Use this as a starting map, not a universal ranking. Each BTC loan platform makes a different tradeoff across custody, APR, loan size, speed, jurisdiction, and liquidation risk. For help weighing your options, see our guide on choosing the right platform.
1. Unchained — custody-first borrowers
Safety score: 9.0/10. Multi-sig collaborative custody means you hold 2 of 3 keys. The tracked product has no-rehypothecation language. APR is quote-only. Top safety score in our tracked dataset. Fits borrowers with $150K+ who prioritize collateral control over rate. See full profile.
2. Ledn — retail borrowers who want scale
Safety score: 7.4/10. $10B+ funded since 2018. Open Book reporting. Rates step down from 11.49% under $250K to 10.99% at $250K+, 10.49% at $500K+, and 9.99% at $1M+. Fits borrowers who want source-backed reporting without multi-sig complexity, while accepting custodial/funding-partner exposure. See full profile.
3. Arch Lending — larger custom loans
Safety score: 7.0/10. Institutional desk handles custom structures for $500K+ loans. Lines of credit are available. Backed by Castle Island and Galaxy Digital. Check the shorter track record, origination-fee treatment, custody structure, and whether your loan size qualifies for the advertised tiers.
4. Figure — simpler fixed-term flow
Safety score: 7.1/10. 50% LTV, same-day funding on its tracked BTC product, current no-rehypothecation language, and optional liquidation protection. Lending infrastructure runs through Proven. Check reserve transparency and agreement-specific liquidation terms. Fits borrowers who want a simpler fixed-term product rather than maximum borrowing power.
5. Lava — lowest published rate, custody unresolved
Safety score: 3.4/10. Custody model unresolved — reporting (Bitcoin Magazine, Nov 2025) indicates a move to custodial cold storage while Lava's site still markets self-custody. Open-source smart contracts. Lower rates than CeFi for some scenarios. Smart contract risk is real and there is no lender support desk in the CeFi sense. Fits DeFi-native borrowers comfortable with smart contract risk for the custody benefit.
Further Reading
Choosing the Right Platform
The full decision framework for evaluating which BTC lending platform fits your specific situation.
Custody Models Explained
Why custody model is the single most important factor — and how each platform scores.
What Borrowers Actually Pay
Effective APRs including origination, vault, and hidden fees — not just headline rates.
See the full comparison
Use our side-by-side comparison tool to pick 2–5 platforms and compare APR, LTV, custody, fees, availability, and liquidation terms.
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