Bitcoin Loan Comparison

Lygos vs. Figure

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.

Terms checked individually — Lygos: 2026-09-29; Figure: 2026-07-14.

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

For the standardized $250,000, 50% LTV, 12-month scenario, Lygos is 10% APR and Figure is 9.99% APR. Lygos: 50% LTV · 12-month term.

Figure charges a 1% origination fee capitalized into the loan balance, where it accrues interest — a fee that raises the effective cost above the headline rate from the day you borrow. Lygos charges no origination or processing fees — interest is the only cost.

On a $250,000 loan held for 12 months, Lygos saves $2,725 in total first-year cost (interest plus applicable fees or charges).

From a custody perspective, Lygos presents lower counterparty risk with its non-custodial (DLC) model.

Lygos vs. Figure: Feature-by-Feature Comparison

Lygos

Figure

Interest Rate (APR)

10%

9.99%

Pricing Basis

Flat rate

Starting LTV

Fees / Charges

$0Lygos

1% origination fee

Max Starting LTV

70%

75%Figure

Margin Call Threshold

At-risk alert at 80%; no mandatory call

70% LTVFigure

Liquidation Threshold

90% LTVLygos

85% LTV

Margin Call Window

No margin-call window

24 hoursFigure

Custody Model

Non-custodial (DLC)Lygos

MPC custody (segregated)

Rehypothecation

Interest Payment

Monthly

Minimum Loan

$25,000

$5,000Figure

Cost on a $250,000 Loan: Lygos 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. Lygos pricing varies by flat rate; Figure pricing varies by LTV. Actual offers can differ when those inputs change.

Loan Size	Lygos APR	Figure APR	Lygos Total Year-1 Cost	Figure Total Year-1 Cost	Savings
$250,000	10%	9.99%	$25,000	$27,725	$2,725 with Lygos

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. Figure: 1% origination fee. Lygos: $0 origination fee. Terms checked individually — Lygos: 2026-09-29; Figure: 2026-07-14.

Custody and Collateral Security

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 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.

Lygos: Low (Non-Custodial)

•Non-custodial (DLC)
•Rehypothecation: No
•Monthly interest payments

Figure: High (Custodial)

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

Margin Call and Liquidation: Lygos vs. Figure

Lygos: At-risk alert at 80%; no mandatory call. Positions liquidate at 90% 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 has no mandatory margin-call step; at-risk alert at 80%; no mandatory call.

Threshold	Lygos	Figure
Max Starting LTV	70%	75%
Margin Call	At-risk alert at 80%; no mandatory call	70% LTV
Margin Call Window	No margin-call window	24 hours
Liquidation	90% 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. Lygos: 20.0 percentage point modeled buffer between maximum starting LTV (70%) and liquidation (90% LTV). Figure: 10.0 percentage point modeled buffer between maximum starting LTV (75%) and liquidation (85% LTV). Lygos provides a wider safety margin.

Which is better: Lygos or Figure?

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 $25,000 to $100M with a single transparent rate and non-custodial DLC security. Figure serves a broader range starting from $5,000, using MPC custody (segregated).

On the standardized $250,000, 50% LTV, 12-month scenario, Lygos costs $25,000 in the first year versus $27,725 at Figure, a difference of $2,725. Part of Figure's higher cost comes from its 1% origination fee, which adds $2,500 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). That arrangement adds custody-provider and insolvency risk that a script-enforced DLC avoids.

Lygos is the better fit for borrowers who prioritize non-custodial security, want a single transparent rate, and are borrowing $25,000 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.

Frequently Asked Questions

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

Lygos is cheaper under the stated assumptions. On a $250,000 loan at 50% LTV held for 12 months, Lygos costs $25,000 (10% APR) while Figure costs $27,725 (9.99% APR). That is a $2,725 difference in the first year.

How does Lygos's custody model compare to Figure?

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.

What is the minimum loan amount at Lygos vs Figure?

Lygos's minimum loan is $25,000. Figure's minimum is $5,000. Figure is more accessible for smaller borrowers.

What happens if Bitcoin drops while I have a loan with Lygos or Figure?

Lygos has no formal margin-call threshold and liquidates automatically at 90% 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 40 points at Lygos and 35 points at Figure.

Should I use Lygos or Figure for a Bitcoin-backed loan?

It depends on your priorities. Lygos (10% APR, non-custodial (DLC), min $25,000) 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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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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