The snapshot from Sep 25, 3:54 PM ET isn’t kept: this page’s figures are live, and older snapshots aren’t stored yet. This is the latest, at its own permanent address: https://defirate.com/lending/bitcoin/snapshot/2026-09-25T1718/.
Permanent snapshot · never updated
Bitcoin lending ratesEvery figure as of Sep 25, 5:18 PM ET
A frozen record for citation. Numbers on the live page change as markets move; these don’t. Methodology · Live source records
Curve crvUSD (Ethereum): borrow crvUSD against WBTC
3.63%The current variable rate to borrow crvUSD on Curve crvUSD (Ethereum) with WBTC (tokenized Bitcoin) as collateral, up to 89% of the collateral’s value.
The borrow rate in this market from DefiLlama, net of any borrow rewards, observed at the time shown.
Rate type: Variable borrow rate. Cited as: “Borrowing crvUSD against WBTC on Curve crvUSD costs about 3.6% a year” (DefiLlama via DeFi Rate).
Rates and terms (1)
Morpho (Ethereum): borrow USDT against cbBTC
3.69%The current variable rate to borrow USDT on Morpho (Ethereum) with cbBTC (tokenized Bitcoin) as collateral, up to 86% of the collateral’s value.
The borrow rate in this market from DefiLlama, net of any borrow rewards, observed at the time shown.
Rate type: Variable borrow rate. Cited as: “Borrowing USDT against cbBTC on Morpho costs about 3.7% a year” (DefiLlama via DeFi Rate).
Rates and terms (1)
Morpho (Ethereum): borrow USDT against WBTC
3.70%The current variable rate to borrow USDT on Morpho (Ethereum) with WBTC (tokenized Bitcoin) as collateral, up to 86% of the collateral’s value.
The borrow rate in this market from DefiLlama, net of any borrow rewards, observed at the time shown.
Rate type: Variable borrow rate. Cited as: “Borrowing USDT against WBTC on Morpho costs about 3.7% a year” (DefiLlama via DeFi Rate).
Rates and terms (1)
Aave v3 (Arbitrum): borrow USDC against WBTC
3.80%The current variable rate to borrow USDC on Aave v3 (Arbitrum) with WBTC (tokenized Bitcoin) as collateral, up to 73% of the collateral’s value.
The borrow rate in this market from DefiLlama, net of any borrow rewards, observed at the time shown.
Rate type: Variable borrow rate. Cited as: “Borrowing USDC against WBTC on Aave v3 costs about 3.8% a year” (DefiLlama via DeFi Rate).
Rates and terms (1)
Spark (Ethereum): borrow USDS against cbBTC
4.13%The current variable rate to borrow USDS on Spark (Ethereum) with cbBTC (tokenized Bitcoin) as collateral, up to 81% of the collateral’s value.
The borrow rate in this market from DefiLlama, net of any borrow rewards, observed at the time shown.
Rate type: Variable borrow rate. Cited as: “Borrowing USDS against cbBTC on Spark costs about 4.1% a year” (DefiLlama via DeFi Rate).
Rates and terms (1)
Compound v3 (Ethereum): borrow USDC against WBTC
4.24%The current variable rate to borrow USDC on Compound v3 (Ethereum) with WBTC (tokenized Bitcoin) as collateral, up to 80% of the collateral’s value.
The borrow rate in this market from DefiLlama, net of any borrow rewards, observed at the time shown.
Rate type: Variable borrow rate. Cited as: “Borrowing USDC against WBTC on Compound v3 costs about 4.2% a year” (DefiLlama via DeFi Rate).
Rates and terms (1)
Aave v3 (Ethereum): borrow USDC against cbBTC
4.36%The current variable rate to borrow USDC on Aave v3 (Ethereum) with cbBTC (tokenized Bitcoin) as collateral, up to 73% of the collateral’s value.
The borrow rate in this market from DefiLlama, net of any borrow rewards, observed at the time shown.
Rate type: Variable borrow rate. Cited as: “Borrowing USDC against cbBTC on Aave v3 costs about 4.4% a year” (DefiLlama via DeFi Rate).
Rates and terms (1)
Morpho (Base): borrow USDC against cbBTC
4.78%The current variable rate to borrow USDC on Morpho (Base) with cbBTC (tokenized Bitcoin) as collateral, up to 86% of the collateral’s value.
The borrow rate in this market from DefiLlama, net of any borrow rewards, observed at the time shown.
Rate type: Variable borrow rate. Cited as: “Borrowing USDC against cbBTC on Morpho costs about 4.8% a year” (DefiLlama via DeFi Rate).
Rates and terms (1)
Venus (BSC): borrow USDT against BTCB
4.82%The current variable rate to borrow USDT on Venus (BSC) with BTCB (tokenized Bitcoin) as collateral, up to 80% of the collateral’s value.
The borrow rate in this market from DefiLlama, net of any borrow rewards, observed at the time shown.
Rate type: Variable borrow rate. Cited as: “Borrowing USDT against BTCB on Venus costs about 4.8% a year” (DefiLlama via DeFi Rate).
Rates and terms (1)
Morpho (Ethereum): borrow USDC against cbBTC
5.00%The current variable rate to borrow USDC on Morpho (Ethereum) with cbBTC (tokenized Bitcoin) as collateral, up to 86% of the collateral’s value.
The borrow rate in this market from DefiLlama, net of any borrow rewards, observed at the time shown.
Rate type: Variable borrow rate. Cited as: “Borrowing USDC against cbBTC on Morpho costs about 5.0% a year” (DefiLlama via DeFi Rate).
Rates and terms (1)
Aave v3 (Base): borrow USDC against cbBTC
5.06%The current variable rate to borrow USDC on Aave v3 (Base) with cbBTC (tokenized Bitcoin) as collateral, up to 73% of the collateral’s value.
The borrow rate in this market from DefiLlama, net of any borrow rewards, observed at the time shown.
Rate type: Variable borrow rate. Cited as: “Borrowing USDC against cbBTC on Aave v3 costs about 5.1% a year” (DefiLlama via DeFi Rate).
Rates and terms (1)
Morpho (Ethereum): borrow USDC against WBTC
5.10%The current variable rate to borrow USDC on Morpho (Ethereum) with WBTC (tokenized Bitcoin) as collateral, up to 86% of the collateral’s value.
The borrow rate in this market from DefiLlama, net of any borrow rewards, observed at the time shown.
Rate type: Variable borrow rate. Cited as: “Borrowing USDC against WBTC on Morpho costs about 5.1% a year” (DefiLlama via DeFi Rate).
Rates and terms (1)
Kamino (Solana): borrow USDC against cbBTC
6.09%The current variable rate to borrow USDC on Kamino (Solana) with cbBTC (tokenized Bitcoin) as collateral, up to 79% of the collateral’s value.
The borrow rate in this market from DefiLlama, net of any borrow rewards, observed at the time shown.
Rate type: Variable borrow rate. Cited as: “Borrowing USDC against cbBTC on Kamino costs about 6.1% a year” (DefiLlama via DeFi Rate).
Rates and terms (1)
SALT: Bitcoin-backed loan
From 7.49% APRSALT’s published rate for its Bitcoin-backed loan. No origination fee or prepayment penalty. Same rate at every loan size. Rates fixed for up to 5 years.
Rates as published on SALT’s own site, checked Sep 23, 2026. The headline is the lowest rate in any tier; the table shows every tier.
Rate type: Published rate. Cited as: “SALT advertises from 7.49% APR on Bitcoin-backed loans” (SALT via DeFi Rate).
Rates and terms (1)
| 30% LTV, 1 year | 7.49% |
| 50% LTV, 1 year | 8.75% |
| 70% LTV, 1 year | 10.50% |
| 30% LTV, 3 years fixed | 8.24% |
| 30% LTV, 5 years fixed | 8.49% |
| 50% LTV, 3 years fixed | 9.50% |
| 50% LTV, 5 years fixed | 9.75% |
Lava: Bitcoin-backed line of credit
6.50%–8.50% interest + 2% yearly chargeLava’s published rate for its Bitcoin-backed line of credit. 2% capital charge each year on your maximum outstanding balance. Interest compounds daily and adds to your balance; no required payments.
Rates as published on Lava’s own site, checked Sep 23, 2026. The headline is the lowest rate in any tier; the table shows every tier.
Rate type: Published rate. Cited as: “Lava advertises 6.50%–8.50% interest + 2% yearly charge on Bitcoin-backed loans” (Lava via DeFi Rate).
Rates and terms (1)
| Under $250K | 8.50% |
| $250K to $500K | 8.00% |
| $500K to $1M | 7.50% |
| $1M to $2M | 7.00% |
| $2M+ | 6.50% |
Arch: BTC-backed loan
From 7.25% APRArch’s published rate for its BTC-backed loan. APR includes a 0.25%–1.49% origination fee. Terms up to 12 months; can roll over at maturity.
Rates as published on Arch’s own site, checked Sep 23, 2026. The headline is the lowest rate in any tier; the table shows every tier.
Rate type: Published rate. Cited as: “Arch advertises from 7.25% APR on Bitcoin-backed loans” (Arch via DeFi Rate).
Rates and terms (1)
| Under $250K | 10.49% monthly · 10.99% at maturity |
| $250K–$750K | 9.99% · 10.49% |
| $750K–$2M | 8.99% · 9.49% |
| $2M–$5M | 8.24% · 8.74% |
| $5M–$10M | 7.74% · 8.24% |
| Over $10M | From 7.25% · from 8.00% |
Ledn: Bitcoin-backed loan
From 9.25% APR (headline; its calculator shows 9.99% at the top tier)Ledn’s published rate for its Bitcoin-backed loan. APR includes a 2% administration fee. Starts at 50% LTV, 12-month term, no required monthly payments.
Rates as published on Ledn’s own site, checked Sep 23, 2026. The headline is the lowest rate in any tier; the table shows every tier.
Rate type: Published rate. Cited as: “Ledn advertises from 9.25% APR (headline; its calculator shows 9.99% at the top tier) on Bitcoin-backed loans” (Ledn via DeFi Rate).
Rates and terms (1)
| Under $250K | 11.49% |
| $250K+ | 10.99% |
| $500K+ | 10.49% |
| $1M+ | 9.99% |
| $2M+ | 9.99% in its calculator; its headline says from 9.25% |
Nexo: Credit Line
From 1.9% a yearNexo’s published rate for its Credit Line. Interest only on what you draw, for the days you use it. Check the app for your rate; availability varies by country.
Rates as published on Nexo’s own site, checked Sep 23, 2026. The headline is the lowest rate in any tier; the table shows every tier.
Rate type: Published rate. Cited as: “Nexo advertises from 1.9% a year on Bitcoin-backed loans” (Nexo via DeFi Rate).
Rates and terms (1)
| Rate | From 1.9%; depends on loyalty tier (NEXO token holdings) and region |
| Bitcoin collateral | Up to 50% LTV |
Strike: Fixed-term loan
From 7.49% APRStrike’s published rate for its Fixed-term loan. Strike’s page blocked our check.
Reported according to Ledn’s Sep 13, 2026 comparison; not verified by DeFi Rate.
Rate type: Published rate. Cited as: “Strike advertises from 7.49% APR on Bitcoin-backed loans, according to Ledn’s Sep 13, 2026 comparison; not verified by DeFi Rate” (Strike as reported by Ledn, via DeFi Rate).
Rates and terms (1)
| Under $250K | 10.50% monthly · 11.25% at maturity |
| Over $5M | From 7.49% |
Coinbase: USDC loan through Morpho
4.78% market rate + Coinbase feesCoinbase’s published rate for its USDC loan through Morpho. Coinbase interest fee (not published) + processing fee. Borrows USDC against cbBTC on the Morpho market on Base. Coinbase’s help page blocked our check.
Reported terms from Coinbase’s help page as reported in Ledn’s Sep 13, 2026 comparison; not verified by DeFi Rate.
Rate type: Published rate. Cited as: “Coinbase’s Bitcoin-backed loans cost the Morpho market rate (4.78% now) plus Coinbase’s fees, terms from Coinbase’s help page as reported in Ledn’s Sep 13, 2026 comparison; not verified by DeFi Rate” (Coinbase as reported by Ledn, via DeFi Rate).
Rates and terms (1)
| Morpho cbBTC/USDC market now | 4.78% (variable) |
| Coinbase interest fee | Added above the market rate; shown in the app |
| Processing fee | 2% on the first $250K, 1% above |
Earning on Bitcoin in DeFi
0.18%The highest current supply rate for tokenized Bitcoin in the large DeFi lending markets we track.
Few borrowers want Bitcoin itself, so lenders of BTC earn very little. From DefiLlama, observed at the time shown.
Rate type: Variable supply rate. Cited as: “Lending Bitcoin in DeFi pays under 0.2% a year” (DefiLlama via DeFi Rate).