Bitcoin Loan Comparison

Figure vs. Coinbase

Figure charges 9.99%–12.62% APR with a 1% origination fee using MPC custody (segregated). Coinbase charges a variable 5.1%+ APR with a 1%–2% processing fee using custodial (cbBTC on Morpho / Base). See the full breakdown of rates, thresholds, and custody risk below.

Terms checked individually — Figure: 2026-07-14; Coinbase: 2026-08-28.

How do Figure and Coinbase compare for Bitcoin-backed loans?

For the standardized $250,000, 50% LTV, 12-month scenario, Figure is 9.99% APR and Coinbase is 5.1%+ variable APR. Because at least one price is variable or account-tier dependent, the comparison is an estimate rather than a rate winner.

Figure charges a 1% origination fee capitalized into the loan balance, where it accrues interest, and Coinbase charges a processing fee of 2% on the first $250K drawn (1% above) that is added to the loan principal and itself accrues interest — fees that raise the effective cost above the headline rate from the day you borrow.

Figure vs. Coinbase: Feature-by-Feature Comparison

Figure

Coinbase

Interest Rate (APR)

9.99%

5.1%+ variable

Pricing Basis

Starting LTV

Flat rate

Fees / Charges

1% origination feeFigure

2% processing fee

Max Starting LTV

75%

Margin Call Threshold

70% LTVFigure

None — direct liquidation

Liquidation Threshold

85% LTV

86% LTVCoinbase

Margin Call Window

24 hoursFigure

No margin-call window

Custody Model

MPC custody (segregated)

Custodial (cbBTC on Morpho / Base)

Rehypothecation

Interest Payment

Monthly

Capitalized

Minimum Loan

$5,000

NoneCoinbase

Cost on a $250,000 Loan: Figure vs. Coinbase

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. Figure pricing varies by LTV; Coinbase pricing varies by account. Actual offers can differ when those inputs change.

Loan Size	Figure APR	Coinbase APR	Figure Total Year-1 Cost	Coinbase Total Year-1 Cost	Savings
$250,000	9.99%	5.1%+ variable	$27,725	$18,341	Estimate only

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. Figure: 1% origination fee. Coinbase: 2% processing fee. Variable or account-tier pricing remains an estimate and is not awarded a winner. Terms checked individually — Figure: 2026-07-14; Coinbase: 2026-08-28.

Custody and Collateral Security

Both Figure and Coinbase use similar custody approaches: MPC custody (segregated) and custodial (cbBTC on Morpho / Base) respectively. Figure uses MPC custody (segregated). 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. Coinbase uses custodial (cbBTC on Morpho / Base). 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.

Figure: High (Custodial)

•MPC custody (segregated)
•Rehypothecation: No
•Monthly interest payments
•Figure Markets.

Coinbase: High (Custodial)

•Custodial (cbBTC on Morpho / Base)
•Rehypothecation: No
•Interest capitalized (compounding)
•Low headline rate, but a processing fee — 2% on the first $250K borrowed, 1% above — is added to your principal on every draw and itself accrues interest.

Margin Call and Liquidation: Figure vs. Coinbase

Figure triggers margin calls at 70% LTV and liquidates at 85% LTV. Coinbase has no mandatory margin-call step; positions liquidate automatically at 86% LTV. Figure gives borrowers 24 hours to respond to a margin call. Coinbase has no mandatory margin-call step.

Threshold	Figure	Coinbase
Max Starting LTV	75%	75%
Margin Call	70% LTV	None — direct liquidation
Margin Call Window	24 hours	No margin-call window
Liquidation	85% LTV	86% 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. Figure: 10.0 percentage point modeled buffer between maximum starting LTV (75%) and liquidation (85% LTV). Coinbase: 11.0 percentage point modeled buffer between maximum starting LTV (75%) and liquidation (86% LTV). Coinbase provides a wider safety margin.

Which is better: Figure or Coinbase?

Choosing between Figure and Coinbase requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Figure uses MPC custody (segregated) with 9.99%–12.62% APR, while Coinbase uses custodial (cbBTC on Morpho / Base) with 5.1%+ (variable) APR.

The standardized table shows a first-year estimate, but at least one lender still prices by a variable rate or account tier. Treat the dollar totals as scenario estimates, not a definitive cheaper-lender ranking.

Both platforms use similar custody approaches. Figure operates via MPC custody (segregated), and Coinbase uses custodial (cbBTC on Morpho / Base). Neither platform rehypothecates borrower collateral.

Figure is the better fit for borrowers who need smaller loans or instant access. Coinbase is the better fit for borrowers who need smaller loans or more flexible access.

Key details to be aware of: Figure: Figure Markets. APR 9. Coinbase: Low headline rate, but a processing fee — 2% on the first $250K borrowed, 1% above — is added to your principal on every draw and itself accrues interest. The rate is variable, set by Morpho market utilization, and has spiked above 8% (Aug 2025).

Frequently Asked Questions

Is Figure or Coinbase cheaper for a $250,000 Bitcoin-backed loan?

The standardized $250,000, 50% LTV, 12-month estimate is $27,725 for Figure and $18,341 for Coinbase. Because at least one rate is variable or account-tier dependent, this is not a definitive cheaper-lender ranking.

How does Figure's custody model compare to Coinbase?

Figure uses MPC custody (segregated). Coinbase uses custodial (cbBTC on Morpho / Base). Both platforms present similar custody risk profiles.

What is the minimum loan amount at Figure vs Coinbase?

Figure's minimum loan is $5,000. Coinbase has no published minimum. Coinbase is more accessible for smaller borrowers.

What happens if Bitcoin drops while I have a loan with Figure or Coinbase?

Figure issues a margin call at 70% LTV with a 24-hour response window and liquidates at 85% LTV. Coinbase has no formal margin-call threshold and liquidates automatically at 86% LTV. For a common 50% starting LTV (rather than each lender's maximum), the modeled buffers are 35 points at Figure and 36 points at Coinbase.

Should I use Figure or Coinbase for a Bitcoin-backed loan?

It depends on your priorities. Figure (9.99%–12.62% APR, MPC custody (segregated), min $5,000) is better for borrowers who value MPC custody (segregated) and need smaller loan access. Coinbase (5.1%+ (variable) APR, custodial (cbBTC on Morpho / Base), no minimum) is better for borrowers who value custodial (cbBTC on Morpho / Base) and need smaller loan access. Use the rate table and cost comparison above to model your specific scenario.

Other comparisons

Lygos vs Ledn Lygos vs SALT Lygos vs Nexo Lygos vs Arch Lygos vs Strike Lygos vs Figure Lygos vs Coinbase Lygos vs Lava

Understand the key terms

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

See loan scenarios

$100K Loan $500K Loan $1M Loan Borrow Against 10 BTC

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