Figure charges 8.91%–11.5% APR with a 1% origination fee using custodial (figure markets mpc wallet, segregated). 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
Figure offers a lower headline rate at 8.91%–11.5% compared to Firefish's ≈7%–13% (P2P). On a $1M loan held for 12 months, Figure saves $24,900 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.
Figure structures rates by LTV ratio rather than loan amount, so the rate depends on how much collateral you pledge relative to the loan. Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Figure APR | Firefish APR | Figure Total Year-1 Cost | Firefish Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $100,000 | 8.91% | 10.9% | $9,910 | $12,400 | $2,490 with Figure |
| $250,000 | 8.91% | 10.9% | $24,775 | $31,000 | $6,225 with Figure |
| $500,000 | 8.91% | 10.9% | $49,550 | $62,000 | $12,450 with Figure |
| $1M | 8.91% | 10.9% | $99,100 | $124,000 | $24,900 with Figure |
| $5M | 8.91% | 10.9% | $495,500 | $620,000 | $124,500 with Figure |
Total year-1 cost includes annualized interest plus origination fees. Figure: 1% 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.
Figure and Firefish take fundamentally different approaches to collateral custody. Figure uses Custodial (Figure Markets MPC wallet, segregated). Your Bitcoin is held by Figure 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.
Figure triggers margin calls at 70% LTV and liquidates at 85% LTV. Firefish triggers margin calls at 73% LTV and liquidates at 95% LTV. Figure gives borrowers 24 hours to respond to a margin call. Firefish uses threshold-based triggers without a fixed response window.
| Threshold | Figure | Firefish |
|---|---|---|
| Max Starting LTV | 75% | 50% |
| Margin Call | 70% LTV | 73% LTV |
| Margin Call Window | 24 hours | Threshold-based |
| Liquidation | 85% LTV | 95% LTV |
Figure: 10.0 percentage point buffer between starting LTV (75%) and liquidation (85%). Firefish: 45.0 percentage point buffer between starting LTV (50%) and liquidation (95%). Firefish provides a wider safety margin.
Choosing between Figure and Firefish requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Figure uses custodial (figure markets mpc wallet, segregated) with 8.91%–11.5% APR, while Firefish uses non-custodial escrow (3-of-3 pre-signed transactions) with ≈7%–13% (P2P) APR.
On a $250,000 loan, Figure costs $24,775 in the first year versus $31,000 at Firefish, a difference of $6,225. 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. Figure uses custodial (figure markets mpc wallet, segregated). In a platform insolvency scenario, Firefish borrowers' collateral is protected by the multisig architecture, while Figure borrowers may face creditor claims.
Figure 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: Figure: 8.91% interest (9. Firefish: European P2P marketplace (EUR, CZK, CHF, PLN fiat + USDC) — rates set by investor supply and demand, typically ~7-13% (advertised 'from 5%'). 1.
Figure is cheaper. On a $500,000 loan held for 12 months, Figure costs $49,550 (8.91% APR + 1% origination fee) while Firefish costs $62,000 (10.9% APR + 1.5% origination fee). That is a $12,450 difference in the first year.
Figure uses custodial (figure markets mpc wallet, segregated). 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.
Figure's minimum loan is $5,000. Firefish's minimum is $1,000. Firefish is more accessible for smaller borrowers.
Figure issues a margin call at 70% LTV with a 24-hour response window and liquidates at 85% LTV. Firefish issues a margin call at 73% LTV (threshold-based, no fixed window) and liquidates at 95% LTV. Starting from a 50% LTV, Figure provides a 35-point buffer before liquidation, while Firefish provides a 45-point buffer.
It depends on your priorities. Figure (8.91%–11.5% APR, custodial (figure markets mpc wallet, segregated), min $5,000) is better for borrowers who value custodial (figure markets mpc wallet, segregated) 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.