Firefish charges ≈7%–13% (P2P) APR with a 1.5% origination fee using non-custodial escrow (3-of-3 pre-signed transactions). Surge Credit charges 6.9% variable / 9.9% fixed APR with $0 origination fees using collaborative multisig (taproot vault, 3-of-4 signer network). See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-06-09
Surge Credit advertises a lower headline rate at 6.9% variable / 9.9% fixed compared to Firefish's ≈7%–13% (P2P). On a $1M loan held for 12 months, Surge Credit saves $25,000 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.
Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Firefish APR | Surge Credit APR | Firefish Total Year-1 Cost | Surge Credit Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $100,000 | 10.9% | 9.9% | $12,400 | $9,900 | $2,500 with Surge Credit |
| $250,000 | 10.9% | 9.9% | $31,000 | $24,750 | $6,250 with Surge Credit |
| $500,000 | 10.9% | 9.9% | $62,000 | $49,500 | $12,500 with Surge Credit |
| $1M | 10.9% | 9.9% | $124,000 | $99,000 | $25,000 with Surge Credit |
| $5M | 10.9% | 9.9% | $620,000 | $495,000 | $125,000 with Surge Credit |
Total year-1 cost includes annualized interest plus origination fees. Firefish: 1.5% origination fee. Firefish rates are set by the lending marketplace; the table uses a representative recent rate. Surge Credit rates are variable; the table uses a representative recent rate. Rates sourced from each lender's public rate pages as of 2026-06-09.
Firefish and Surge Credit take fundamentally different approaches to collateral custody. 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. Surge Credit uses Collaborative multisig (Taproot vault, 3-of-4 signer network). Multiple key holders must coordinate to move funds, reducing single-point-of-failure risk but still requiring trust in the key coordination process.
Firefish triggers margin calls at 73% LTV and liquidates at 95% LTV. Surge Credit has no margin-call mechanism: positions become liquidatable automatically the moment LTV crosses 90%, with no warning threshold or response window.
| Threshold | Firefish | Surge Credit |
|---|---|---|
| Max Starting LTV | 50% | 50% |
| Margin Call | 73% LTV | None |
| Margin Call Window | Threshold-based | None — automated liquidation |
| Liquidation | 95% LTV | 90% LTV |
Firefish: 45.0 percentage point buffer between starting LTV (50%) and liquidation (95%). Surge Credit: 40.0 percentage point buffer between starting LTV (50%) and liquidation (90%). Firefish provides a wider safety margin.
Choosing between Firefish and Surge Credit requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Firefish uses non-custodial escrow (3-of-3 pre-signed transactions) with ≈7%–13% (P2P) APR, while Surge Credit uses collaborative multisig (taproot vault, 3-of-4 signer network) with 6.9% variable / 9.9% fixed APR.
On a $250,000 loan, Surge Credit costs $24,750 in the first year versus $31,000 at Firefish, a difference of $6,250. Part of Firefish's higher cost comes from its 1.5% origination fee, which adds $3,750 upfront on this loan size. Surge Credit charges no origination fee, so the only cost is interest.
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. Surge Credit uses collaborative multisig (taproot vault, 3-of-4 signer network). In a platform insolvency scenario, Firefish borrowers' collateral is protected by the multisig architecture, while Surge Credit borrowers may face creditor claims.
Firefish is the better fit for borrowers who need smaller loans or instant access. Surge Credit is the better fit for borrowers who need smaller loans or more flexible access.
Key details to be aware of: Firefish: European P2P marketplace (EUR, CZK, CHF, PLN fiat + USDC) — rates set by investor supply and demand, typically ~7-13% (advertised 'from 5%'). 1. Surge Credit: Revolving BTC-backed USDC credit line on Base — launched 2026, early-stage. Variable rate from 6.
Surge Credit is cheaper. On a $500,000 loan held for 12 months, Firefish costs $62,000 (10.9% APR + 1.5% origination fee) while Surge Credit costs $49,500 (9.9% APR). That is a $12,500 difference in the first year.
Firefish uses non-custodial escrow (3-of-3 pre-signed transactions). Surge Credit uses collaborative multisig (taproot vault, 3-of-4 signer network). Firefish presents lower custody risk because your collateral requires coordination among multiple key holders.
Firefish's minimum loan is $1,000. Surge Credit has no minimum. Surge Credit is more accessible for smaller borrowers.
Firefish issues a margin call at 73% LTV (threshold-based, no fixed window) and liquidates at 95% LTV. Surge Credit has no margin call — positions are liquidated automatically the moment LTV crosses 90%. Starting from a 50% LTV, Firefish provides a 45-point buffer before liquidation, while Surge Credit provides a 40-point buffer.
It depends on your priorities. 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. Surge Credit (6.9% variable / 9.9% fixed APR, collaborative multisig (taproot vault, 3-of-4 signer network), no minimum) is better for borrowers who value collaborative multisig (taproot vault, 3-of-4 signer network) 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.