Bitcoin Lending Rates
What credit costs across venues, published side by side, as of 2026-08-05. This is a record of rates, not a ranking — the numbers are not comparable in the way a league table implies, and the section below explains why.
Rates by venue
| Venue / instrument | Rate (annualised) |
|---|---|
| Traditional | |
| SOFR (overnight) Secured Overnight Financing Rate — the US risk-free benchmark. | 3.65% |
| US Treasury 1M Constant-maturity Treasury yield. | 3.79% |
| US Treasury 3M Constant-maturity Treasury yield. | 3.91% |
| US Treasury 1Y Constant-maturity Treasury yield. | 4.07% |
| US Treasury 10Y Constant-maturity Treasury yield. | 4.70% |
| US Prime Rate Bank lending reference rate. | 6.75% |
| DeFi (variable) | |
| Aave v3 — USDC supply Utilisation-curve rate. Floats continuously; no maturity. | 3.80% |
| Compound — USDC supply Utilisation-curve rate. Floats continuously; no maturity. | 3.30% |
| Morpho — USDC supply Utilisation-curve rate. Floats continuously; no maturity. | unavailable |
| Derivatives | |
| Perp funding (annualised) Cost of leveraged long exposure via perpetual funding. Not a loan. | 1.11% |
| Gavel (auction-discovered, fixed term) | |
| Gavel — Bitcoin collateral, 7 days Discovered by competitive auction, settled on-chain, fixed maturity. | not yet discovered |
| Gavel — Bitcoin collateral, 30 days Discovered by competitive auction, settled on-chain, fixed maturity. | not yet discovered |
| Gavel — Bitcoin collateral, 90 days Discovered by competitive auction, settled on-chain, fixed maturity. | not yet discovered |
What these numbers are, and are not
They are not like for like, and reading them as a league table would be a mistake. A Treasury yield is a sovereign obligation with no counterparty risk to speak of. A utilisation-curve rate on Aave or Compound floats continuously and has no maturity — the number above is a snapshot of a rate that may be different an hour from now, and you cannot lock it. Perp funding is not a loan at all; it is the cost of leveraged exposure, annualised for comparability.
The Gavel rows are none of those things: a fixed rate, for a fixed term, agreed by two parties in an auction and settled on-chain, against over-collateralised Bitcoin. That is why it can have a term structure when a floating pool rate cannot. External rates are sourced from public data and refreshed on a schedule; each is annualised on its own convention, and no adjustment layer sits between the source and the number.
Why it currently reads empty
No auction has settled on mainnet yet, so there is no Bitcoin rate to publish. The row is shown rather than hidden because its absence is itself the honest state of the market: the venue is live and open, and the price has not been discovered. It fills in automatically once it is.
Informational purposes only — not financial advice, not a recommendation, and not an offer. Rates shown are records published by their respective venues, not quotes you can transact at by reading this page.