Bitcoin Loan Comparison

Ledn vs. Figure

Ledn charges 9.25%–11.49% APR with a 2% origination fee (waived for US/Canada) using custodial (segregated). Figure charges 9.99%–12.62% APR with a 1% origination fee using MPC custody (segregated). See the full breakdown of rates, thresholds, and custody risk below.

Terms checked individually — Ledn: 2026-09-02; Figure: 2026-07-14.

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

For the standardized $250,000, 50% LTV, 12-month scenario, Ledn is 10.99% APR and Figure is 9.99% APR. Ledn: 12-month loan; published APR tier for the selected size.

Ledn charges a 2% origination fee (currently waived for US and Canada borrowers), and Figure charges a 1% origination fee capitalized into the loan balance, where it accrues interest.

On a $250,000 loan held for 12 months, Ledn saves $250 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. Figure: Feature-by-Feature Comparison

Ledn

Figure

Interest Rate (APR)

10.99%

9.99%Figure

Pricing Basis

Loan size

Starting LTV

Fees / Charges

$0 (waived for US/Canada)Ledn

1% origination fee

Max Starting LTV

50%

75%Figure

Margin Call Threshold

70% LTV

Liquidation Threshold

80% LTV

85% LTVFigure

Margin Call Window

Threshold-based

24 hoursFigure

Custody Model

Custodial (segregated)

MPC custody (segregated)

Rehypothecation

Yes

NoFigure

Interest Payment

At maturity

Monthly

Minimum Loan

$500Ledn

$5,000

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

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

Loan Size	Ledn APR	Figure APR	Ledn Total Year-1 Cost	Figure Total Year-1 Cost	Savings
$250,000	10.99%	9.99%	$27,475	$27,725	$250 with Ledn

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. Figure: 1% origination fee. Terms checked individually — Ledn: 2026-09-02; Figure: 2026-07-14.

Custody and Collateral Security

Both Ledn and Figure use similar custody approaches: custodial (segregated) and MPC custody (segregated) 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. 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.

Ledn: High (Custodial)

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

Figure: High (Custodial)

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

Margin Call and Liquidation: Ledn vs. Figure

Ledn triggers margin calls at 70% LTV and liquidates at 80% LTV. Figure triggers margin calls at 70% LTV and liquidates at 85% LTV. Figure gives borrowers 24 hours to respond to a margin call. Ledn uses threshold-based triggers without a fixed response window.

Threshold	Ledn	Figure
Max Starting LTV	50%	75%
Margin Call	70% LTV	70% LTV
Margin Call Window	Threshold-based	24 hours
Liquidation	80% LTV	85% 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). Figure: 10.0 percentage point modeled buffer between maximum starting LTV (75%) and liquidation (85% LTV). Ledn provides a wider safety margin.

Which is better: Ledn or Figure?

Choosing between Ledn and Figure 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 Figure uses MPC custody (segregated) with 9.99%–12.62% APR.

On the standardized $250,000, 50% LTV, 12-month scenario, Ledn costs $27,475 in the first year versus $27,725 at Figure, a difference of $250. Part of Figure's higher cost comes from its 1% origination fee, which adds $2,500 on this loan size.

Both platforms use similar custody approaches. Ledn operates via custodial (segregated), and Figure uses MPC custody (segregated). Ledn rehypothecates collateral.

Ledn is the better fit for borrowers who need smaller loans or instant access. Figure 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. Figure: Figure Markets. APR 9.

Frequently Asked Questions

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

Ledn 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 Figure costs $27,725 (9.99% APR). That is a $250 difference in the first year.

How does Ledn's custody model compare to Figure?

Ledn uses custodial (segregated) and rehypothecates deposited assets. Figure uses MPC custody (segregated). Both platforms present similar custody risk profiles.

What is the minimum loan amount at Ledn vs Figure?

Ledn's minimum loan is $500. Figure'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 Figure?

Ledn issues a margin call at 70% LTV (threshold-based, no fixed window) and liquidates at 80% LTV. Figure issues a margin call at 70% LTV with a 24-hour response window and liquidates at 85% LTV. For a common 50% starting LTV (rather than each lender's maximum), the modeled buffers are 30 points at Ledn and 35 points at Figure.

Should I use Ledn or Figure 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. 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. 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

See loan scenarios

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