Strike charges 7.49%–10.5% APR with $0 origination fees using custodial (proof-of-reserves for 50+ btc). Unchained charges 14%–15% APR with a 2% origination fee using collaborative multisig (2-of-3). See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-05-14
Strike offers a lower headline rate at 7.49%–10.5% compared to Unchained's 14%–15%. On a $1M loan held for 12 months, Strike saves $65,000 in total first-year cost (interest plus origination fees). From a custody perspective, Unchained presents lower counterparty risk with its collaborative multisig (2-of-3) model.
Strike offers tiered rates that decrease with larger loan amounts, while Unchained structures rates by term-length. Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Strike APR | Unchained APR | Strike Total Year-1 Cost | Unchained Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $250,000 | 9.5% | 14% | $23,750 | $40,000 | $16,250 with Strike |
| $500,000 | 9.5% | 14% | $47,500 | $80,000 | $32,500 with Strike |
| $1M | 9.5% | 14% | $95,000 | $160,000 | $65,000 with Strike |
| $5M | 7.49% | 14% | $374,500 | $800,000 | $425,500 with Strike |
Total year-1 cost includes annualized interest plus origination fees. Unchained: 2% origination fee. Rates sourced from each lender's public rate pages as of 2026-05-14.
Strike and Unchained take fundamentally different approaches to collateral custody. 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. Unchained uses Collaborative multisig (2-of-3). Multiple key holders must coordinate to move funds, reducing single-point-of-failure risk but still requiring trust in the key coordination process.
Strike triggers margin calls at 70% LTV and liquidates at 85% LTV. Unchained triggers margin calls at 67% LTV and liquidates at 83% LTV. Strike gives borrowers 72 hours to respond, while Unchained provides 24 hours.
| Threshold | Strike | Unchained |
|---|---|---|
| Max Starting LTV | 50% | 50% |
| Margin Call | 70% LTV | 67% LTV |
| Margin Call Window | 72 hours | 24 hours |
| Liquidation | 85% LTV | 83% LTV |
Strike: 35.0 percentage point buffer between starting LTV (50%) and liquidation (85%). Unchained: 33.0 percentage point buffer between starting LTV (50%) and liquidation (83%). Strike provides a wider safety margin.
Choosing between Strike and Unchained 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 Unchained uses collaborative multisig (2-of-3) with 14%–15% APR.
On a $500,000 loan, Strike costs $47,500 in the first year versus $80,000 at Unchained, a difference of $32,500. Part of Unchained's higher cost comes from its 2% origination fee, which adds $10,000 upfront on this loan size. Strike charges no origination fee, so the only cost is interest.
The custody difference is material. Unchained uses collaborative multisig (2-of-3), which means your Bitcoin requires multiple key holders to coordinate, reducing single-point-of-failure risk. Strike uses custodial (proof-of-reserves for 50+ btc). In a platform insolvency scenario, Unchained 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. Unchained is the better fit for borrowers who are borrowing $150,000 or more and want collaborative key control.
Key details to be aware of: Strike: 0.79% fee if repaying with BTC collateral, 0. Unchained: Commercial/institutional only since Jan 2024. Uses CTP ratio (inverse of LTV).
Strike is cheaper. On a $500,000 loan held for 12 months, Strike costs $47,500 (9.5% APR) while Unchained costs $80,000 (14% APR + 2% origination fee). That is a $32,500 difference in the first year.
Strike uses custodial (proof-of-reserves for 50+ btc). Unchained uses collaborative multisig (2-of-3). Unchained presents lower custody risk because your collateral requires coordination among multiple key holders.
Strike's minimum loan is $10,000. Unchained's minimum is $150,000. Strike 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. Unchained issues a margin call at 67% LTV with a 24-hour response window and liquidates at 83% LTV. Starting from a 50% LTV, Strike provides a 35-point buffer before liquidation, while Unchained provides a 33-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. Unchained (14%–15% APR, collaborative multisig (2-of-3), min $150,000) is better for borrowers who value collaborative multisig (2-of-3) and prefer this platform's lending structure. Use the rate table and cost comparison above to model your specific scenario.
Already borrowing with Unchained? See your interest savings, terms head-to-head, and counterparty risk on your own numbers.
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