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CustodyMax starting LTV ≤

Showing 17 of 17 providers

Strike

Loan + line of credit

Custody: Qualified custodial
Max LTV: 50% standard; 40% volatility-proof
Rate: Fixed loan 7.49–11.25% APR (size and payment schedule); LOC currently 13% variable (Prime + margin); vol-proof = standard +2.95%
Liquidation: Partial: sell minimum collateral to restore LTV to 65%

Coinbase (Morpho)

DeFi revolving (via Coinbase UI)

Custody: DeFi smart contract
Max LTV: Up to just under 86% (market LLTV)
Rate: Variable (Morpho AdaptiveCurveIRM / utilization); marketing often from ~5%+
Liquidation: Permissionless on-chain liquidation; liquidator can repay up to full debt

Morpho

DeFi revolving (Blue); fixed-term exists on Midnight

Custody: DeFi smart contract
Max LTV: Market-specific: borrow allowed up to just under that market’s LLTV (no single Morpho-wide max)
Rate: Blue: variable AdaptiveCurveIRM (utilization; ~90% target). Midnight: fixed rate, fixed term (separate product).
Liquidation: Permissionless liquidate when LTV > LLTV; up to 100% of debt

Ledn

Fixed-term loan

Limited / Partial

Custody: Qualified custodial
Max LTV: 50%
Rate: 9.25–11.49% APR size-tiered (interest plus admin in published APR math)
Liquidation: Automatic partial sale of collateral; residual returned

Nexo

Revolving credit line

Limited / Partial

Custody: Qualified custodial
Max LTV: BTC up to 50% on US borrow page; other assets differ (stablecoins higher)
Rate: US Wealth Club starting-from rates: Classic from 12.90%, Premier from 2.90%, Elite from 1.90%, Signature from 0.90% (full grid app-gated). Global loyalty tables differ.
Liquidation: Partial auto typical

SALT

Fixed-term loan

Custody: Qualified custodial
Max LTV: Up to 70% (30/50/70% tiers; 70% is 1-year only)
Rate: 7.49–10.50% APR flat schedule by LTV and term (official rates page)
Liquidation: Stabilization if opted in; full sale path without; optional SALT Shield on eligible loans

Figure

Fixed-term loan

Custody: Lender-held custodial
Max LTV: Up to 75%
Rate: 8.91% interest (9.999% APR) at 50% LTV; 11.50% interest (12.62% APR) up to 75% LTV (rates change often)
Liquidation: Partial typical; protection product available in some states

Unchained

Fixed-term commercial loan

Impossible by design

Custody: Collaborative multisig
Max LTV: About 50% (200% collateral-to-principal example)
Rate: 12.0% interest; example 14.18% APR with 2% origination on 12-payment schedule (pricing page)
Liquidation: Close-out: liquidate enough collateral to repay the loan; remaining returned

Arch Lending

Fixed-term loan (facility-style management)

Custody: Qualified custodial
Max LTV: Up to 60% BTC
Rate: 7.25–10.49% APR size-tiered (official rates table)
Liquidation: Partial liquidation to restore starting / healthy LTV

Surge Credit

Credit line (non-custodial pooled market)

Impossible by design

Custody: Non-custodial vault
Max LTV: 50% (marketing; expanding)
Rate: Marketing from about 6.9% variable / 9.9% fixed; docs also describe fixed about 8–11% and variable target
Liquidation: Auction / protocol path; no liquidation fee claimed vs peers

Debifi

Bilateral loan (lender-matched)

Impossible by design

Custody: Non-custodial P2P
Max LTV: Up to about 70% (offer dependent)
Rate: Offer-dependent fixed APR (marketplace; compare snapshots often high single digits to low 20s)
Liquidation: Escrow / coordinated release

Lygos

Bilateral loan (1 lender : 1 borrower)

Impossible by design

Custody: Non-custodial vault
Max LTV: Negotiated; public sources disagree (about 50–70% class)
Rate: Marketing from about 10% APR all-in; negotiated ranges appear in compare pages
Liquidation: Deterministic DLC settlement

Firefish

P2P marketplace loan

Impossible by design

Custody: Non-custodial P2P
Max LTV: 50% initial (up to about 60% negotiated)
Rate: Marketplace-set; marketing from about 5%; compare bands often about 5.5–16.5% APR
Liquidation: Automated / escrow process

Aave

DeFi revolving

Yes

Custody: DeFi smart contract
Max LTV: Market-specific. Ethereum V3 WBTC/cbBTC standard: max LTV 73% (not a global Aave max; eMode and V4 can differ)
Rate: Variable only (stable rate deprecated). Live utilization-driven (e.g. USDC borrow often low-to-mid single digits; snapshot changes)
Liquidation: Permissionless liquidators when Health Factor < 1; partial or full by V3 rules

Ducat Protocol

Protocol credit / stablecoin mint path

Custody: Non-custodial vault
Max LTV: Up to 62.5% (min 160% collateral ratio)
Rate: 0% ongoing interest with 1% one-time origination (official homepage; prefer over older self-blog rate ranges)
Liquidation: Protocol liquidation path

Lava

Line of credit and fixed-term loans

Custody: Lender-held custodial
Max LTV: 50%
Rate: BLOC marketing often 5% class plus capital charges (about 7% all-in examples); term loans vary by tenor
Liquidation: Oracle-triggered

Hodl Hodl Lend

P2P offer book

Impossible by design

Custody: Non-custodial P2P
Max LTV: 30–70% for fiat-backed cryptos; up to 80% for BTC-equivalent cryptos
Rate: Market / offer-set (no single platform rate card)
Liquidation: Escrow dispute / release process

Provider	Product	Custody	Rehypothecation	Max LTV	Liquidation	Rate range
Strike BTC only	Loan + line of credit	Qualified custodial	No	50% standard; 40% volatility-proof	Partial: sell minimum collateral to restore LTV to 65%	Fixed loan 7.49–11.25% APR (size and payment schedule); LOC currently 13% variable (Prime + margin); vol-proof = standard +2.95%	View
Coinbase (Morpho) Wrapped BTC (cbBTC on Base)	DeFi revolving (via Coinbase UI)	DeFi smart contract	No	Up to just under 86% (market LLTV)	Permissionless on-chain liquidation; liquidator can repay up to full debt	Variable (Morpho AdaptiveCurveIRM / utilization); marketing often from ~5%+	View
Morpho Wrapped BTC variants (cbBTC, WBTC, LBTC, etc.) and other assets by market	DeFi revolving (Blue); fixed-term exists on Midnight	DeFi smart contract	No	Market-specific: borrow allowed up to just under that market’s LLTV (no single Morpho-wide max)	Permissionless liquidate when LTV > LLTV; up to 100% of debt	Blue: variable AdaptiveCurveIRM (utilization; ~90% target). Midnight: fixed rate, fixed term (separate product).	View
Ledn BTC only (primary product)	Fixed-term loan	Qualified custodial	Limited / Partial	50%	Automatic partial sale of collateral; residual returned	9.25–11.49% APR size-tiered (interest plus admin in published APR math)	View
Nexo BTC and many altcoins	Revolving credit line	Qualified custodial	Limited / Partial	BTC up to 50% on US borrow page; other assets differ (stablecoins higher)	Partial auto typical	US Wealth Club starting-from rates: Classic from 12.90%, Premier from 2.90%, Elite from 1.90%, Signature from 0.90% (full grid app-gated). Global loyalty tables differ.	View
SALT BTC and selected altcoins	Fixed-term loan	Qualified custodial	No	Up to 70% (30/50/70% tiers; 70% is 1-year only)	Stabilization if opted in; full sale path without; optional SALT Shield on eligible loans	7.49–10.50% APR flat schedule by LTV and term (official rates page)	View
Figure BTC and selected altcoins	Fixed-term loan	Lender-held custodial	No	Up to 75%	Partial typical; protection product available in some states	8.91% interest (9.999% APR) at 50% LTV; 11.50% interest (12.62% APR) up to 75% LTV (rates change often)	View
Unchained BTC only	Fixed-term commercial loan	Collaborative multisig	Impossible by design	About 50% (200% collateral-to-principal example)	Close-out: liquidate enough collateral to repay the loan; remaining returned	12.0% interest; example 14.18% APR with 2% origination on 12-payment schedule (pricing page)	View
Arch Lending BTC and selected altcoins	Fixed-term loan (facility-style management)	Qualified custodial	No	Up to 60% BTC	Partial liquidation to restore starting / healthy LTV	7.25–10.49% APR size-tiered (official rates table)	View
Surge Credit Native BTC (no wrapping claimed)	Credit line (non-custodial pooled market)	Non-custodial vault	Impossible by design	50% (marketing; expanding)	Auction / protocol path; no liquidation fee claimed vs peers	Marketing from about 6.9% variable / 9.9% fixed; docs also describe fixed about 8–11% and variable target	View
Debifi Native BTC	Bilateral loan (lender-matched)	Non-custodial P2P	Impossible by design	Up to about 70% (offer dependent)	Escrow / coordinated release	Offer-dependent fixed APR (marketplace; compare snapshots often high single digits to low 20s)	View
Lygos Native BTC	Bilateral loan (1 lender : 1 borrower)	Non-custodial vault	Impossible by design	Negotiated; public sources disagree (about 50–70% class)	Deterministic DLC settlement	Marketing from about 10% APR all-in; negotiated ranges appear in compare pages	View
Firefish Native BTC	P2P marketplace loan	Non-custodial P2P	Impossible by design	50% initial (up to about 60% negotiated)	Automated / escrow process	Marketplace-set; marketing from about 5%; compare bands often about 5.5–16.5% APR	View
Aave Wrapped BTC (WBTC etc.)	DeFi revolving	DeFi smart contract	Yes	Market-specific. Ethereum V3 WBTC/cbBTC standard: max LTV 73% (not a global Aave max; eMode and V4 can differ)	Permissionless liquidators when Health Factor < 1; partial or full by V3 rules	Variable only (stable rate deprecated). Live utilization-driven (e.g. USDC borrow often low-to-mid single digits; snapshot changes)	View
Ducat Protocol Native BTC on L1	Protocol credit / stablecoin mint path	Non-custodial vault	No	Up to 62.5% (min 160% collateral ratio)	Protocol liquidation path	0% ongoing interest with 1% one-time origination (official homepage; prefer over older self-blog rate ranges)	View
Lava BTC (structure dependent)	Line of credit and fixed-term loans	Lender-held custodial	No	50%	Oracle-triggered	BLOC marketing often 5% class plus capital charges (about 7% all-in examples); term loans vary by tenor	View
Hodl Hodl Lend Native BTC	P2P offer book	Non-custodial P2P	Impossible by design	30–70% for fiat-backed cryptos; up to 80% for BTC-equivalent cryptos	Escrow dispute / release process	Market / offer-set (no single platform rate card)	View

Side by side

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Provider AvsProvider B

Field	Aave	Arch Lending
Product	DeFi revolving	Fixed-term loan (facility-style management)
Custody	DeFi smart contract	Qualified custodial
Rehypothecation	Yes	No
Collateral	Wrapped BTC (WBTC etc.)	BTC and selected altcoins
Max LTV	Market-specific. Ethereum V3 WBTC/cbBTC standard: max LTV 73% (not a global Aave max; eMode and V4 can differ)	Up to 60% BTC
Margin call	Health factor alerts in wallets/UIs	BTC 70% margin call
Cure window	None enforced by protocol	24 hours to add collateral or partially repay (restore toward starting max LTV)
Liquidation	Permissionless liquidators when Health Factor < 1; partial or full by V3 rules	Partial liquidation to restore starting / healthy LTV
Liquidation fee	Per-asset liquidation bonus (often ~5% class on majors reserve UI) plus protocol share of bonus	Typically 2% of amount liquidated (where allowed by state law)
Rate range	Variable only (stable rate deprecated). Live utilization-driven (e.g. USDC borrow often low-to-mid single digits; snapshot changes)	7.25–10.49% APR size-tiered (official rates table)
Origination	None (gas)	0.25–1.49% by loan size
Min loan	None	$5,000 default (varies by collateral and state)
Terms	Open-ended	About 1–12 months
Typical fit	DeFi-native users who already hold WBTC or similar and want open-ended borrows.	Mid-to-large tickets that want clear cure rules and qualified custody.

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