Strike charges 7.49%–10.5% APR with $0 origination fees using custodial. Firefish charges ≈7%–13% (P2P) APR with a 1.5% origination fee using non-custodial escrow (3-of-3 pre-signed transactions). See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-06-09
Strike offers a lower headline rate at 7.49%–10.5% compared to Firefish's ≈7%–13% (P2P). On a $1M loan held for 12 months, Strike saves $34,000 in total first-year cost (interest plus origination fees). From a custody perspective, Firefish presents lower counterparty risk with its non-custodial escrow (3-of-3 pre-signed transactions) model.
Strike offers tiered rates that decrease with larger loan amounts, while Firefish charges a flat rate regardless of loan size. Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Strike APR | Firefish APR | Strike Total Year-1 Cost | Firefish Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $100,000 | 10.5% | 10.9% | $10,500 | $12,400 | $1,900 with Strike |
| $250,000 | 10% | 10.9% | $25,000 | $31,000 | $6,000 with Strike |
| $500,000 | 10% | 10.9% | $50,000 | $62,000 | $12,000 with Strike |
| $1M | 9% | 10.9% | $90,000 | $124,000 | $34,000 with Strike |
| $5M | 7.49% | 10.9% | $374,500 | $620,000 | $245,500 with Strike |
Total year-1 cost includes annualized interest plus origination fees. Firefish: 1.5% origination fee. Firefish rates are set by the lending marketplace; the table uses a representative recent rate. Rates sourced from each lender's public rate pages as of 2026-06-09.
Strike and Firefish take fundamentally different approaches to collateral custody. Strike uses Custodial. Your Bitcoin is held by Strike and could be at risk in the event of a hack, insolvency, or regulatory action. Firefish uses Non-custodial escrow (3-of-3 pre-signed transactions). Your Bitcoin is locked on the Bitcoin blockchain in a smart contract. Neither Firefish nor any third party can access or move your collateral.
Strike triggers margin calls at 70% LTV and liquidates at 85% LTV. Firefish triggers margin calls at 73% LTV and liquidates at 95% LTV. Strike gives borrowers 72 hours to respond to a margin call. Firefish uses threshold-based triggers without a fixed response window.
| Threshold | Strike | Firefish |
|---|---|---|
| Max Starting LTV | 50% | 50% |
| Margin Call | 70% LTV | 73% LTV |
| Margin Call Window | 72 hours | Threshold-based |
| Liquidation | 85% LTV | 95% LTV |
Strike: 35.0 percentage point buffer between starting LTV (50%) and liquidation (85%). Firefish: 45.0 percentage point buffer between starting LTV (50%) and liquidation (95%). Firefish provides a wider safety margin.
Choosing between Strike and Firefish requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Strike uses custodial with 7.49%–10.5% APR, while Firefish uses non-custodial escrow (3-of-3 pre-signed transactions) with ≈7%–13% (P2P) APR.
On a $250,000 loan, Strike costs $25,000 in the first year versus $31,000 at Firefish, a difference of $6,000. Part of Firefish's higher cost comes from its 1.5% origination fee, which adds $3,750 upfront on this loan size. Strike charges no origination fee, so the only cost is interest.
The custody difference is material. Firefish uses non-custodial escrow (3-of-3 pre-signed transactions), which means your Bitcoin requires multiple key holders to coordinate, reducing single-point-of-failure risk. Strike uses custodial. In a platform insolvency scenario, Firefish borrowers' collateral is protected by the multisig architecture, while Strike borrowers may face creditor claims.
Strike is the better fit for borrowers who are borrowing $10,000 or more and are comfortable with custodial lending. Firefish is the better fit for borrowers who need smaller loans or more flexible access.
Key details to be aware of: Strike: Monthly-payment interest rates shown (10.5% = 11. Firefish: European P2P marketplace (EUR, CZK, CHF, PLN fiat + USDC) — rates set by investor supply and demand, typically ~7-13% (advertised 'from 5%'). 1.
Strike is cheaper. On a $500,000 loan held for 12 months, Strike costs $50,000 (10% APR) while Firefish costs $62,000 (10.9% APR + 1.5% origination fee). That is a $12,000 difference in the first year.
Strike uses custodial. Firefish uses non-custodial escrow (3-of-3 pre-signed transactions). Firefish presents lower custody risk because your collateral requires coordination among multiple key holders.
Strike's minimum loan is $10,000. Firefish's minimum is $1,000. Firefish 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. Firefish issues a margin call at 73% LTV (threshold-based, no fixed window) and liquidates at 95% LTV. Starting from a 50% LTV, Strike provides a 35-point buffer before liquidation, while Firefish provides a 45-point buffer.
It depends on your priorities. Strike (7.49%–10.5% APR, custodial, min $10,000) is better for borrowers who value custodial and have larger borrowing needs. Firefish (≈7%–13% (P2P) APR, non-custodial escrow (3-of-3 pre-signed transactions), min $1,000) is better for borrowers who value non-custodial escrow (3-of-3 pre-signed transactions) and need smaller loan access. Use the rate table and cost comparison above to model your specific scenario.
Lygos offers 10% APR, $0 origination fees, and DLC-secured collateral where rehypothecation is cryptographically impossible.