Lygos charges 10% APR with $0 origination fees using non-custodial (dlc). 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.
Rates verified 2026-05-14
Figure advertises a lower headline rate at 9.99%–12.62% compared to Lygos's 10%. On a $1M loan held for 12 months, Lygos saves $9,900 in total first-year cost (interest plus origination fees). From a custody perspective, Lygos presents lower counterparty risk with its non-custodial (dlc) 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 | Lygos APR | Figure APR | Lygos Total Year-1 Cost | Figure Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $100,000 | 10% | 9.99% | $10,000 | $10,990 | $990 with Lygos |
| $250,000 | 10% | 9.99% | $25,000 | $27,475 | $2,475 with Lygos |
| $500,000 | 10% | 9.99% | $50,000 | $54,950 | $4,950 with Lygos |
| $1M | 10% | 9.99% | $100,000 | $109,900 | $9,900 with Lygos |
| $5M | 10% | 9.99% | $500,000 | $549,500 | $49,500 with Lygos |
Total year-1 cost includes annualized interest plus origination fees. Figure: 1% origination fee. Lygos: $0 origination fee. Rates sourced from each lender's public rate pages as of 2026-05-14.
Lygos and Figure take fundamentally different approaches to collateral custody. Lygos uses Non-custodial (DLC). Your Bitcoin is locked on the Bitcoin blockchain in a smart contract. Neither Lygos nor any third party can access or move your collateral. Figure uses MPC custody (segregated). Your Bitcoin is held by Figure and could be at risk in the event of a hack, insolvency, or regulatory action.
Lygos triggers margin calls at 70% LTV and liquidates at 85% LTV. Figure triggers margin calls at 70% LTV and liquidates at 85% LTV. Figure gives borrowers 24 hours to respond to a margin call. Lygos uses threshold-based triggers without a fixed response window.
| Threshold | Lygos | Figure |
|---|---|---|
| Max Starting LTV | 50% | 75% |
| Margin Call | 70% LTV | 70% LTV |
| Margin Call Window | Threshold-based | 24 hours |
| Liquidation | 85% LTV | 85% LTV |
Lygos: 35.0 percentage point buffer between starting LTV (50%) and liquidation (85%). Figure: 10.0 percentage point buffer between starting LTV (75%) and liquidation (85%). Lygos provides a wider safety margin.
The choice between Lygos and Figure comes down to three factors: total cost, custody architecture, and who the platform is designed for. Lygos serves borrowers from $50,000 to $50,000,000 with a single transparent rate and non-custodial DLC security. Figure serves a broader range starting from $5,000, using mpc custody (segregated).
On a $250,000 loan, Lygos costs $25,000 in the first year versus $27,475 at Figure, a difference of $2,475. Part of Figure's higher cost comes from its 1% origination fee, which adds $2,500 upfront on this loan size. Lygos charges no origination fee, so the only cost is interest.
The custody difference is material. Lygos uses non-custodial (dlc), which means your Bitcoin is locked on the Bitcoin blockchain in a smart contract where no party can access it. Figure uses mpc custody (segregated). In a platform insolvency scenario, Lygos borrowers' collateral is protected by the Bitcoin protocol, while Figure borrowers may face creditor claims.
Lygos is the better fit for borrowers who prioritize non-custodial security, want a single transparent rate, and are borrowing $50,000 or more. Figure 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.
Lygos is cheaper. On a $500,000 loan held for 12 months, Lygos costs $50,000 (10% APR) while Figure costs $54,950 (9.99% APR + 1% origination fee). That is a $4,950 difference in the first year.
Lygos uses non-custodial (dlc). Figure uses mpc custody (segregated). Lygos presents lower custody risk because your collateral is locked on the Bitcoin blockchain where no party can access it.
Lygos's minimum loan is $50,000. Figure's minimum is $5,000. Figure is more accessible for smaller borrowers.
Lygos issues a margin call at 70% LTV (threshold-based, no fixed window) and liquidates at 85% LTV. Figure issues a margin call at 70% LTV with a 24-hour response window and liquidates at 85% LTV. Starting from a 50% LTV, Lygos provides a 35-point buffer before liquidation, while Figure provides a 35-point buffer.
It depends on your priorities. Lygos (10% APR, non-custodial (dlc), min $50,000) is better for borrowers who prioritize non-custodial security and want a flat transparent rate. 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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