Browse Bitcoin Lenders
Review published rates, fees, loan limits, and custody models across the market using one standardized scenario.
Last updated September 2026
Standardized scenario: $250,000 principal, 50% starting LTV, 12-month term, and monthly-pay pricing where offered. Variable and account-tier rates remain labeled as conditional.
| Feature | Lygos | Ledn | Nexo | Coinbase |
|---|---|---|---|---|
| APR | 10% | 10.99% | 0.9%–15.9% | 5.1%+ variable |
| Fees / Charges | $0 | $0 (waived for US/Canada) | $0 | 2% processing fee |
| Min Loan | $25,000 | $500 | $50 | None |
| Custody | Non-custodial (DLC) | Custodial (segregated) | Custodial | Custodial (cbBTC on Morpho / Base) |
| Rehypothecation | Constrained by DLC design | Yes | Yes | No |
| Technology | DLC (Bitcoin-native) | Centralized | Centralized | Centralized |
| Best For | $25K–$100M, security-first | Small loans, convenience | Token holders, low rates | Existing Coinbase users |
APR
Lygos
10%
Ledn
10.99%
Nexo
0.9%–15.9%
Coinbase
5.1%+ variable
Fees / Charges
Lygos
$0
Ledn
$0 (waived for US/Canada)
Nexo
$0
Coinbase
2% processing fee
Min Loan
Lygos
$25,000
Ledn
$500
Nexo
$50
Coinbase
None
Custody
Lygos
Non-custodial (DLC)
Ledn
Custodial (segregated)
Nexo
Custodial
Coinbase
Custodial (cbBTC on Morpho / Base)
Rehypothecation
Lygos
Constrained by DLC design
Ledn
Yes
Nexo
Yes
Coinbase
No
Showing 3 of the 9 lenders we track — see every head-to-head comparison.
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Why Comparing Bitcoin Lenders Matters
Interest rates compound fast
A 2-percentage-point APR difference on a $500,000 loan means over $10,000 in extra interest per year.
Custody model matters
Custodial platforms like Ledn and Nexo take possession of your BTC. Non-custodial platforms use DLCs to lock collateral on-chain.
Rehypothecation risk
Some lenders lend out your deposited Bitcoin to generate yield, exposing your collateral to third-party default risk.
Minimums vary widely
Unchained requires a $150,000 minimum. Lygos starts at $25,000 with the same institutional-grade security.
Lygos vs. Every Lender
Card headlines use the same $250,000, 50% LTV, 12-month reference scenario; bullets retain each lender's full published range and fee structure.
Lygos vs. Ledn
Lygos: DLC-constrained collateral vs. Ledn's custodial model
- •Lygos: 10% APR, $0 fees, non-custodial
- •Ledn: 9.25%–11.49% APR, 2% origination fee (waived for US/Canada), custodial
Lygos vs. SALT
SALT at 8.75% APR vs. 10%
- •Lygos: 10% APR, $0 fees, non-custodial
- •SALT: 7.49%–10.5% APR, $0 fees, custodial
Lygos vs. Nexo
Lygos: DLC-constrained collateral vs. Nexo's custodial model
- •Lygos: 10% APR, $0 fees, non-custodial
- •Nexo: 0.9%–15.9% APR, $0 fees, custodial
Lygos vs. Arch
Arch at 9.99% APR vs. 10%
- •Lygos: 10% APR, $0 fees, non-custodial
- •Arch: 7.25%–10.49% APR, 0.25%–1.49% origination fee, custodial
Lygos vs. Strike
Strike at 10% APR vs. 10%
- •Lygos: 10% APR, $0 fees, non-custodial
- •Strike: 7.49%–10.5% APR, $0 fees, custodial
Lygos vs. Figure
Figure at 9.99% APR vs. 10%
- •Lygos: 10% APR, $0 fees, non-custodial
- •Figure: 9.99%–12.62% APR, 1% origination fee, mpc custody
Lygos vs. Coinbase
Lygos: 10% vs. Coinbase: 5.1%+ variable
- •Lygos: 10% APR, $0 fees, non-custodial
- •Coinbase: 5.1%+ (variable) APR, 1%–2% processing fee, custodial
Lygos vs. Lava
Lava at 6.5% APR vs. 10%
- •Lygos: 10% APR, $0 fees, non-custodial
- •Lava: 6.5%–7.5% APR, 2% annual capital charge, distributed-key custody
Lygos vs. Unchained
Lygos at 10% APR vs. 14.18%
- •Lygos: 10% APR, $0 fees, non-custodial
- •Unchained: 14.18% APR, 2% origination fee, collaborative multisig
Cross-Lender Comparisons
Compare any two Bitcoin lenders head-to-head, including competitors against each other.
Ledn vs. SALT
9.25%–11.49% vs. 7.49%–10.5% APR
Ledn vs. Nexo
9.25%–11.49% vs. 0.9%–15.9% APR
Ledn vs. Arch
9.25%–11.49% vs. 7.25%–10.49% APR
Ledn vs. Strike
9.25%–11.49% vs. 7.49%–10.5% APR
Ledn vs. Figure
9.25%–11.49% vs. 9.99%–12.62% APR
Ledn vs. Coinbase
9.25%–11.49% vs. 5.1%+ (variable) APR
Ledn vs. Lava
9.25%–11.49% vs. 6.5%–7.5% APR
Ledn vs. Unchained
9.25%–11.49% vs. 14.18% APR
SALT vs. Nexo
7.49%–10.5% vs. 0.9%–15.9% APR
SALT vs. Arch
7.49%–10.5% vs. 7.25%–10.49% APR
SALT vs. Strike
7.49%–10.5% vs. 7.49%–10.5% APR
SALT vs. Figure
7.49%–10.5% vs. 9.99%–12.62% APR
SALT vs. Coinbase
7.49%–10.5% vs. 5.1%+ (variable) APR
SALT vs. Lava
7.49%–10.5% vs. 6.5%–7.5% APR
SALT vs. Unchained
7.49%–10.5% vs. 14.18% APR
Nexo vs. Arch
0.9%–15.9% vs. 7.25%–10.49% APR
Nexo vs. Strike
0.9%–15.9% vs. 7.49%–10.5% APR
Nexo vs. Figure
0.9%–15.9% vs. 9.99%–12.62% APR
Nexo vs. Coinbase
0.9%–15.9% vs. 5.1%+ (variable) APR
Nexo vs. Lava
0.9%–15.9% vs. 6.5%–7.5% APR
Nexo vs. Unchained
0.9%–15.9% vs. 14.18% APR
Arch vs. Strike
7.25%–10.49% vs. 7.49%–10.5% APR
Arch vs. Figure
7.25%–10.49% vs. 9.99%–12.62% APR
Arch vs. Coinbase
7.25%–10.49% vs. 5.1%+ (variable) APR
Arch vs. Lava
7.25%–10.49% vs. 6.5%–7.5% APR
Arch vs. Unchained
7.25%–10.49% vs. 14.18% APR
Strike vs. Figure
7.49%–10.5% vs. 9.99%–12.62% APR
Strike vs. Coinbase
7.49%–10.5% vs. 5.1%+ (variable) APR
Strike vs. Lava
7.49%–10.5% vs. 6.5%–7.5% APR
Strike vs. Unchained
7.49%–10.5% vs. 14.18% APR
Figure vs. Coinbase
9.99%–12.62% vs. 5.1%+ (variable) APR
Figure vs. Lava
9.99%–12.62% vs. 6.5%–7.5% APR
Figure vs. Unchained
9.99%–12.62% vs. 14.18% APR
Coinbase vs. Lava
5.1%+ (variable) vs. 6.5%–7.5% APR
Coinbase vs. Unchained
5.1%+ (variable) vs. 14.18% APR
Lava vs. Unchained
6.5%–7.5% vs. 14.18% APR
Frequently Asked Questions
There is no single lowest lender for every borrower because pricing can change with loan size, LTV, term, account tier, and market utilization. The chart uses a $250,000 loan at 50% LTV for 12 months and avoids declaring a winner where account or variable-rate inputs remain unresolved.
Because fees and charges can sit outside the headline rate. Coinbase's Morpho-powered loans advertise a variable rate around 5%, but add a processing fee — 2% on the first $250,000 and 1% above — to your principal on every draw, where it accrues interest, and the rate itself floats with market utilization (it has spiked above 8%). Lava advertises 6.5–7.5%, compounds interest daily, and adds a 2% annual capital charge on your peak balance, every year the line stays open, putting the effective first-year cost near 8.7–9.8%.
In a non-custodial model, collateral is not placed in a platform-controlled wallet. Lygos uses Discreet Log Contracts (DLCs) to lock collateral on the Bitcoin blockchain itself. The available outcomes are pre-signed before collateral is committed, constraining how funds can move and reducing platform custody exposure.
Minimum loan amounts vary by lender. Nexo starts at $50, Ledn at $500, and Unchained requires $150,000. Lygos has a $25,000 minimum and supports loans up to $100M.
Find the right Bitcoin lender for you
10% APR, $0 origination fees, and DLC-secured collateral. Compare the details that matter.