Strike charges 7.49%–10.5% APR with $0 origination fees using custodial (proof-of-reserves for 50+ btc). 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 Strike's 7.49%–10.5%. On a $1M loan held for 12 months, Strike saves $14,900 in total first-year cost (interest plus origination fees).
Strike offers tiered rates that decrease with larger loan amounts, while Figure structures rates by ltv. Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Strike APR | Figure APR | Strike Total Year-1 Cost | Figure Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $100,000 | 10.5% | 9.99% | $10,500 | $10,990 | $490 with Strike |
| $250,000 | 9.5% | 9.99% | $23,750 | $27,475 | $3,725 with Strike |
| $500,000 | 9.5% | 9.99% | $47,500 | $54,950 | $7,450 with Strike |
| $1M | 9.5% | 9.99% | $95,000 | $109,900 | $14,900 with Strike |
| $5M | 7.49% | 9.99% | $374,500 | $549,500 | $175,000 with Strike |
Total year-1 cost includes annualized interest plus origination fees. Figure: 1% origination fee. Rates sourced from each lender's public rate pages as of 2026-05-14.
Both Strike and Figure use similar custody approaches: custodial (proof-of-reserves for 50+ btc) and mpc custody (segregated) respectively. Strike uses Custodial (proof-of-reserves for 50+ BTC). Your Bitcoin is held by Strike and could be at risk in the event of a hack, insolvency, or regulatory action. 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.
Strike triggers margin calls at 70% LTV and liquidates at 85% LTV. Figure triggers margin calls at 70% LTV and liquidates at 85% LTV. Strike gives borrowers 72 hours to respond, while Figure provides 24 hours.
| Threshold | Strike | Figure |
|---|---|---|
| Max Starting LTV | 50% | 75% |
| Margin Call | 70% LTV | 70% LTV |
| Margin Call Window | 72 hours | 24 hours |
| Liquidation | 85% LTV | 85% LTV |
Strike: 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%). Strike provides a wider safety margin.
Choosing between Strike and Figure requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Strike uses custodial (proof-of-reserves for 50+ btc) with 7.49%–10.5% APR, while Figure uses mpc custody (segregated) with 9.99%–12.62% APR.
On a $250,000 loan, Strike costs $23,750 in the first year versus $27,475 at Figure, a difference of $3,725. Part of Figure's higher cost comes from its 1% origination fee, which adds $2,500 upfront on this loan size. Strike charges no origination fee, so the only cost is interest.
Both platforms use similar custody approaches. Strike operates via custodial (proof-of-reserves for 50+ btc), and Figure uses mpc custody (segregated). Neither platform rehypothecates borrower collateral.
Strike is the better fit for borrowers who are borrowing $10,000 or more and are comfortable with custodial lending. Figure is the better fit for borrowers who need smaller loans or more flexible access.
Key details to be aware of: Strike: 0.79% fee if repaying with BTC collateral, 0. Figure: Figure Markets. APR 9.
Strike is cheaper. On a $500,000 loan held for 12 months, Strike costs $47,500 (9.5% APR) while Figure costs $54,950 (9.99% APR + 1% origination fee). That is a $7,450 difference in the first year.
Strike uses custodial (proof-of-reserves for 50+ btc). Figure uses mpc custody (segregated). Both platforms present similar custody risk profiles.
Strike's minimum loan is $10,000. Figure's minimum is $5,000. Figure is more accessible for smaller borrowers.
Strike issues a margin call at 70% LTV with a 72-hour response 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, Strike provides a 35-point buffer before liquidation, while Figure provides a 35-point buffer.
It depends on your priorities. Strike (7.49%–10.5% APR, custodial (proof-of-reserves for 50+ btc), min $10,000) is better for borrowers who value custodial (proof-of-reserves for 50+ btc) and have larger borrowing needs. 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.
Already borrowing with Figure? See your interest savings, terms head-to-head, and counterparty risk on your own numbers.
Open Compare LendersLygos offers 10% APR, $0 origination fees, and DLC-secured collateral where rehypothecation is cryptographically impossible.