MakerDAO: WBTC collateral backed DAI issuance at a stability fee set by governance vote, though Sky governance has been offboarding legacy WBTC vault types rather than maintaining them as an active product.
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.