DeFi Rate Index
BoB DeFi Bitcoin Rate Index
Variable borrow rates for USDC and USDT against wrapped Bitcoin across 19 DeFi lending markets. Snapshotted daily at 14:00 UTC. Rates are always variable — they change continuously with protocol utilization.
Last snapshot: Jun 24, 2026 at 14:00 UTC · Updated daily
Avg rate (USDC)
4.19%
variable · simple average
Lowest rate
1.46%
variable · best market
Median rate
3.95%
variable
Highest rate
7.79%
variable · highest market
Avg utilization
77%
19 markets
What these rates mean
By Michael Song · Jun 24, 2026
Every rate on this page is variable — set by an algorithm, not a contract. The rate you see when you open a DeFi position can be higher or lower by the time you close it. That is not a disclosure caveat; it is the product's core mechanic. Utilization drives the rate: the more of a pool that is borrowed out, the higher the rate climbs, automatically, in real time.
The average USDC rate across tracked markets today is 4.19%, ranging from 1.46% to 7.79%. The sharper variable in DeFi is not usually the rate spread — it's the collateral model. Isolated markets (your Bitcoin backs only your loan) carry fundamentally different counterparty risk than pooled vaults where collateral is rehypothecated. That choice should come before rate shopping.
Market commentary, not financial advice. For the full framework, see our DeFi methodology and CeFi vs DeFi Bitcoin loans.
USDC markets
These 16 markets form the index. Sorted by current variable borrow rate.
| Protocol | BTC type | Rate (variable) | Utilization | Max LTV | As of |
|---|---|---|---|---|---|
| Granite | sBTC (Stacks) | 1.46%variable | 24% | 80% | Jun 24, 2026 |
| Zest | sBTC (Stacks) | 2.08%variable | 32% | 70% | Jun 24, 2026 |
| Euler v2 | LBTC (Ethereum) | 3.55%variable | 89% | 82% | Jun 24, 2026 |
| Euler v2 | SolvBTC (Ethereum) | 3.55%variable | 89% | 80% | Jun 24, 2026 |
| Euler v2 | cbBTC (Ethereum) | 3.55%variable | 89% | 84% | Jun 24, 2026 |
| Aave v3 | cbBTC (Ethereum) | 3.89%variable | 90% | 78% | Jun 24, 2026 |
| Aave v3 | wBTC (Ethereum) | 3.89%variable | 90% | 73% | Jun 24, 2026 |
| Compound v3 | wBTC (Ethereum) | 3.95%variable | 88% | 76% | Jun 24, 2026 |
| Compound v3 | cbBTC (Ethereum) | 3.95%variable | 88% | 80% | Jun 24, 2026 |
| Morpho | cbBTC (Ethereum) | 4.13%variable | 89% | 86% | Jun 24, 2026 |
| Aave v3 | cbBTC (Base) | 4.14%variable | 83% | 78% | Jun 24, 2026 |
| Morpho | LBTC (Ethereum) | 4.26%variable | 87% | 84% | Jun 24, 2026 |
| Morpho | cbBTC (Base) | 4.91%variable | 90% | 86% | Jun 24, 2026 |
| Benqi | BTC.b (Avalanche) | 5.82%variable | 73% | 65% | Jun 24, 2026 |
| Compound v3 | cbBTC (Base) | 6.05%variable | 91% | 80% | Jun 24, 2026 |
| Dolomite | wBTC (Arbitrum) | 7.79%variable | 68% | 75% | Jun 24, 2026 |
USDT markets
USDT markets are tracked separately and not included in the index average above.
| Protocol | BTC type | Rate (variable) | Utilization | Max LTV |
|---|---|---|---|---|
| Aave v3 | cbBTC (Ethereum) | 3.20%variable | 74% | 78% |
| Morpho | cbBTC (Ethereum) | 3.37%variable | 74% | 86% |
| Morpho | cbBTC (Base) | 5.10%variable | 52% | 86% |
Download the index history
Aggregate daily series only: avg, median, low, high rate, avg utilization, and market count. Per-market data is on-page above. Free to use with attribution.
Attribution required: "BoB DeFi Bitcoin Rate Index, borrow/on/bitcoin (borrowonbitcoin.com)."
Frequently asked
What is the BoB DeFi Bitcoin Rate Index?
It is an independent index of the variable borrowing rates offered by DeFi lending protocols (Morpho, Aave, Granite, Dolomite, Zest, and others) for USDC against wrapped Bitcoin. The headline metric is the simple average variable borrow rate across all active USDC markets, snapshotted daily at 14:00 UTC.
Why are DeFi borrow rates labeled "variable"?
DeFi lending rates are set algorithmically and change continuously with pool utilization. Unlike a fixed-rate loan, the rate you see today can be higher or lower tomorrow. Every rate on this page reflects a point-in-time snapshot, not a locked-in price. This is why we mark every DeFi rate as "variable" — it is a fundamental property of the product, not a loan feature you can opt out of.
How often is the DeFi Rate Index updated?
The index is snapshotted daily at 14:00 UTC. The "Last snapshot" line at the top of this page shows the exact date of the most recent capture. Between snapshots, rates on individual protocols may move; on-protocol interfaces reflect real-time rates, while this page reflects the daily snapshot.
Which protocols are in the DeFi Rate Index?
The index covers USDC borrow markets on Granite, Zest, Euler v2, Aave v3, Compound v3, Morpho, Benqi, Dolomite. All are permissionless, on-chain lending protocols. See our methodology page for the full protocol-selection criteria.
What is rehypothecation in DeFi lending?
In DeFi, some protocols hold your deposited Bitcoin collateral in isolated markets (your collateral backs only your own loan), while others pool deposited assets and lend them out to earn yield. The latter is rehypothecation: your collateral is being used to generate returns for someone else. Isolated markets carry lower counterparty risk; pooled vaults carry higher counterparty risk if the protocol is exploited. Each protocol row in the expanded view shows its rehypothecation status.
How does the DeFi Rate Index differ from the BoB Bitcoin Loan Rate Index?
The BoB Bitcoin Loan Rate Index (at /rates) covers custodial, US-regulated lenders — companies that manage your collateral and underwrite your loan. The DeFi Rate Index covers permissionless protocols where smart contracts govern the loan terms and collateral is held on-chain. DeFi rates are always variable; many CeFi rates can be fixed. DeFi does not require identity verification; CeFi generally does. See our methodology for a full comparison.
Cite this index
BoB DeFi Bitcoin Rate Index: average 4.19% APR (variable, USDC), ranging 1.46%–7.79% across 19 markets. borrow/on/bitcoin, Jun 24, 2026. https://borrowonbitcoin.com/onchain-rates
Free to cite with attribution and a link. Media inquiries welcome.
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Compare DeFi protocols →Looking for custodial Bitcoin-backed loan rates? → BoB Bitcoin Loan Rate Index
Rates are variable and change continuously. Snapshot taken daily at 14:00 UTC. Index basis: simple average variable borrow rate for USDC across in-index markets. Full methodology →