Fluid
Fluid runs 3 onchain markets we track for borrowing stablecoins against wrapped Bitcoin (cbBTC, tBTC, and wBTC) across Ethereum. It is a permissionless set of smart contracts, no application, no credit check, no custodian. Every rate below is variable and moves with pool utilization. Market data verified June 27, 2026. We have tracked daily rates here since June 27, 2026.
Lowest rate
7.60%
variable
Markets
3
Networks
1
Total TVL
$28.6M
Structure
Isolated
About Fluid
Fluid, built by Instadapp, is a lending protocol based on isolated vaults rather than shared pools, closer in design to Morpho and Euler. You deposit wrapped or tokenized Bitcoin (wBTC, cbBTC, tBTC) into a vault and borrow a stablecoin (USDC or USDT) against it. Because each vault is isolated, the risk of one market does not spill into another.
Markets
Every Fluid market we track, sorted by lowest variable borrow rate. Click any market for collateral, LTV, liquidation, and audit detail. Rates are variable point-in-time snapshots.
3 markets
Collateral & rehypothecation
Accepted collateral across Fluid markets: cbBTC, tBTC, and wBTC. These are wrapped or tokenized Bitcoin, not native BTC. Rehypothecation: No. Markets are isolated, so deposited collateral is ring-fenced to its own market rather than reused.
Fluid (by Instadapp) uses isolated vaults. Each Bitcoin-collateral / stablecoin-debt pair is its own vault, and collateral is not re-lent to other borrowers.
Liquidation
Liquidation on Fluid is automatic and onchain. If your loan-to-value ratio crosses a market's liquidation threshold, the protocol sells part of your collateral to repay debt, without notice and without a human margin call. Fluid liquidates positions automatically when the loan-to-value crosses the liquidation threshold. Its vault design liquidates in small increments rather than all at once, which can reduce the penalty versus pooled protocols. No grace period.
Per-market liquidation thresholds and max LTV are listed in each market card above (for example, max LTV 85% with liquidation at 90% on the first market).
Audits & security
Audit status we recorded for Fluid: Audited (MixBytes, Statemind, Cantina competition). No exploit to date; $500k bug bounty.. An audit reduces but does not remove smart-contract risk. Permissionless protocols can still contain bugs or be exploited, and an exploit can put deposited collateral at risk. Treat audit status as one input, not a guarantee, and verify the current audit and bug-bounty posture on the protocol directly.
Supported wallets
You interact with Fluid from a self-custody wallet you control; we never ask you to connect a wallet here. Wallets recorded across these markets:
Frequently asked
What Bitcoin can I use as collateral on Fluid?
Across the Fluid markets we track you can post cbBTC, tBTC, and wBTC as collateral. These are wrapped or tokenized representations of Bitcoin that live on the underlying network, not native BTC. Each market is matched to a specific collateral token and stablecoin, so confirm the exact token on the protocol before depositing.
Are Fluid markets isolated or pooled?
The Fluid markets we track are isolated: each collateral and borrow pair is ring-fenced, and we did not record rehypothecation of deposited collateral. Always re-verify the current configuration on the protocol, since a protocol can add or change markets.
How are Fluid borrow rates set?
Every Fluid borrow rate is variable. Rates are determined algorithmically by each pool's utilization, the share of supplied liquidity that is currently borrowed, and they move continuously as borrowers enter and exit. The lowest variable rate we recorded across Fluid markets was 7.60%, a point-in-time snapshot, not a fixed or promotional rate. There is no fixed-rate option; the on-protocol interface shows the live rate.
How does liquidation work on Fluid?
Fluid liquidations are automatic and onchain. If your loan-to-value ratio crosses the market's liquidation threshold, because the borrowed balance grew with interest or the collateral's price fell, a portion of your collateral is sold by the protocol to repay debt, without notice and without recourse. There is no grace period or margin call from a human. Keep a buffer below the maximum LTV and monitor your position.
Which networks does Fluid operate on?
The Fluid markets we track run on Ethereum. The network determines which wrapped-Bitcoin tokens are available, gas costs, and which wallets you can connect. Bridging Bitcoin to the right network and token is a prerequisite before you can borrow.
Is Fluid custodial?
No. Fluid is a permissionless set of smart contracts, not a custodian, broker, or regulated lender. Your collateral is held by the protocol's contracts onchain rather than by a company, and there is no application or credit check. That also means there is no counterparty to call if something goes wrong; the smart-contract risk is yours to assess.
DeFi lending protocols are permissionless smart contracts, not regulated entities. Rates are variable and change continuously with pool utilization; the rate shown is a point-in-time snapshot. Your Bitcoin collateral is held on-chain — by the protocol's smart contracts, not a custodian — and can be liquidated automatically if your loan-to-value ratio crosses a liquidation threshold, without notice and without recourse. Smart contracts can contain bugs or be exploited. Some protocols rehypothecate deposited collateral. We are a publisher, not a DeFi protocol operator, broker, or investment adviser; nothing here is a recommendation to use any protocol. Verify all terms directly with each protocol before acting.
borrowonbitcoin.com is a publisher, not a DeFi protocol operator, broker, or investment adviser. We may receive compensation from some protocols when you visit them through our site; affiliate links are labeled. Compensation never changes a protocol's order, position, or the data we publish. Listing a protocol is not an endorsement of that protocol or of DeFi lending. DeFi lending carries smart-contract, liquidation, and variable-rate risks; verify all terms with each protocol before acting.