Sources
Everything this site reads, what it provides, and — more usefully — what it does not. Custody tier is metadata on the source, not on the datapoint, so it is recorded once here with its basis and every figure inherits it. Where a tier is a judgement rather than a disclosure, it says so.
MARKET VENUES — THE IMPLIED CURVE
Deribit — 10 POINTS
- Source
- https://www.deribit.com
- Custody tier
- T4 · Custodial
- Basis for that tier
- Realising the implied rate requires posting margin at Deribit. Keys are the venue's; the counterparty exposure is full. Not tier 5 because Deribit does not operate a yield product that lends client collateral on.
- Instruments
- Inverse futures; options via put-call parity
- Licence
- Public REST, no key required
- Spot index
- 79 841.92 USD/BTC — the venue's own, never a foreign one
- Rehypothecation
- Not disclosed
- Proof of reserves
- Merkle-tree client attestation — published
- Jurisdiction
- Panama (Deribit B.V. / DRB Panama)
- Reproducible
- Yes — public endpoint, no key
OKX — 7 POINTS
- Source
- https://www.okx.com
- Custody tier
- T4 · Custodial
- Basis for that tier
- Margin sits at the venue; keys are the venue's. OKX operates lending and earn products, but the futures margin account is not documented as a funding source for them, so tier 4 rather than 5.
- Instruments
- Inverse futures; linear futures as an internal cross-check only
- Licence
- Public REST, no key required
- Spot index
- 79 839.30 USD/BTC — the venue's own, never a foreign one
- Rehypothecation
- Not disclosed for futures margin
- Proof of reserves
- Merkle-tree client attestation, monthly — published
- Jurisdiction
- Seychelles
- Reproducible
- Yes — public endpoint, no key
CME Group — 4 POINTS
AS OF · 2026-08-27
- Source
- https://www.cmegroup.com/markets/cryptocurrencies/bitcoin/bitcoin.settlements.html
- Custody tier
- T3 · Collaborative custody
- Basis for that tier
- Margin is held by a futures commission merchant under CFTC segregation rules, not by the exchange and not by the trader. Keys are irrelevant — the contract is cash-settled — but the counterparty exposure is partial and regulated rather than full and offshore, which is what tier 3 encodes on this ladder.
- Instruments
- Quarterly and serial BTC futures, daily settlement prices (product 8478)
- Attribution
- CME Group — daily settlement prices, Bitcoin futures (BTC). Settlement values as published by CME for the stated trade date. The as-of trade date travels with every point and is shown on /sources and in the fixing record.
- Price basis
- Settlement, not a mid, and labelled `settle` throughout. Contract months with zero volume AND zero open interest are dropped: their settle is exchange-derived rather than transacted, so it is not an observation.
- Expiry
- Last Friday of the contract month, 16:00 London.
- Spot leg
- THE DAILY SETTLEMENT INSTANT IS 15:00 CENTRAL, NOT 16:00 LONDON — the London fix is the final settlement at expiry. The spot leg is the BTC index at that instant, because a once-a-day settle priced against a live spot turns the overnight move into basis. On 19 Aug 2026 the front month implies +3.92% over nine days against the London fix and +0.27% against the settlement instant; both parse cleanly, only one is a rate.
- Source as-of
- 08/27/2026
- Spot used this fixing
- BTC index at the CME settlement instant 2026-08-27 20:00Z (bar 20:00Z)
- Spot index
- 79 901.40 USD/BTC — the venue's own, never a foreign one
- Rehypothecation
- FCM customer funds are segregated; investment of customer funds is limited by CFTC Regulation 1.25
- Proof of reserves
- CFTC segregation and daily FCM financial reporting
- Jurisdiction
- United States (CFTC-regulated DCM)
- Reproducible
- Yes — public endpoint, no key
Bybit — 2 POINTS
AS OF · 2026-08-27
- Source
- https://public.bybit.com/trading/
- Custody tier
- T4 · Custodial
- Basis for that tier
- As Deribit and OKX: margin at the venue, keys the venue's.
- Instruments
- Inverse dated futures (quarterly), from the public trading archive
- Attribution
- Bybit — public trading archive, inverse dated futures. Trade prints as published by Bybit for the stated UTC date.
- Price basis
- Last trade print at the reference instant, not a mid. Trade prints give a settlement-style forward; the print's distance from the instant is recorded per point and a print more than three hours stale is dropped.
- Expiry
- Last Friday of the contract month, 08:00 UTC.
- Spot leg
- The BTC index at the same instant as the print. A settled print priced against a live spot would turn the move since the print into basis, so both legs are taken at one instant — aligned to the CME settlement instant where CME settled that day, so the two settlement-basis venues are directly comparable.
- Source as-of
- 2026-08-27
- Spot used this fixing
- BTC index at 2026-08-27 20:00Z (bar 20:00Z)
- Spot index
- 79 901.40 USD/BTC — the venue's own, never a foreign one
- Rehypothecation
- Not disclosed
- Proof of reserves
- Merkle-tree client attestation — published
- Jurisdiction
- Dubai (VARA) / British Virgin Islands
- Reproducible
- Yes — public endpoint, no key
REFERENCE RATE
FRED — Federal Reserve Bank of St. Louis
- Series
- DGS1MO, DGS3MO, DGS6MO, DGS1 constant-maturity Treasury; SOFR overnight
- Licence
- Public domain (U.S. Government work)
- Curve date
- 2026-08-26
- Freshness
- AS OF · 2026-08-26
- As published
- 30d 3.80% · 91d 3.85% · 182d 3.94% · 365d 4.02%
- Conversion
- constant-maturity Treasury, annualised coupon-equivalent, percent → continuously compounded, ACT/365F, decimal
OBSERVED BTC-NATIVE YIELD
AMBOSS MAGMA — FILLED
AS OF · 2026-08-28
- What it is
- Transactions. Cleared channel leases with the term in blocks and the size in sats.
- Custody tier
- T2 · Self custody, hot — liquidity is committed from the operator's own online keys, with no counterparty holding it
- This fixing
- 833 orders over 120 days
- Rate convention
- Amboss's published annualised rate, taken as published; the underlying fee is not exposed, so it is not re-derived. It satisfies fee = rate × size × blocks ÷ 52560, the same 365-day simple annualisation used for the offer side.
- Renders as
- Solid points. Never connected by a line — sparsity is information.
- Reproducible
- Yes — public GraphQL, no key
- Quirk
- order_details.status is the channel MONITORING lifecycle (ACTIVE / FINISHED / FINISHED_EARLY / NOT_MONITORED), NOT a fill flag. Every row there is a completed purchase. Reading it as fill would file live leases as asks.
- Quirk
- An open offer's min_block_length is a FLOOR — the shortest term the seller will accept — not the term of the lease. A quoted tenor is therefore a minimum and is labelled as one; only filled orders carry an actual block_duration.
- Quirk
- Amboss's published rate satisfies fee = rate x size x blocks / 52560, i.e. simple annualisation at 144 blocks/day and 365 days/year — the same convention this site computes the offer side with, which is why the two are comparable.
- Quirk
- amboss_fee_rate disagreed between the legacy and Magma endpoints for the same offer id (500 vs 350) in calls seconds apart. This site publishes gross lease rates and does not net the Amboss fee, so the disagreement does not enter any figure here.
AMBOSS MAGMA — OPEN OFFERS
- What it is
- Asks that may never clear. Live sell offers with published fee fields.
- Custody tier
- T2 · Self custody, hot
- This fixing
- 104 offers
- Rate convention
- Computed here, not taken on trust: cost = base fee + size × fee rate, annualised over the term. Because the base fee amortises, each offer is a band across its own size range.
- Renders as
- A shaded band with a hollow marker, and parentheses in tables. Never a point.
- Tenor caveat
- An offer's min_block_length is a FLOOR — the shortest term the seller will accept — not the term of a lease. A quoted tenor is a minimum. Only filled orders carry an actual duration.
CLN LIQUIDITY ADS — 11 ADS
CRAWLED · STALE 8D
- What it is
- Asks. option_will_fund advertisements from the public gossip graph, read through mempool.space.
- Custody tier
- T2 · Self custody, hot
- Lease term
- 4032 blocks ≈ 28 days — a hardcoded protocol constant, NOT carried in the advertisement and not negotiated. Annualising over four days instead overstates every point by exactly seven.
- Excluded from the rate
- The funding-weight reimbursement: it pays the lessor's on-chain cost, not a return on capital, and it depends on the mempool at open.
- Caveat
- mempool.space's custom_records field is undocumented. An empty scan is reported as an empty scan, never as “no ads exist”.
BOLTRING — ABSENT ‡
- What it is
- Transacted rebalancing clearing prices. Categorically better than the sources above, because it sees transactions rather than asks.
- Operator
- Delta Gamma LLC — the same company that operates this site. Disclosed on the methodology page as well as here.
- Custody tier
- T2 · Self custody, hot
- Reproducible
- No. This is the one input on this site you cannot check. Every figure derived from it carries a diamond marker and a double dagger, and the mark is inherited by anything computed from it.
- Unit
- Parts per million per rebalance. Never annualised — a rebalance is instantaneous.
- k-anonymity
- Buckets under five participants are suppressed at source and again on arrival. A suppressed bucket is missing data: never interpolated, never merged, never shown as observed.
- Status
- Has not begun exporting. The curve renders without it, and this site is computed and published without it today.
USD COST — PUBLISHED, VERIFIED
A figure enters the published cost curve ONLY with verified:true, which means a second pass loaded the cited URL itself and saw the quoted string. Everything else is held here with its hold_reason and is shown on /sources as held, never plotted. This store is edited by a person; pipeline/fetch_ratecards.py proposes changes to data/review-queue/ and never applies them.
Ledn
VERIFIED · 2026-08-23
- Rate card
- https://ledn.io/bitcoin-backed-loans
- Fetched
- 2026-08-20
- Last re-verified
- 2026-08-23 — figures still on the page
- Published rates
- 11.49% Standard · 10.99% Tier 1 · 10.49% Tier 2 · 9.99% Tier 3 · 9.25% Tier 4
- Term
- 12 months
- LTV
- 50%
- Minimum
- $500
- Custody tier
- T4 · Custodial
- Basis for that tier
- Collateral is held by Ledn or its partners; keys are not the borrower's. Not tier 5: the page denies lending the collateral out.
- Rehypothecation
- Lending-out denied; rehypothecation NOT addressed. Verbatim: "Your collateral is held securely in custody with Ledn or our trusted partners – never lent out to earn interest." The word "rehypothecation" does not appear on the page, and "never lent out" does not address pledging or re-pledging. Recorded as the weaker claim it is.
- Proof of reserves
- CPA attestation by a top-25 public accounting firm, every six monthsThe firm is not named on the page and no attestation date is published.
- Entity
- Ledn Cayman SEZC Inc., registered Virtual Asset Service Provider with the Cayman Islands Monetary Authority (#1976951). Parent: 21 Technologies Inc. A MiCA application by Ledn EEC, S.L. is noted with Spain's CNMV.
- Disclosure
- THE PAGE CONTRADICTS ITSELF. It carries three mutually inconsistent rate schedules in a single response: the Our Rates tier table (published above), a calculator tier list shifted one size band and containing 9.75%, which appears in no table, and an FAQ that says rates "start at 11.9 APR" — above the table's own ceiling and missing its percent sign — and that 9.25% applies from $1,000,000 rather than $2,000,000. The calculator's default render shows 10.45% APR, a figure in no schedule. A footnote also says rates are shown on an annual percentage YIELD basis while the column header says APR. The Our Rates table is what this site cites; the contradiction is published here rather than averaged away.
- How verified
- Page fetched three times with cache-busting; the Our Rates tier table was byte-identical each time. Every figure below appears in that table or the calculator block.
Unchained Capital
VERIFIED · 2026-08-23
- Rate card
- https://unchained.com/pricing
- Fetched
- 2026-08-20
- Last re-verified
- 2026-08-23 — figures still on the page
- Published rates
- 14.18% Commercial Loans
- Term
- 360 days
- LTV
- NOT PUBLISHED ON THE CITED PAGE. The strings "LTV" and "loan-to-value" appear zero times on /pricing. Recorded as absent rather than filled in from elsewhere.
- Minimum
- $150,000
- Custody tier
- T3 · Collaborative custody — tier not sourced from the cited page
- Basis for that tier
- Unchained's product is collaborative custody — a 2-of-3 multisig in which the borrower holds a key. HELD AS UNVERIFIED FOR THE CITED URL: /pricing does not describe the multisig arrangement at all ("multisig" appears only under the vault products, "key agent" not at all). The tier is carried from the product's known structure and needs its own citation before it is treated as sourced.
- Rehypothecation
- Denied. Verbatim and complete: "Bitcoin-backed loans with zero rehypothecation." That sentence is the whole of the on-page statement; the mechanism behind it is not described here.
- Proof of reserves
- Collateral sits in a multisig address the borrower co-signs, which is a stronger property than an attestation — but it is not described on the cited page.
- Entity
- Unchained Capital, Inc. (NMLS 1900773); Unchained Trading, LLC (NMLS 2273761); B&C Lending LLC (NMLS 2656661); Bitcoin Collateral Services LLC (NMLS 2423070). Verbatim: "Unchained Capital, Inc. is not a bank."
- Disclosure
- This is an ILLUSTRATIVE EXAMPLE, not a rate card, and the page says so in as many words. The headline rate is the 12.0% interest rate; 14.18% is the APR only once the 2% origination fee is amortised over twelve 30-day payments — 360 days, which the page never calls a 12-month term. Other published fees: $10 late payment, $15 returned payment, 2% selling fee per liquidation, cancellation no less than $200 plus loss, no prepayment penalty, no credit check.
- How verified
- Page fetched directly (HTTP 200, 11,352 chars of text). The loan block is four lines and every figure below is in it.
USD COST — HELD, NOT PUBLISHED
These desks were researched but are not on the curve. Each is held for a stated reason, and the reason is more informative than the number would have been.
Strike — HELD
- Page
- https://strike.me/en/lending/
- Why held
- UNREACHABLE, AND THE SCRAPER MUST SAY SO. strike.me returns HTTP 403 CloudflareBotBlock to curl with a full browser UA, to WebFetch, and to r.jina.ai alike. The only Wayback 200 snapshot is 13 months stale (2025-07-25) and contradicts every current figure researched from secondary sources — it shows "Starting at 9.5% APR" against a claimed 7.49%, and a flat "no rehypothecation" against a claimed "no FURTHER rehypothecation." That single word is the whole custody-tier argument, and it cannot be verified. Strike also launched a second, distinct loan product in July 2026 (~45% LTV, ~14.2% APR, no margin calls), so one APR pair for "Strike" is ambiguous between two live products. A published liquidation fee of 0% is likely wrong; Strike's own FAQ is reported to say 0.99%. NOTHING SHIPS until a headless browser renders the page.
Arch Lending — HELD
- Page
- https://archlending.com/
- Why held
- Researched (7.25-10.49% APR, up to 60% LTV, $5,000 minimum, custody with Anchorage Digital in segregated wallets) but not independently re-verified against the live page. Held.
Nexo — HELD
- Page
- https://nexo.com/borrow
- Why held
- Researched ("Rates start at 1.9% per year", BTC 50% LTV, $50 minimum) but not independently re-verified. The 1.9% floor is tier- and collateral-dependent and is not a bitcoin-collateral rate as published. Rehypothecation is NOT DISCLOSED anywhere on /borrow, /security, or the linked terms — which is itself the finding. Held.
Coinbase — BTC-backed loans — HELD
- Page
- https://www.coinbase.com/borrow
- Why held
- Researched ("Crypto-backed loans from 5.1%", up to 86% LTV via a Morpho market on Base) but not independently re-verified. Also needs a scope decision: the collateral is converted to cbBTC, a wrapped token, before it is posted — so the loan is against a wrapper, not against bitcoin, and SPEC §14 may exclude it outright. Held pending both.
SALT Lending — HELD
- Page
- https://saltlending.com/rates-and-fees/
- Why held
- Researched (an explicit LTV x term grid, 7.49-10.5% APR, up to 70% LTV, $5,000 minimum) — the best-structured rate card found, and the only desk publishing a genuine TERM structure, which makes it the highest-value row to verify next. Not yet independently re-verified. Held.
Milo — HELD
- Page
- https://www.milo.io/crypto-loan/
- Why held
- Researched (APR from 10.75%, 50% LTV, $5,000 minimum, "no rehypothecation" stated twice) but not independently re-verified. Held.
Figure — HELD
- Page
- https://www.figure.com/crypto-backed-loan/crypto-loan-calculator/
- Why held
- Researched (9.999-12.62% APR, up to 75% LTV, $5,000 minimum, with the most precise rate disclosure of the survey in footnote 2) but not independently re-verified. Held.
APX Lending — HELD
- Page
- https://apxlending.com/
- Why held
- Researched (from 9.99% APR, 60% LTV, $25,000 minimum, on-chain proof of reserves) but not independently re-verified. Held.
Xapo Bank — HELD
- Page
- https://www.xapobank.com/en/banking/borrow
- Why held
- Researched (a single published 10.5% rate, 40% LTV, $1,000 minimum, "No rehypothecation of Bitcoin", Gibraltar banking licence) but not independently re-verified. Held.
OUT OF SCOPE
Galaxy — GOFR — EXCLUDED
- Page
- https://www.galaxy.com/gofr
- Why
- GOFR is an on-chain USD financing benchmark (USDC/USDT lending), not the cost of dollars against BITCOIN collateral. It belongs to a different curve and would be a category error in this panel.
Morpho cbBTC/USDC market, Base — EXCLUDED
- Page
- https://app.morpho.org/base/market
- Why
- The collateral is cbBTC, a wrapped token, not bitcoin. SPEC §14 scope: a tokenised asset in a wrapper is an ordinary asset in a wrapper, and not this site.