Bitcoin Loan Comparison

Ledn vs. Arch

Ledn charges 9.25%–11.49% APR with a 2% origination fee (waived for US/Canada) using custodial (segregated). Arch charges 7.25%–10.49% APR with a 0.25%–1.49% origination fee using custodial (Anchorage, qualified custodian). See the full breakdown of rates, thresholds, and custody risk below.

Terms checked individually — Ledn: 2026-09-02; Arch: 2026-09-29.

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

For the standardized $250,000, 50% LTV, 12-month scenario, Ledn is 10.99% APR and Arch is 9.99% APR. Ledn: 12-month loan; published APR tier for the selected size. Arch: Monthly-pay option; APR includes the size-based origination fee.

Ledn charges a 2% origination fee (currently waived for US and Canada borrowers), and Arch's published APR already includes 1.49% origination fee.

On a $250,000 loan held for 12 months, Arch saves $2,500 in total first-year cost (interest plus applicable fees or charges) — excluding Ledn's 2% origination fee, which is waived for US/Canada but applies elsewhere.

Ledn vs. Arch: Feature-by-Feature Comparison

Ledn

Arch

Interest Rate (APR)

10.99%

9.99%Arch

Pricing Basis

Loan size

Loan size and payment schedule

Fees / Charges

$0 (waived for US/Canada)Ledn

1.49% origination fee

Max Starting LTV

50%

60%Arch

Margin Call Threshold

70% LTV

Liquidation Threshold

80% LTV

Margin Call Window

Threshold-based

24 hoursArch

Custody Model

Custodial (segregated)

Custodial (Anchorage, qualified custodian)

Rehypothecation

Yes

NoArch

Interest Payment

At maturity

Monthly

Minimum Loan

$500Ledn

$5,000

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

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. Ledn pricing varies by loan size; Arch pricing varies by loan size and payment schedule. Actual offers can differ when those inputs change.

Loan Size	Ledn APR	Arch APR	Ledn Total Year-1 Cost	Arch Total Year-1 Cost	Savings
$250,000	10.99%	9.99%	$27,475	$24,975	$2,500 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. Ledn: $0 (waived for US/Canada) — excluded from the total for the stated waiver. Arch: 1.49% origination fee — already included in APR. Terms checked individually — Ledn: 2026-09-02; Arch: 2026-09-29.

Custody and Collateral Security

Both Ledn and Arch use similar custody approaches: custodial (segregated) and custodial (Anchorage, qualified custodian) respectively. Ledn uses custodial (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. Ledn also rehypothecates deposited assets, meaning your collateral may be lent to third parties. 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.

Ledn: High (Custodial)

•Custodial (segregated)
•Rehypothecation: Yes
•At-maturity interest payments
•2% origination waived for US/Canada.

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.

Margin Call and Liquidation: Ledn vs. Arch

Ledn triggers margin calls at 70% LTV and liquidates at 80% LTV. Arch triggers margin calls at 70% LTV and liquidates at 80% LTV. Arch gives borrowers 24 hours to respond to a margin call. Ledn uses threshold-based triggers without a fixed response window.

Threshold	Ledn	Arch
Max Starting LTV	50%	60%
Margin Call	70% LTV	70% LTV
Margin Call Window	Threshold-based	24 hours
Liquidation	80% LTV	80% 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. Ledn: 30.0 percentage point modeled buffer between maximum starting LTV (50%) and liquidation (80% LTV). Arch: 20.0 percentage point modeled buffer between maximum starting LTV (60%) and liquidation (80% LTV). Ledn provides a wider safety margin.

Which is better: Ledn or Arch?

Choosing between Ledn and Arch requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Ledn uses custodial (segregated) with 9.25%–11.49% APR, while Arch uses custodial (Anchorage, qualified custodian) with 7.25%–10.49% APR.

On the standardized $250,000, 50% LTV, 12-month scenario, Arch costs $24,975 in the first year versus $27,475 at Ledn, a difference of $2,500.

Both platforms use similar custody approaches. Ledn operates via custodial (segregated), and Arch uses custodial (Anchorage, qualified custodian). Ledn rehypothecates collateral.

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

Key details to be aware of: Ledn: 2% origination waived for US/Canada. No monthly payments; accrued interest and any applicable admin fee are due at maturity or refinance. 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.

Frequently Asked Questions

Is Ledn or Arch 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, Ledn costs $27,475 (10.99% APR) while Arch costs $24,975 (9.99% APR). That is a $2,500 difference in the first year.

How does Ledn's custody model compare to Arch?

Ledn uses custodial (segregated) and rehypothecates deposited assets. Arch uses custodial (Anchorage, qualified custodian). Both platforms present similar custody risk profiles.

What is the minimum loan amount at Ledn vs Arch?

Ledn's minimum loan is $500. Arch's minimum is $5,000. Ledn is more accessible for smaller borrowers.

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

Ledn issues a margin call at 70% LTV (threshold-based, no fixed window) and liquidates at 80% LTV. Arch issues a margin call at 70% LTV with a 24-hour response window and liquidates at 80% LTV. For a common 50% starting LTV (rather than each lender's maximum), the modeled buffers are 30 points at Ledn and 30 points at Arch.

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

It depends on your priorities. Ledn (9.25%–11.49% APR, custodial (segregated), min $500) is better for borrowers who value custodial (segregated) and need smaller loan access. 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. 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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