Resources
Mechanics
- Mechanics
The LTV waterfall: call, cure, liquidation
How margin calls and liquidation work, and how to read them on any provider page.
- Mechanics
Volatility-proof structures
Products that remove price-triggered liquidation, and the LTV/rate trade-offs.
- Mechanics
Fixed-term loan vs revolving line of credit
Lump sum with a maturity date versus draw-and-repay flexibility. Different LTV attention and rate styles.
- Mechanics
Partial vs full liquidation
Some lenders sell only enough to restore LTV. Others can liquidate the whole position. That changes outcomes in a drawdown.
Risk & custody
- Risk & custody
Custody models compared
Custodial, collaborative multisig, and non-custodial: who can move your Bitcoin.
- Risk & custody
What “no rehypothecation” should mean
Opaque “limited” language is a red flag. What to look for in legal and operational claims.
- Risk & custody
Bitcoin-only vs multi-asset collateral
Bitcoin-only keeps the stack simple. Multi-asset platforms add flexibility and more operational complexity.
- Risk & custody
Wrapped BTC and on-chain loans (cbBTC, WBTC, Morpho, Aave)
Convenience loans often wrap BTC and move it to a smart contract. Know wrapper, bridge, and protocol risk.
Cost
Decision tools
- Decision tools
How much price drop to liquidation?
Use the drawdown calculator before you fixate on small rate differences.
- Decision tools
How we structure comparison
Custody and counterparty first, loan mechanics second, cost after that.
- Decision tools
Can you pull excess collateral mid-loan?
Some products allow retrieval when LTV improves. Others lock everything until full repayment.