Collateral
Loan denomination
Coinbase (Morpho-backed)
Coinbase (Morpho-backed) · posted rate card · observed from 2026-07-21
What we can see here. Rates are collecting, quantity is not available, and composition is not available. Each section below states its own case. Sections are never dropped when they are empty — an absent section and an absent number are different things.
1Structure
What kind of credit this is. Attributes, not scores — one column per structural property, factual values only, each with the contract, document or filing establishing it. Nothing here is ranked or weighted.
Oracle dependency what price the loan depends on, if any | single Coinbase Borrow (https://www.coinbase.com/borrow) routes to a Morpho Blue market on Base, which carries exactly one immutable oracle in its MarketParams. Readable on-chain precisely because the credit is not on Coinbase's own book. |
Liquidation what happens when collateral falls | threshold Coinbase Borrow — oracle-driven LTV liquidation at 86% with a 4.38% penalty, executed by the underlying Morpho Blue market rather than by Coinbase. |
Term whether the loan has an end date | open-ended Coinbase Borrow — open-ended, up to $5M; inherits Morpho Blue's no-maturity structure. |
Rate certainty whether the rate can move after origination | variable Coinbase Borrow — the variable per-block rate of the underlying Morpho market (rate_type = variable_onchain), which is why the card publishes no APR figure. |
Rate mechanism how the rate is set | posted rate card Published rate card at the desk's own site (cefi_credit_rates.source_url), re-fetched daily and last confirmed 2026-07-30. posted_card per v1 §8.2: the rate is an OFFER, not a transacted price — no desk publishes a loan book, which is why these venues' quantity and composition axes are declared unobtainable rather than missing. |
Custody who holds the collateral | protocol-custodial Coinbase Borrow — BTC is converted to cbBTC and supplied to a Morpho Blue market on Base, so the collateral sits in the Morpho singleton rather than on Coinbase's balance sheet. The cbBTC wrapper is itself Coinbase-issued, so custody risk is not eliminated, only moved. |
Collateral what secures the borrowing | BTC (desk-held, representation not disclosed) cefi_credit_rates.collateral_class = btc for every borrow product on this desk. Desks take native BTC into custody rather than a wrapped on-chain representation, so there is no token address to cite — which is also why none of this collateral is independently observable. |
Recourse whether liability stops at the collateral | non-recourse Inherited from the underlying Morpho Blue market: liability is bounded by the seized collateral and any shortfall is realised against that market's suppliers. The only CeFi row where recourse is sourceable, because the loan is on-chain. |
2Rates
What it costs to borrow here, and what it pays to lend, both sides never conflated. Rates are normalised to a continuously compounded annual figure so venues quoting four different ways are comparable.
collecting
Registered from its published terms and awaiting ingestion. Coverage says what the data will support once it runs, not what is published today.
3Quantity
Collateral locked and debt outstanding, and the origination, repayment and net flow behind them.
not available
CeFi desks publish no loan book. Quantity is unobtainable at this venue, not merely unbuilt — declared rather than left blank, per spec §8.1.
4Composition
Who owes it and on what terms: LTV distribution, how long positions actually reside, position-size concentration, and liquidation incidence by origination-LTV cohort.
not available
CeFi desks publish no loan-level data. Unobtainable, not unbuilt.
5Markets
The individual markets this venue runs in scope. A venue is usually a family — one row per (collateral representation, debt asset, chain).
No per-market breakdown is published for this venue. Either its markets are not individually resolved yet, or the venue does not partition into markets in a way that would tell a reader anything.
6Posted-rate change log
Specific to how this venue sets its rate — posted rate card. Every venue of the same mechanism class gets the same panel.
When the published card last moved, and the terms history behind it.
This venue runs no contracts to resolve, so nothing on this page is read from a chain. Its structural attributes above are established from published terms, documentation or filings, and each cell carries the specific source establishing it — which is why the rows here are visibly thinner than an on-chain venue’s, and why an unpublished property is marked undisclosed rather than filled with the industry convention. Last resolved 2026-07-24. Coinbase's retail BTC-backed loans are originated into Morpho Blue markets on Base, so this desk's loan book is already inside morpho_blue_base. Counting this row's quantity alongside Morpho's would double-count the same loans — structurally the same error as aEthWBTC, one layer up. It is registered as a price row only, and quantity must stay none for that reason and not merely because CeFi desks are opaque.