Bitcoin Lending RatesBorrow against Bitcoin from 3.8% in DeFi or 7.49% from lenders
Borrowing dollars against Bitcoin costs about 3.8%–13.8% a year in the larger DeFi markets right now, and 7.49%–11.5% APR from lenders, depending on loan size and LTV. Lending out Bitcoin pays much less: close to 0% in DeFi, and up to about 4.7%–5.7% on centralized platforms.
Aave v3 (Arbitrum): borrow USDC against WBTC, up to 73% LTV. Variable. Among the 10 markets with $200M+ of Bitcoin deposited; a smaller Curve crvUSD market is 3.7%.
SALT’s APR at 30% LTV, 1 year; 8.75% at 50% LTV. Lowest verified tier with no minimum loan size.
DeFi pays under 0.2%; Nexo up to 4.7% flexible and 5.7% fixed-term.
Borrow against Bitcoin in DeFi: live rates
Deposit tokenized Bitcoin (cbBTC or WBTC) and borrow a stablecoin. Your cost is the stablecoin’s variable borrow rate in that market. Cheapest first. Headline figures use the 10 markets with at least $200M of Bitcoin deposited; smaller markets can be cheaper, from 3.7% (Curve crvUSD, Ethereum), but have less room to borrow.
Variable rates that change with demand. You also pay network fees. Max LTV is the most you can borrow; liquidation happens a little above it.
| Cost of $10K for a year | Sources | |||||
|---|---|---|---|---|---|---|
| Curve crvUSDEthereum · Soft liquidation (LLAMMA): collateral converts gradually instead of all at once | WBTC → crvUSD | 3.66% | 88% | $366 | $54M | Sources› |
| Aave v3Arbitrum | WBTC → USDC | 3.82% | 73% | $382 | $257M | Sources› |
| SparkEthereum | cbBTC → USDS | 4.13% | 81% | $413 | $488M | Sources› |
| MorphoEthereum | WBTC → USDT | 4.51% | 86% | $451 | $157M | Sources› |
| MorphoEthereum | cbBTC → USDT | 4.61% | 86% | $461 | $37M | Sources› |
| Aave v3Base | cbBTC → USDC | 4.76% | 73% | $476 | $244M | Sources› |
| VenusBSC | BTCB → USDT | 4.87% | 80% | $487 | $488M | Sources› |
| MorphoBase · Market behind Coinbase’s Bitcoin-backed loans | cbBTC → USDC | 4.89% | 86% | $489 | $3.2B | Sources› |
| MorphoEthereum | cbBTC → USDC | 5.00% | 86% | $500 | $708M | Sources› |
| MorphoEthereum | WBTC → USDC | 5.11% | 86% | $511 | $256M | Sources› |
| Compound v3Ethereum | WBTC → USDC | 6.06% | 80% | $606 | $407M | Sources› |
| KaminoSolana | cbBTC → USDC | 6.13% | 79% | $613 | $62M | Sources› |
| Aave v3Ethereum | WBTC → USDC | 13.76% | 73% | $1,376 | $2.9B | Sources› |
| Aave v3Ethereum | cbBTC → USDC | 13.76% | 73% | $1,376 | $1.5B | Sources› |
Bitcoin-backed loans from lenders: published rates
Each lender’s own schedule, checked on its site Sep 23, 2026, in its own words: APR includes fees; “interest” doesn’t. Open a row for every tier.
Published rates, not quotes. Your rate depends on loan size, LTV, term and where you live.
| Every tier and condition | Sources | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SALTBitcoin-backed loan | From 7.49% APR | 8.75%at 50% LTV, 1 year | 7 tiers
No origination fee or prepayment penalty. Same rate at every loan size. Rates fixed for up to 5 years. |
Sources› | ||||||||||||||
| LavaBitcoin-backed line of credit | 6.50%–8.50% interest + 2% yearly charge | 8.50%interest under $250K, plus a 2% yearly charge | 5 tiers
2% capital charge each year on your maximum outstanding balance. Interest compounds daily and adds to your balance; no required payments. |
Sources› | ||||||||||||||
| ArchBTC-backed loan | From 7.25% APR | 10.49%under $250K, monthly payments | 6 tiers
APR includes a 0.25%–1.49% origination fee. Terms up to 12 months; can roll over at maturity. |
Sources› | ||||||||||||||
| LednBitcoin-backed loan | From 9.25% APR (headline; its calculator shows 9.99% at the top tier) | 11.49%under $250K | 5 tiers
APR includes a 2% administration fee. Starts at 50% LTV, 12-month term, no required monthly payments. |
Sources› | ||||||||||||||
| NexoCredit Line | From 1.9% a year | depends on loyalty tier and region | 2 tiers
Interest only on what you draw, for the days you use it. Check the app for your rate; availability varies by country. |
Sources› | ||||||||||||||
| StrikeFixed-term loan Not verified by us |
From 7.49% APR | not verified by us | 2 tiers
Strike’s page blocked our check. Terms according to Ledn’s Sep 13, 2026 comparison; not verified by DeFi Rate. |
Sources› | ||||||||||||||
| CoinbaseUSDC loan through Morpho Not verified by us |
4.89% market rate + Coinbase fees | Morpho market rate plus Coinbase’s fees | 3 tiers
Coinbase interest fee (not published) + processing fee. Borrows USDC against cbBTC on the Morpho market on Base. Coinbase’s help page blocked our check. Terms terms from Coinbase’s help page as reported in Ledn’s Sep 13, 2026 comparison; not verified by DeFi Rate. |
Sources› |
What your loan would cost, and how far Bitcoin can fall
Bitcoin at $84,374. Estimates before network and processing fees.
Loan amount $
Starting LTV
Months
Option
Bitcoin you’d post1.1852 BTCabout $100,000
Interest over 12 months at 4.89%$2,447
Bitcoin can fall before your LTV reaches 86%42%to about $49,055
DeFi rates are variable; this assumes today’s rate holds. Liquidation happens a little above the max LTV.
What you can earn by lending out Bitcoin
Few people borrow Bitcoin itself, so lending it out pays far less than borrowing against it costs.
Variable supply rates. Demand to borrow Bitcoin is low, so lenders earn little.
| VenusBSC | BTCB | 0.18% | $488M |
|---|---|---|---|
| Aave v3Arbitrum | WBTC | 0.02% | $257M |
| Aave v3Base | cbBTC | 0.01% | $244M |
| Aave v3Polygon | WBTC | 0.01% | $72M |
| Aave v3BSC | BTCB | <0.01% | $85M |
| Aave v3Ethereum | WBTC | <0.01% | $2.9B |
| Aave v3Ethereum | cbBTC | <0.01% | $1.5B |
| SparkEthereum | cbBTC | <0.01% | $488M |
| Aave v3Ethereum | LBTC | <0.01% | $222M |
| Aave v3Ethereum | tBTC | <0.01% | $145M |
Nexo (centralized)Up to 4.7% on Flexible Savings and 5.7% fixed-term on BTC. Nexo’s own example: 3.5% on the first $4M at the Platinum tier, Flexible Savings. Top rates require holding its NEXO token. Nexo’s ratesThe trade-offCentralized yields are higher because the platform lends your Bitcoin on. If it fails, your Bitcoin can be frozen, as it was at Celsius, BlockFi and Voyager in 2022.
Another optionTraders earn more by collecting perpetual funding while holding Bitcoin. See Bitcoin funding rates →
Explanation
How Bitcoin lending works
Borrowing against Bitcoin vs. lending it out
“Bitcoin lending” means two different things. Borrowing against Bitcoin: you keep your BTC as collateral and borrow dollars or stablecoins, paying interest. That’s what most people are looking for, and it’s the bulk of this page. Lending out Bitcoin: you deposit BTC and earn interest from whoever borrows it. Rates for that are much lower, because far fewer people want to borrow Bitcoin itself.
LTV and liquidation, in plain terms
Loan-to-value (LTV) is your loan divided by your collateral’s value. Borrow $50,000 against $100,000 of Bitcoin and your LTV is 50%. If Bitcoin falls, your LTV rises. Past the lender’s limit you’ll get a margin call, and past the liquidation level some or all of your Bitcoin is sold to repay the loan. Starting at a lower LTV gives you more room: at 30% LTV, Bitcoin can fall by more than half before you reach 70%.
How DeFi borrowing works
On protocols such as Aave, Morpho and Compound, you deposit tokenized Bitcoin (cbBTC or WBTC, which represent BTC held by a custodian) and borrow a stablecoin like USDC. There’s no application or credit check, rates change continuously with demand, and liquidation is automatic. You pay network fees and you’re responsible for your own wallet. Coinbase’s Bitcoin-backed loans use Morpho on Base behind the scenes.
How lender loans work
Companies such as SALT, Ledn, Arch and Lava hold your Bitcoin and lend you dollars. You apply, pass identity checks, and get a fixed rate and term. Rates are higher than DeFi but predictable, and some lenders offer multi-year fixed rates or no required monthly payments. Your Bitcoin is in their custody, so read how they hold it and whether they rehypothecate (re-lend) it.
Our crypto lending platforms page compares these lenders’ rates, loan-to-value limits, fees and the states they serve.
Can you earn interest on Bitcoin?
Yes, but less than headlines suggest. In the large DeFi markets, lending out Bitcoin pays close to 0% today, because demand to borrow BTC is low. Centralized platforms pay more: Nexo advertises up to 4.7% on flexible savings and 5.7% fixed-term, with the top rates tied to holding its NEXO token. Higher yields mean taking on the platform’s risk: when Celsius, BlockFi and Voyager failed in 2022, customers’ Bitcoin was frozen in bankruptcy.
Taxes
In the US, borrowing against Bitcoin generally isn’t a sale, so it doesn’t trigger capital-gains tax, but a liquidation is a sale. Interest you earn on Bitcoin is generally taxable income. Check with a tax professional for your situation.
Methodology
DeFi borrow rates are each market’s variable rate for the stablecoin you borrow, from DefiLlama. Lender rates are copied from each lender’s published schedule with its own label (APR or interest). Nothing here is a quote; your rate depends on size, LTV and location.Full methodology →
Full methodology
UnitsDeFi rates are variable yearly rates. Lender rates keep the lender’s label: APR includes fees, “interest” doesn’t.
AveragesAverages are stated on the page as simple or weighted, and every underlying rate is in the downloadable table.
Timestamps“Rates observed” is when we read them; they change on each venue’s own schedule.
What’s excludedTrading fees, spreads, gas and liquidation risk aren’t included in these rates.
Data and sources
- Source records for every number on this page: contracts, quote types, calculations and history
- DeFi Rate prediction-market methodology: how we price, average and label every figure
- Permanent snapshot, Sep 27, 1:14 AM ET: a frozen copy for citation
- Borrow against Bitcoin in DeFi (CSV)
- Bitcoin-backed loan rates from lenders (CSV)
- Earn on Bitcoin in DeFi (CSV)
- Every figure and contract on this page (CSV)
Questions
What is the interest rate to borrow against Bitcoin?
In DeFi, about 3.8% to 13.8% a year right now (variable) in markets with at least $200M of Bitcoin deposited. From lenders, published rates run from 7.49% APR (SALT, 30% LTV, 1 year) to about 11.5% APR for smaller loans.
Can I lend out my Bitcoin?
Yes. In DeFi, lending Bitcoin pays under 0.2% today. Centralized platforms such as Nexo pay more, up to about 4.7%–5.7%, but you take on the platform’s risk.
Is crypto lending worth it?
Borrowing against Bitcoin can make sense if you need cash without selling, at a low LTV so a price drop doesn’t liquidate you. Lending out Bitcoin pays little in DeFi, and the higher centralized yields come with counterparty risk.
Which crypto lending platform is best in the USA?
It depends on what you need: DeFi (Aave, Morpho, or Coinbase’s Morpho-based loans) is cheapest and flexible; lenders like SALT offer fixed rates and terms. Check each provider’s availability in your state.
What is the interest rate on Bitcoin?
If you lend Bitcoin, DeFi pays near 0% and Nexo up to about 4.7%–5.7%. If you borrow against it, expect roughly 4% to 11.5% a year.
What happens if Bitcoin’s price drops?
Your LTV rises. Past the lender’s limit you’ll be asked to add collateral or repay; past the liquidation level, some of your Bitcoin is sold to cover the loan.
About the authors
Christopher Feery has written professionally since 2014 and has covered the gambling industry full time since New Jersey legalized sports betting in 2018.
Cheryle Shepstone is DeFi Rate’s Director of Content and Strategy and oversees its prediction-market research, platform reviews and editorial methodology.
