Compare the same thing.
“From 1.9%,” “9.25% APR” and a variable market rate describe different kinds of numbers. The first may depend on loyalty conditions. The second belongs to a specific amount tier. The third can change while your loan is outstanding. Ranking them from smallest to largest does not identify the cheapest loan for you.
Start with the amount of cash you need, your collateral asset, your location and the likely repayment date. Then request an offer that makes the following quantities explicit.
| Measure | What it tells you | What to check |
|---|---|---|
| Annual interest rate | The stated yearly charge on the interest-bearing balance. | Is it fixed? Does a financed fee also accrue interest? |
| APR | An annualized borrowing-cost measure, often including specified fees. | Which fees and cash-flow assumptions does this provider include? |
| APY | A yearly measure that reflects compounding. | Is the screen showing a borrowing cost or a lender’s yield? |
| Net proceeds | The money you actually receive after any withheld charge. | Does the advertised loan principal equal the cash that reaches you? |
A lender’s yield is not automatically a borrower’s rate. Neither is a protocol-only rate necessarily the all-in price through an interface. Keep interest, origination charges, platform fees and conversion costs separate until you know what is already included.
Ledn: published amount-based APR tiers
The table below follows the dedicated “Loan calculator & rates” section of Ledn’s Bitcoin-backed loan page, reviewed on October 31, 2026. Larger loan amounts enter lower tiers. The lowest listed APR is not the rate for a typical smaller loan.
| Loan amount (USD) | Published APR | Illustrative annual cost* |
|---|---|---|
| $500–$249,999 | 10.99% | $10,990 on $100,000 |
| $250,000–$499,999 | 10.49% | $26,225 on $250,000 |
| $500,000–$999,999 | 9.99% | $49,950 on $500,000 |
| $1,000,000–$1,999,999 | 9.75% | $97,500 on $1,000,000 |
| $2,000,000+ | 9.25% | $185,000 on $2,000,000 |
*Simple principal × displayed APR illustration for 12 months. Not a cash-flow-based repayment quote. Jurisdiction-specific charges and offer terms govern; do not add a fee already included in APR.
Source discrepancy: Ledn’s page also contains a different rate set in an earlier calculator and inconsistent FAQ figures. We use the dedicated rates section above, not a blended range. Confirm the platform quote before committing. See the exact discrepancy.
For a $100,000 reference amount, 10.99% means an illustrative $10,990 annual cost using that simple calculation. Reaching the 9.25% tier requires at least $2 million of borrowing in the displayed table. Taking a larger loan just to reach a smaller percentage can increase total dollars owed.
Arch: compare the rate and the origination fee
Arch’s complete rate table separates interest, the upfront charge and its advertised APR. The figures below apply to the BTC, ETH and SOL tiers shown on that page; other collateral has dedicated pricing.
| Loan size | Interest | Origination fee | Published APR |
|---|---|---|---|
| Under $250K | 9.00% | 1.49% | 10.49% |
| $250K–$750K | 8.50% | 1.49% | 9.99% |
| $750K–$2M | 8.00% | 0.99% | 8.99% |
| $2M–$5M | 7.75% | 0.49% | 8.24% |
| $5M–$10M | 7.25% | 0.49% | 7.74% |
| $10M+ | 7.00% | 0.25% | From 7.25%; quote |
The page says the fee is withheld from funds disbursed. That matters: a $100,000 principal with a 1.49% deducted fee delivers $98,510 before other charges. Arch’s listed 10.49% APR should be preserved as its published figure, rather than silently relabeled as our own effective-rate calculation.
The published table shows lower APRs than Ledn’s at some comparable sizes. Price is one dimension alongside collateral policy, operating history and repayment terms. Read Ledn vs Arch for the collateral and repayment differences.
Strike: loan size and payment schedule
Strike’s rate schedule separates standard monthly-payment loans from payment-at-maturity loans. These are fixed term-loan APRs; the separate credit line is variable.
| Loan size | Monthly payments | Payment at maturity |
|---|---|---|
| Under $250K | 10.50% | 11.25% |
| $250K–$750K | 10.00% | 10.75% |
| $750K–$2M | 9.00% | 9.50% |
| $2M–$5M | 8.00% | 8.75% |
| $5M–$10M | 7.49% | Not listed |
| $10M+ | Custom | Not listed |
Volatility-proof term loans add 2.95 percentage points to the standard APR. The credit line is listed at 11.25% variable APR, linked to US Prime plus a margin and subject to quarterly recalculation. Compare the same product and payment schedule; the lowest term-loan tier is not the credit-line rate. See Ledn vs Strike.
How the other rates work
Coinbase / Morpho: product-specific, not protocol-wide
Coinbase’s current documentation distinguishes fixed and variable borrowing. For variable loans, the market rate can change; fixed loans have their own term and early-repayment rules. Processing charges are added to principal, and a platform fee may apply. Use the loan preview to capture the total balance and fees. We do not publish an unverified numeric “current rate.”
A Coinbase rate is not the rate of every Morpho market. Record the interface, product, collateral and borrowed asset. For BTC, account for the cbBTC collateral arrangement described on Coinbase’s product page.
Nexo: the lowest headline has conditions
Nexo advertises annual interest from 1.9%. Its loyalty documentation ties benefits to NEXO-token holdings, and its disclosures say rates vary by region, tier and other conditions. A token allocation has its own price exposure. Do not label the headline an unconditional APR or compare it to a different LTV without explaining the difference.
Aave: a network and reserve, not one platform rate
Aave’s borrowing documentation explains that rates change with market utilization and parameters. A repeatable comparison needs a named network, collateral token, borrowed token and mode. Add execution and conversion costs where relevant, and stress-test what happens if the rate increases. A low snapshot does not lock in a low twelve-month cost.
Rates across the wider comparison
The additional lenders, marketplaces and protocols below have different fee conventions. A displayed percentage is a dated provider statement; “market variable” and “in-app quote” mean there is no single verified rate suitable for every borrower.
| Provider | Rate and basis | Fees and conditions |
|---|---|---|
| Strike | 7.49–11.25% Standard term-loan APRs Provider source ↗ | Size and payment schedule matter; protected loans cost more. Credit line is separately priced. No origination or prepayment fee stated |
| SALT | 7.49–10.50% Published APR range Provider source ↗ | Offer depends on term, LTV and jurisdiction; APR includes applicable origination fees. APR includes applicable origination fees; no prepayment penalty |
| Unchained | 14.18% Published APR Provider source ↗ | Product calculator lists 12% interest; APR includes costs. Large minimums apply. Origination fee reflected in APR and net proceeds |
| Figure | 9.999% Published example APR Provider source ↗ | 8.91% interest plus 1% origination fee at 50% LTV in the calculator example. 1% origination in example; protection costs extra |
| Xapo | 10.5% Published interest rate Provider source ↗ | Interest rate on the borrowing page; account membership is a separate cost to evaluate. No arrangement, setup, closure or liquidation fees stated |
| Lava | In-app quote Borrowing rate not verified Provider source ↗ | The public 6.5% APY is a USD yield, not the borrowing rate. Current borrowing fee schedule not verified |
| Binance Loans | Pair-specific Flexible Loan variable rate Provider source ↗ | This comparison covers Flexible Loans, not Fixed Rate, VIP or Lite products. Variable interest; include conversion and withdrawal costs |
| Firefish | From 5% Advertised starting rate Provider source ↗ | Plus a 1.5% p.a. origination fee and network fees; marketplace offer determines price. 1.5% p.a. origination deducted from BTC + network fees |
| Hodl Hodl | Offer-specific Peer-negotiated interest Provider source ↗ | 1.5% borrower origination fee is additional; inspect offer APR and term. 1.5% origination paid by borrower |
| Morpho | Market variable Morpho Blue market rate Provider source ↗ | Specify network, collateral, loan asset, oracle and interest-rate model. Market interest + network and any interface charges |
| Compound | Market variable Compound III borrow rate Provider source ↗ | Choose the network and base-asset market; incentive-adjusted rates are not guaranteed. Borrow interest + network / conversion costs |
Term loans: compare the payment pattern
SALT’s longer terms and payment options change both monthly cash flow and lifetime interest. Unchained’s 14.18% APR is distinct from its 12% interest rate and comes with regular interest payments. Figure’s example separates 8.91% interest, a 1% origination fee and 9.999% APR at 50% LTV. Do not add an origination fee twice when it is already represented in an advertised APR. The linked provider pages establish these figures and their scope.
Membership and integrated accounts
Xapo’s published 10.5% interest rate does not tell you the incremental cost of joining its membership service solely to borrow. Include that account cost where relevant. Lava’s public overview did not establish a current all-in borrowing rate: its 6.5% USD yield APY is for a different product. Binance Flexible Loans require an exact collateral and loan-asset pair, plus a cash-out cost if the final expense is in fiat.
Marketplace fees are not interchangeable
Firefish specifies a 1.5% per annum origination fee deducted from Bitcoin collateral. Hodl Hodl specifies a 1.5% borrower origination fee. Do not apply the same duration formula to both without checking the agreement. For either marketplace, record the accepted offer, amount actually received, term, network fees and payoff amount.
Morpho and Compound: identify the market
For direct Morpho Blue borrowing, record the network, market identifier, collateral and loan token, oracle and liquidation threshold. For Compound III, record the network and base-asset market with its collateral factors. Neither protocol has one universal rate. Coinbase’s separate interface terms should not be applied to every Morpho position, and Compound v2 mechanics should not be attributed to Compound III.
AN ILLUSTRATIVE SCENARIO
Put a number on your borrowing cost.
Enter a nominal annual interest rate and a separate fee. These inputs are an example, not a provider quote.
Why a one-time fee matters more on a short loan
Consider a hypothetical $100,000 loan at 9% simple annual interest with a 1% fee deducted from proceeds. You receive $99,000. These are teaching assumptions, not a quote from any named provider.
| Repay after | Interest | Fee + interest | Simple annualized cost on cash received |
|---|---|---|---|
| 3 months | $2,250 | $3,250 | 13.13% |
| 6 months | $4,500 | $5,500 | 11.11% |
| 12 months | $9,000 | $10,000 | 10.10% |
The fee stays $1,000 even when the loan lasts only three months. That is why “no prepayment penalty” does not mean an early repayment reverses every original charge. Ask which charges are refundable and whether fixed-term interest remains payable.
If the same fee is financed instead, you receive $100,000 but start with a $101,000 interest-bearing balance. At 9% for a year, interest is $9,090. Including the fee, the borrowing cost is $10,090. The cash-flow difference is small in this example but real.
Stress-test a variable rate
For a hypothetical $100,000 unchanged balance, six months at 6% and six months at 12% produces $9,000 of simple interest before fees. A starting screenshot of 6% would understate that path. A budget should survive a higher-rate scenario as well as a collateral decline.
Rate and liquidation risk belong in the same decision
LTV is debt divided by current collateral value. A lower starting LTV uses more collateral but gives more room for a price decline before a fixed threshold is reached. Interest accrual can erode that buffer even if the asset price stays unchanged.
With $50,000 of debt and $100,000 of collateral, starting LTV is 50%. At an 80% liquidation threshold and unchanged debt, collateral worth $62,500 reaches the threshold: a 37.5% decline. Starting at 60% with the same 80% threshold leaves a 25% decline buffer. These are arithmetic illustrations, not a claim that every provider uses the same threshold.
Plan the top-up before a downturn. Decide where extra collateral or repayment cash will come from. Transfers take time; notifications can be missed. An auto top-up feature needs available funds and does not guarantee protection.
Budget for the exit, not just the entry
Repayment can include principal, accrued interest, applicable fees and conversion costs. If you repay using collateral, you may create a taxable disposal depending on your circumstances. This guide does not assume that every crypto loan or collateral transaction is tax-free.
For Ledn, the current page says that from January 1, 2027, accrued interest and applicable fees must be paid at maturity or mid-term refinancing, including existing loans. Renewal depends on eligibility and LTV below 65%; collateral can be sold to settle a shortfall. Plan an independent cash source rather than assume a perpetual rollover.
For Coinbase fixed loans, the current help center says early repayment does not reduce the interest owed. For any provider, ask for a concrete payoff amount on your intended date and a written explanation of the renewal path.
Source notes and limitations
- Ledn: the dedicated rates section shows 10.99%, 10.49%, 9.99%, 9.75% and 9.25%. The earlier calculator shows 11.49%, 10.99%, 10.49%, 9.99% and 9.99%. The FAQ contains inconsistent figures. Our displayed tier table uses the dedicated rates section as the source of truth and flags the conflict.
- Arch: a descriptive paragraph refers to 7.25% APR above $5M, but its complete rate table reserves “from 7.25% APR” for $10M+. We use the complete table. Confirm boundary amounts and the final offer.
- Nexo: “from 1.9%” is conditional annual interest, not a verified universal all-in APR.
- Onchain products: no unverified live numeric rates are included. A variable market requires a timestamped quote and its exact context.
- Lava: no verified numeric borrowing quote is published here. Its USD yield APY is not a loan rate.
- Figure: its embedded competitor comparison is dated July 2026; we use it only for Figure’s own stated example and use other providers’ own sources for their terms.
- Unchained: the current product page includes individuals, trusts and businesses for commercial loans. Older business-only summaries are not used.
- Updates: last source review is October 31, 2026. Figures are not automatically refreshed. A provider offer supersedes this research snapshot.
- Ledn — Bitcoin-backed loans
- Arch — Complete loan rate table
- Coinbase — Crypto-backed loan introduction
- Nexo — Credit line and loyalty program
- Aave — Borrowing documentation