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BTC/USD

Bitcoin collateral against dollar-denominated debt. The deepest of the four and the only one with a term structure.

Collateralall rates APR, act/365
Loan denomination
These are USD rates, comparable to any other USD loan. Collateral is the other axis.
Price
Borrow · lend
4.08% · 2.95%
algorithmic class, 30-day window
Intermediation margin
1.06pp
over 141 pools publishing both legs
Spread over SOFR
+0.43pp
algorithmic borrow over SOFR, the secured overnight rate
Quality
LTV · liquidation
60.2% · 87.2%
163 markets where both a threshold and both sides publish
Fall to liquidation
31%
how far bitcoin falls before the average position liquidates
Bad debt
none
on $3.68bn published; $3.22bn sits in 11 withheld markets
Composition
Collateral · debt
$8.40bn · $2.04bn
131,104 BTC posted
Collateral mix
cbBTC 53%
of 10 bitcoin wrappers posted
Venue concentration
44%
aave_v3_ethereum of 15 venues · top three 88%

Credit classes

Yield curve — by time to maturity

reference
0%5%10%15%7d14d1mo2mo3mo6mo1y2y5y7yXapo — 10.50% posted at 1mo 40% max LTV liquidates on LTV Administered — posted rate card, as of 2026-07-21 A price the desk sets, not a price a market cleared.Xapo — 10.50% posted at 3mo 40% max LTV liquidates on LTV Administered — posted rate card, as of 2026-07-21 A price the desk sets, not a price a market cleared.Strike — 14.20% posted at 6mo Published range 10.70–14.20% 45% max LTV no price liquidation (hedged) Administered — posted rate card, as of 2026-07-21 A price the desk sets, not a price a market cleared.Xapo — 10.50% posted at 6mo 40% max LTV liquidates on LTV Administered — posted rate card, as of 2026-07-21 A price the desk sets, not a price a market cleared.Ledn — 11.49% posted at 1yr Published range 9.25–11.49% 50% max LTV liquidates on LTV Administered — posted rate card, as of 2026-07-21 A price the desk sets, not a price a market cleared.SALT — 10.97% posted at 1yr Published range 7.49–14.45% 70% max LTV liquidates on LTV Administered — posted rate card, as of 2026-07-21 A price the desk sets, not a price a market cleared.Xapo — 10.50% posted at 1yr 40% max LTV liquidates on LTV Administered — posted rate card, as of 2026-07-21 A price the desk sets, not a price a market cleared.n=1n=1n=3n=2n=2n=1n=1FLATR²=0.042Loan Duration (log scale)Rate (APR %)
Rates at Standard Tenors
Tenor
7d
14d
1mo
2mo
3mo
6mo
1y
2y
5y
7y
Auction
5.07%
5.07%
5.09%
5.14%
5.18%
5.26%
5.38%
5.52%
5.74%
5.83%
Posted card
—
—
10.50%
—
10.50%
10.50–14.20%
10.50–11.49%
—
—
—
US Treasury
—
—
3.79%
—
3.91%
4.02%
4.07%
4.25%
4.40%
4.54%
Access yield curve data via API · GET /v1/yield-curve · GET /v1/yield-curve/history
solid = observed span · dashed = fitted extension, both directions

Lookback curve — by averaging window

0.0%5.0%10%7d14d30d60d90d180d1y2yAlgorithmicAuctionMintedPosted cardRate (APR %)
x-axis: lookback_window · borrow and lend rate

Rate history — by date

Range:
Algorithmic
Minted
Auction
Posted card
Corporate
Reference
Basis · 0d
0%1%2%3%4%5%May 7May 22Jun 6Jun 21Jul 6Jul 21Aug 5US 10Y TreasuryRate (APR %)
matched basis · borrow solid, lend muted

Credit surface — by tenor and loan-to-value

Loading credit surface...
tenor × LTV → rate · volume-weighted · n per cell

Concentration by class — by date

0%4%8%12%16%20%24%28%32%36%40%44%48%52%56%60%64%68%72%76%80%84%88%92%96%100%Aug 2024Dec 2024Apr 2025Aug 2025Dec 2025Apr 2026Aug 2026MintedCorporateAuctionPosted cardAlgorithmicHerfindahl × 100 (concentration)
HHI — Minted 1.00 · Corporate 1.00 · Auction 1.00 · Posted card 0.20 · Algorithmic 0.18
2026-08-05 — coverage break, not a market move

Utilisation — by date

0%4%8%12%16%20%24%28%32%36%40%44%48%52%56%60%64%68%72%76%80%84%88%Aug 2024Dec 2024Apr 2025Aug 2025Dec 2025Apr 2026Aug 2026AlgorithmicMintedBorrowed / supplied (%)
Algorithmic 73% · Minted 25%

Collateral wrappers — by date

0%25%50%75%100%cbBTC 53%WBTC 38%kBTC 4%LBTC 2%Jul 24Jul 27Jul 30Aug 2Aug 5Share of collateral
131,104 BTC across 10 wrappers
2026-08-05 — coverage break, not a market move
Informational purposes only — not financial advice or a recommendation.
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