Posted card
Rates published on a desk’s rate card. Administered: a posted price rather than a cleared one, and it changes when the desk decides.
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
What these figures cover — and what they leave out
- BTC collateral — read for 5 of 24 venues; part of it is the supplied amount each pool reports, not what is pledged against a loan; about 28,787 BTC of it is estimated from desks' books and their cards' LTVs, within the range shown.
- Dollar debt against bitcoin — debt against bitcoin read for 7 of 24 venues; 3 more lend from a pool or are financed without a lien — named, not added; part of it is partial (bitcoin-only borrowers in a pool, or a desk's bounded estimate).
- Aggregate LTV — both sides read for 1 of 24 venues.
- Borrow rate (USD loans) — weighted by dollar debt for 5 of 24 venues; 5 posted rate(s) carry no weight and are not in it.
- Lend rate (USD loans) — weighted by dollar supply for 2 of 24 venues.
| Family | BTC collateral | share | Dollar debt against bitcoin | share | LTV | Borrow | Lend | Liquidates at | Threshold (LTV) |
|---|---|---|---|---|---|---|---|---|---|
| Tether › | — | $13.45bn | — | — | — | — | |||
| Nexo › | — | $850m | 50.0% | 17.90% | — | — | |||
| Ledn › | 21,178 BTC | 35% | $785m | 32% | 44.3% | 11.49% | 6.50% | — | |
| Galaxy Digital › | 9,719 BTC | 16% | $763m | 32% | — | — | — | — | |
| Cantor Fitzgerald › | 12,807 BTC | 21% | $447m | 18% | — | — | — | — | |
| Strike › | 11,862 BTC | 20% | $324m | 13% | 45.0% | 14.20% | — | — | |
| Xapo Bank › | 4,119 BTC | 6.9% | $100m | 4.1% | 40.0% | 10.50% | 3.35% | — | |
| SALT › | — | $45m | 50.0% | 8.75% | — | — | |||
| BlockFi › defunct since 2022-11-28 | — | $0 | 0% | — | — | — | — | ||
| Celsius Network › defunct since 2022-07-13 | — | $0 | 0% | — | — | — | — | ||
| Arch › | — | — | 60.0% | 10.49% | — | — | |||
| Charles Schwab › | — | — | 50.0% | — | — | — | |||
| Coinbase (Morpho-backed) › | — | — | 75.0% | — | — | — | |||
| Cred › defunct since 2020-11-07 | — | — | — | — | — | — | |||
| Fidelity › | — | — | — | — | — | — | |||
| Figure › | — | — | 75.0% | 10.00% | — | — | |||
| Hodlnaut › defunct since 2022-08-29 | — | — | — | — | — | — | |||
| Interactive Brokers › | — | — | — | 5.63% | — | — | |||
| Maple Institutional Secured Lending › | — | — | — | — | — | — | |||
| Milo › | — | — | 50.0% | 10.75% | — | — | |||
| Two Prime › | — | — | — | — | — | — | |||
| Unchained › | — | — | 50.0% | 14.18% | — | — | |||
| Vauld › defunct since 2022-07-08 | — | — | — | — | — | — | |||
| Voyager Digital › defunct since 2022-07-05 | — | — | — | — | — | — |
Ordered by debt, never by a rate; a figure in italics covers part of a book
Ordered by debt against bitcoin, then collateral — never by a rate. Shares are of this class's total, and add up. A figure in italics covers only part of a book — hover for what it leaves out; a dash carries its reason. 3 lend from a pool against every collateral, report a whole book, or are financed without a lien: their figures are shown on their rows and not added ($14.35bn in all). /v1/market/tree
As of 2026-10-15 · weighting: borrow by borrowed_usd, lend by supplied_usd; spread computed per pool-day then weighted, never as the difference of the two aggregates
The tenor is an averaging window, not a maturity. Each point is the mean, over the trailing window, of rates agreed at origination for their own terms. The window is not that term, and this view does not show the terms.
Denominations are different products. btc and usd are different products and are never aggregated. btc = the borrower receives bitcoin; usd = a stablecoin is borrowed against bitcoin collateral.
Its families are listed above. What the endpoint does not serve is how much each venue weighs in the class rate, so this table of what sets the rate is empty: a property of how the class is observed.
Borrow leg only — no lend rate is observed in any window. Each row is a mean over its trailing window — not the rate tiles above, which are today's dollar-loan rates weighted by each venue's debt. Wrapper classes: custodial.
| Window (days) | Borrow | Lend | Spread | Pools | Venues | Pool debt (all borrowers) | Supplied |
|---|---|---|---|---|---|---|---|
| 7 | 11.45% | — | — | 7 | 7 | — | — |
| 14 | 11.62% | — | — | 7 | 7 | — | — |
| 30 | 11.69% | — | — | 7 | 7 | — | — |
| 60 | 11.72% | — | — | 7 | 7 | — | — |
| 90 | 11.73% | — | — | 7 | 7 | — | — |
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/financing-curve GET https://api.bitcoincreditstack.com/v1/market/tree |
|---|---|
| MCP | get_credit_state() compare_venues({ class: "posted-card" }) |
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