Cantor Fitzgerald

cefi_cantor · cefi_desk · operated by Cantor Fitzgerald

8 of 8 criteria researched.

Price

What does credit cost here, and how is the price formed?

Rate formation	posted_card source No rate card is published. Cantor Fitzgerald offers bilateral institutional Bitcoin financing and posts no rate, term or LTV: cefi_credit_rates carries rate_type = bilateral_unpublished, computable_ccs = false, and both apr_low and apr_high NULL, against a source_url (https://www.cantor.com) that is the firm's homepage rather than a rate card. NOTE — the value beside this source overstates what is known: posted_card is inherited from the CeFi desk class and is not true of this desk. Correcting the value needs a v1 §8.2 decision, since that enum has no state for an unpublished bilateral rate and rate_mechanism also selects this venue's mechanism-native panel. Owed in venue_readiness_matrix.md §4.
Term structure	undisclosed source Not published; terms are per-deal (cefi_credit_rates.term_days is null).
Rate certainty	undisclosed source Not published (rate_type = bilateral_unpublished). This desk carries computable_ccs = false for exactly this reason: there is no posted rate to anchor.

Quality

What stands behind a position, and what can change under the reader?

Oracle dependency	undisclosed source Cantor Fitzgerald (https://www.cantor.com) — bilateral institutional financing. No rate, LTV, price source or liquidation policy is posted; terms are negotiated per counterparty.
Default & liquidation	undisclosed source Not published — bilateral and unpublished (liquidation_model = bilateral_unpublished). Institutional BTC financing of this kind is normally margined under a negotiated agreement, but no public document establishes it for this book.
Custody & backing	third_party_custodial source Reported custody via Copper and Anchorage (custody_model = custodial_copper_anchorage) — the one structural property of this book that is public. First borrowers reported as FalconX and Maple.
Recourse	undisclosed source Not published.

Composition

Who and what makes up this market?

Collateral accepted	BTC (desk-held, representation not disclosed) source cefi_credit_rates.collateral_class = btc for every borrow product on this desk. Desks take native BTC into custody rather than a wrapped on-chain representation, so there is no token address to cite — which is also why none of this collateral is independently observable.
Observability	price: partial — Rate card held for a single effective date (2026-07-21) in cefi_credit_rates — a snapshot, not a history. A posted card is also an offer, not a transacted rate, which is what the posted_card mechanism label exists to say. The declared backfill_horizon is that one date. quantity: none — CeFi desks publish no loan book. Quantity is unobtainable at this venue, not merely unbuilt — declared rather than left blank, per spec §8.1. composition: none — CeFi desks publish no loan-level data. Unobtainable, not unbuilt.

Collateral accepted

BTC (desk-held, representation not disclosed)

source

cefi_credit_rates.collateral_class = btc for every borrow product on this desk. Desks take native BTC into custody rather than a wrapped on-chain representation, so there is no token address to cite — which is also why none of this collateral is independently observable.

Observability

price: partial — Rate card held for a single effective date (2026-07-21) in cefi_credit_rates — a snapshot, not a history. A posted card is also an offer, not a transacted rate, which is what the posted_card mechanism label exists to say. The declared backfill_horizon is that one date.

quantity: none — CeFi desks publish no loan book. Quantity is unobtainable at this venue, not merely unbuilt — declared rather than left blank, per spec §8.1.

composition: none — CeFi desks publish no loan-level data. Unobtainable, not unbuilt.

There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.