Platform Comparison
Ledn vs Figure: Which Has the Lower BTC Loan Cost?
Compare Ledn vs Figure for BTC-backed loans. Side-by-side APR, custody model, safety scores, fees, and which platform fits your borrowing needs.
Ledn and Figure are both well-established CeFi platforms, but they take very different approaches to Bitcoin lending. Ledn offers tiered rates with Open Book reporting and custodial/funding-partner exposure, while Figure offers a 9.999% effective APR example on its tracked 12-month BTC product with MPC custody and current no-rehypothecation language. The effective cost difference depends on your loan size, jurisdiction, and how much you value reserve transparency.
Ledn is stronger on reporting transparency: Open Book reporting, recent Proof of Reserves work, and clear tiered pricing. It fits borrowers who prioritize published collateral reporting over Figure's simpler rate example.
Figure is stronger on predictable sub-10% effective pricing (9.999% at the disclosed 50% LTV example) and same-day funding on its tracked BTC product. It fits rate-focused borrowers who can accept custodial/MPC collateral and confirm agreement-specific liquidation terms.
Head-to-Head Comparison
Key Differences
- Ledn has partial rehypothecation vs Figure's no rehypothecation
The Verdict
Which platform is right for you?
→ Pick Ledn if:
- • You want published Open Book collateral reporting
- • You value Open Book reporting
- • You're borrowing $500K+ and may qualify for lower tiered rates
- • You want a custodian (BitGo) that doesn't re-lend your BTC
- • You need availability in Texas (Figure excludes TX)
→ Pick Figure if:
- • You want a flat 9.999% effective APR on a fixed 12-month BTC loan
- • You need same-day funding on a tracked BTC product
- • You're comfortable with custodial/MPC collateral rather than holding keys yourself
- • You want optional liquidation protection
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