Arch charges 7.75%–9% APR with a 1.49% origination fee using custodial (anchorage, qualified custodian). Firefish charges ≈7%–13% (P2P) APR with a 1.5% origination fee using non-custodial escrow (3-of-3 pre-signed transactions). See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-06-09
Arch offers a lower headline rate at 7.75%–9% compared to Firefish's ≈7%–13% (P2P). On a $1M loan held for 12 months, Arch saves $29,100 in total first-year cost (interest plus origination fees). From a custody perspective, Firefish presents lower counterparty risk with its non-custodial escrow (3-of-3 pre-signed transactions) model.
Arch offers tiered rates that decrease with larger loan amounts, while Firefish charges a flat rate regardless of loan size. Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Arch APR | Firefish APR | Arch Total Year-1 Cost | Firefish Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $100,000 | 9% | 10.9% | $10,490 | $12,400 | $1,910 with Arch |
| $250,000 | 8.5% | 10.9% | $24,975 | $31,000 | $6,025 with Arch |
| $500,000 | 8.5% | 10.9% | $49,950 | $62,000 | $12,050 with Arch |
| $1M | 8% | 10.9% | $94,900 | $124,000 | $29,100 with Arch |
| $5M | 7.75% | 10.9% | $462,000 | $620,000 | $158,000 with Arch |
Total year-1 cost includes annualized interest plus origination fees. Arch: 1.49% origination fee. Firefish: 1.5% origination fee. Firefish rates are set by the lending marketplace; the table uses a representative recent rate. Rates sourced from each lender's public rate pages as of 2026-06-09.
Arch and Firefish take fundamentally different approaches to collateral custody. Arch uses Custodial (Anchorage, qualified custodian). Your Bitcoin is held by Arch and could be at risk in the event of a hack, insolvency, or regulatory action. Firefish uses Non-custodial escrow (3-of-3 pre-signed transactions). Your Bitcoin is locked on the Bitcoin blockchain in a smart contract. Neither Firefish nor any third party can access or move your collateral.
Arch triggers margin calls at 70% LTV and liquidates at 80% LTV. Firefish triggers margin calls at 73% LTV and liquidates at 95% LTV. Arch gives borrowers 24 hours to respond to a margin call. Firefish uses threshold-based triggers without a fixed response window.
| Threshold | Arch | Firefish |
|---|---|---|
| Max Starting LTV | 60% | 50% |
| Margin Call | 70% LTV | 73% LTV |
| Margin Call Window | 24 hours | Threshold-based |
| Liquidation | 80% LTV | 95% LTV |
Arch: 20.0 percentage point buffer between starting LTV (60%) and liquidation (80%). Firefish: 45.0 percentage point buffer between starting LTV (50%) and liquidation (95%). Firefish provides a wider safety margin.
Choosing between Arch and Firefish requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Arch uses custodial (anchorage, qualified custodian) with 7.75%–9% APR, while Firefish uses non-custodial escrow (3-of-3 pre-signed transactions) with ≈7%–13% (P2P) APR.
On a $250,000 loan, Arch costs $24,975 in the first year versus $31,000 at Firefish, a difference of $6,025. Part of Firefish's higher cost comes from its 1.5% origination fee, which adds $3,750 upfront on this loan size.
The custody difference is material. Firefish uses non-custodial escrow (3-of-3 pre-signed transactions), which means your Bitcoin requires multiple key holders to coordinate, reducing single-point-of-failure risk. Arch uses custodial (anchorage, qualified custodian). In a platform insolvency scenario, Firefish borrowers' collateral is protected by the multisig architecture, while Arch borrowers may face creditor claims.
Arch is the better fit for borrowers who need smaller loans or instant access. Firefish is the better fit for borrowers who need smaller loans or more flexible access.
Key details to be aware of: Arch: Origination fee is tiered and falls with loan size: 1.49% below $750K, 0. Firefish: European P2P marketplace (EUR, CZK, CHF, PLN fiat + USDC) — rates set by investor supply and demand, typically ~7-13% (advertised 'from 5%'). 1.
Arch is cheaper. On a $500,000 loan held for 12 months, Arch costs $49,950 (8.5% APR + 1.49% origination fee) while Firefish costs $62,000 (10.9% APR + 1.5% origination fee). That is a $12,050 difference in the first year.
Arch uses custodial (anchorage, qualified custodian). Firefish uses non-custodial escrow (3-of-3 pre-signed transactions). Firefish presents lower custody risk because your collateral requires coordination among multiple key holders.
Arch's minimum loan is $5,000. Firefish's minimum is $1,000. Firefish is more accessible for smaller borrowers.
Arch issues a margin call at 70% LTV with a 24-hour response window and liquidates at 80% LTV. Firefish issues a margin call at 73% LTV (threshold-based, no fixed window) and liquidates at 95% LTV. Starting from a 50% LTV, Arch provides a 30-point buffer before liquidation, while Firefish provides a 45-point buffer.
It depends on your priorities. Arch (7.75%–9% APR, custodial (anchorage, qualified custodian), min $5,000) is better for borrowers who value custodial (anchorage, qualified custodian) and need smaller loan access. Firefish (≈7%–13% (P2P) APR, non-custodial escrow (3-of-3 pre-signed transactions), min $1,000) is better for borrowers who value non-custodial escrow (3-of-3 pre-signed transactions) and need smaller loan access. Use the rate table and cost comparison above to model your specific scenario.
Lygos offers 10% APR, $0 origination fees, and DLC-secured collateral where rehypothecation is cryptographically impossible.