Unchained charges 14%–15% APR with a 2% origination fee using collaborative multisig (2-of-3). Arch charges 7.75%–9% APR with a 1.49% origination fee using custodial (anchorage, qualified custodian). See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-05-14
Arch advertises a lower headline rate at 7.75%–9% compared to Unchained's 14%–15%. On a $1M loan held for 12 months, Arch saves $65,100 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.
Arch 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 | Unchained APR | Arch APR | Unchained Total Year-1 Cost | Arch Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $250,000 | 14% | 8.5% | $40,000 | $24,975 | $15,025 with Arch |
| $500,000 | 14% | 8.5% | $80,000 | $49,950 | $30,050 with Arch |
| $1M | 14% | 8% | $160,000 | $94,900 | $65,100 with Arch |
| $5M | 14% | 7.75% | $800,000 | $462,000 | $338,000 with Arch |
Total year-1 cost includes annualized interest plus origination fees. Unchained: 2% origination fee. Arch: 1.49% origination fee. Rates sourced from each lender's public rate pages as of 2026-05-14.
Unchained and Arch take fundamentally different approaches to collateral custody. 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. Arch uses Custodial (Anchorage, qualified custodian). Your Bitcoin is held by Arch and could be at risk in the event of a hack, insolvency, or regulatory action.
Unchained triggers margin calls at 67% LTV and liquidates at 83% LTV. Arch triggers margin calls at 70% LTV and liquidates at 80% LTV. Unchained gives borrowers 24 hours to respond, while Arch provides 24 hours.
| Threshold | Unchained | Arch |
|---|---|---|
| Max Starting LTV | 50% | 60% |
| Margin Call | 67% LTV | 70% LTV |
| Margin Call Window | 24 hours | 24 hours |
| Liquidation | 83% LTV | 80% LTV |
Unchained: 33.0 percentage point buffer between starting LTV (50%) and liquidation (83%). Arch: 20.0 percentage point buffer between starting LTV (60%) and liquidation (80%). Unchained provides a wider safety margin.
Choosing between Unchained and Arch requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Unchained uses collaborative multisig (2-of-3) with 14%–15% APR, while Arch uses custodial (anchorage, qualified custodian) with 7.75%–9% APR.
On a $500,000 loan, Arch costs $49,950 in the first year versus $80,000 at Unchained, a difference of $30,050. Part of Unchained's higher cost comes from its 2% origination fee, which adds $10,000 upfront on this loan size.
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. Arch uses custodial (anchorage, qualified custodian). In a platform insolvency scenario, Unchained borrowers' collateral is protected by the multisig architecture, while Arch borrowers may face creditor claims.
Unchained is the better fit for borrowers who are borrowing $150,000 or more and want collaborative key control. Arch is the better fit for borrowers who need smaller loans or more flexible access.
Key details to be aware of: Unchained: Commercial/institutional borrowers only since Jan 2024 — no consumer loans. Uses CTP ratio (inverse of LTV). Arch: Origination fee is tiered and falls with loan size: 1.49% below $750K, 0.
Arch is cheaper. On a $500,000 loan held for 12 months, Unchained costs $80,000 (14% APR + 2% origination fee) while Arch costs $49,950 (8.5% APR + 1.49% origination fee). That is a $30,050 difference in the first year.
Unchained uses collaborative multisig (2-of-3). Arch uses custodial (anchorage, qualified custodian). Unchained presents lower custody risk because your collateral requires coordination among multiple key holders.
Unchained's minimum loan is $150,000. Arch's minimum is $5,000. Arch is more accessible for smaller borrowers.
Unchained issues a margin call at 67% LTV with a 24-hour response window and liquidates at 83% LTV. Arch issues a margin call at 70% LTV with a 24-hour response window and liquidates at 80% LTV. Starting from a 50% LTV, Unchained provides a 33-point buffer before liquidation, while Arch provides a 30-point buffer.
It depends on your priorities. Unchained (14%–15% APR, collaborative multisig (2-of-3), min $150,000) is better for borrowers who value collaborative multisig (2-of-3) and have larger borrowing needs. Arch (7.75%–9% APR, custodial (anchorage, qualified custodian), min $5,000) is better for borrowers who value custodial (anchorage, qualified custodian) 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.