Bitcoin Loan Comparison

Arch vs. Unchained

Arch charges 7.25%–10.49% APR with a 0.25%–1.49% origination fee using custodial (Anchorage, qualified custodian). Unchained charges 14.18% APR with a 2% origination fee using collaborative multisig (2-of-3). See the full breakdown of rates, thresholds, and custody risk below.

Terms checked individually — Arch: 2026-09-29; Unchained: 2026-05-14.

How do Arch and Unchained compare for Bitcoin-backed loans?

For the standardized $250,000, 50% LTV, 12-month scenario, Arch is 9.99% APR and Unchained is 14.18% APR. Arch: Monthly-pay option; APR includes the size-based origination fee. Unchained: 12-month loan with 2% origination included in APR.

Arch's published APR already includes 1.49% origination fee, and Unchained's published APR already includes 2% origination fee.

On a $250,000 loan held for 12 months, Arch saves $10,475 in total first-year cost (interest plus applicable fees or charges).

From a custody perspective, Unchained presents lower counterparty risk with its collaborative multisig (2-of-3) model.

Arch vs. Unchained: Feature-by-Feature Comparison

Arch

Unchained

Interest Rate (APR)

9.99%Arch

14.18%

Pricing Basis

Loan size and payment schedule

12-month commercial loan

Fees / Charges

1.49% origination feeArch

2% origination fee

Max Starting LTV

60%Arch

50%

Margin Call Threshold

70% LTVArch

67% LTV

Liquidation Threshold

80% LTV

83% LTVUnchained

Margin Call Window

24 hours

Custody Model

Custodial (Anchorage, qualified custodian)

Collaborative multisig (2-of-3)Unchained

Rehypothecation

Interest Payment

Monthly

Minimum Loan

$5,000Arch

$150,000

Cost on a $250,000 Loan: Arch vs. Unchained

To keep the comparison clean, both lenders are modeled at $250,000 principal, 50% starting LTV, and a 12-month term, using monthly-pay pricing where available. Arch pricing varies by loan size and payment schedule; Unchained pricing varies by 12-month commercial loan. Actual offers can differ when those inputs change.

Loan Size	Arch APR	Unchained APR	Arch Total Year-1 Cost	Unchained Total Year-1 Cost	Savings
$250,000	9.99%	14.18%	$24,975	$35,450	$10,475 with Arch

Assumptions: $250,000 principal, 50% starting LTV, 12-month term, and monthly-pay pricing where offered. Total year-1 cost includes annualized interest and fees, but does not add a fee again when the lender's published APR already includes it. Arch: 1.49% origination fee — already included in APR. Unchained: 2% origination fee — already included in APR. Terms checked individually — Arch: 2026-09-29; Unchained: 2026-05-14.

Custody and Collateral Security

Arch and Unchained take fundamentally different approaches to collateral custody. Arch uses custodial (Anchorage, qualified custodian). Your Bitcoin depends on the security and solvency of that custody arrangement and could be at risk in the event of a hack, insolvency, or regulatory action. Unchained uses collaborative multisig (2-of-3). Multiple key holders must coordinate to move funds, reducing single-point-of-failure risk but still requiring trust in the key coordination process.

Arch: High (Custodial)

•Custodial (Anchorage, qualified custodian)
•Rehypothecation: No
•Monthly interest payments
•APR and origination fee both vary by loan size; deferred-interest APR is 0.

Unchained: Medium (Multisig)

•Collaborative multisig (2-of-3)
•Rehypothecation: No
•Monthly interest payments
•Commercial/institutional only since Jan 2024.

Margin Call and Liquidation: Arch vs. Unchained

Arch triggers margin calls at 70% LTV and liquidates at 80% LTV. Unchained triggers margin calls at 67% LTV and liquidates at 83% LTV. Arch gives borrowers 24 hours to respond, while Unchained provides 24 hours.

Threshold	Arch	Unchained
Max Starting LTV	60%	50%
Margin Call	70% LTV	67% LTV
Margin Call Window	24 hours	24 hours
Liquidation	80% LTV	83% LTV

Safety Buffer at Each Lender's Maximum Starting LTV

This comparison uses each lender's own maximum starting LTV, not a common 50% starting position. Arch: 20.0 percentage point modeled buffer between maximum starting LTV (60%) and liquidation (80% LTV). Unchained: 33.0 percentage point modeled buffer between maximum starting LTV (50%) and liquidation (83% LTV). Unchained provides a wider safety margin.

Which is better: Arch or Unchained?

Choosing between Arch and Unchained requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Arch uses custodial (Anchorage, qualified custodian) with 7.25%–10.49% APR, while Unchained uses collaborative multisig (2-of-3) with 14.18% APR.

On the standardized $250,000, 50% LTV, 12-month scenario, Arch costs $24,975 in the first year versus $35,450 at Unchained, a difference of $10,475.

The custody difference is material. Unchained uses collaborative multisig (2-of-3), which means your Bitcoin requires multiple key holders to coordinate, reducing single-point-of-failure risk. Arch uses custodial (Anchorage, qualified custodian). That arrangement adds custody-provider and insolvency risk that a script-enforced DLC avoids.

Arch is the better fit for borrowers who need smaller loans or instant access. Unchained is the better fit for borrowers who are borrowing $150,000 or more and want collaborative key control.

Key details to be aware of: Arch: APR and origination fee both vary by loan size; deferred-interest APR is 0.50 percentage points higher than monthly-pay APR through $5M. Unchained: Commercial/institutional only since Jan 2024. Published pricing is 12% interest, 2% origination, and 14.

Frequently Asked Questions

Is Arch or Unchained cheaper for a $250,000 Bitcoin-backed loan?

Arch is cheaper under the stated assumptions. On a $250,000 loan at 50% LTV held for 12 months, Arch costs $24,975 (9.99% APR) while Unchained costs $35,450 (14.18% APR). That is a $10,475 difference in the first year.

How does Arch's custody model compare to Unchained?

Arch uses custodial (Anchorage, qualified custodian). Unchained uses collaborative multisig (2-of-3). Unchained presents lower custody risk because your collateral requires coordination among multiple key holders.

What is the minimum loan amount at Arch vs Unchained?

Arch's minimum loan is $5,000. Unchained's minimum is $150,000. Arch is more accessible for smaller borrowers.

What happens if Bitcoin drops while I have a loan with Arch or Unchained?

Arch issues a margin call at 70% LTV with a 24-hour response window and liquidates at 80% LTV. Unchained issues a margin call at 67% LTV with a 24-hour response window and liquidates at 83% LTV. For a common 50% starting LTV (rather than each lender's maximum), the modeled buffers are 30 points at Arch and 33 points at Unchained.

Should I use Arch or Unchained for a Bitcoin-backed loan?

It depends on your priorities. Arch (7.25%–10.49% APR, custodial (Anchorage, qualified custodian), min $5,000) is better for borrowers who value custodial (Anchorage, qualified custodian) and need smaller loan access. Unchained (14.18% APR, collaborative multisig (2-of-3), min $150,000) is better for borrowers who value collaborative multisig (2-of-3) and prefer this platform's lending structure. Use the rate table and cost comparison above to model your specific scenario.

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Understand the key terms

Rehypothecation Discreet Log Contracts Custodial vs. Non-Custodial LTV Ratio Margin Call Counterparty Risk

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