Coinbase (Morpho-backed)

cefi_coinbase_morpho · cefi_desk · operated by Coinbase (Morpho-backed)

8 of 8 criteria researched.

Price

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

Rate formation	posted_card source Published rate card at the desk's own site (cefi_credit_rates.source_url), re-fetched daily and last confirmed 2026-07-30. posted_card per v1 §8.2: the rate is an OFFER, not a transacted price — no desk publishes a loan book, which is why these venues' quantity and composition axes are declared unobtainable rather than missing.
Term structure	open_ended source Coinbase Borrow — open-ended, up to $5M; inherits Morpho Blue's no-maturity structure.
Rate certainty	variable source Coinbase Borrow — the variable per-block rate of the underlying Morpho market (rate_type = variable_onchain), which is why the card publishes no APR figure.

Quality

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

Oracle dependency	single source Coinbase Borrow (https://www.coinbase.com/borrow) routes to a Morpho Blue market on Base, which carries exactly one immutable oracle in its MarketParams. Readable on-chain precisely because the credit is not on Coinbase's own book.
Default & liquidation	threshold source Coinbase Borrow — oracle-driven LTV liquidation at 86% with a 4.38% penalty, executed by the underlying Morpho Blue market rather than by Coinbase.
Custody & backing	protocol_custodial source Coinbase Borrow — BTC is converted to cbBTC and supplied to a Morpho Blue market on Base, so the collateral sits in the Morpho singleton rather than on Coinbase's balance sheet. The cbBTC wrapper is itself Coinbase-issued, so custody risk is not eliminated, only moved.
Recourse	non_recourse source Inherited from the underlying Morpho Blue market: liability is bounded by the seized collateral and any shortfall is realised against that market's suppliers. The only CeFi row where recourse is sourceable, because the loan is on-chain.

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.