BorrowOnBitcoin.com · 28 July 2026 · Bitcoin $63,868 · priced at $102,059 · 38.1% LTV
BoB Rate Index · Daily Rate Snapshot
On 28 July 2026 the BoB Bitcoin Rate Index stood at 7.26% APR, up 0.02 points from 27 July 2026. Every rate we recorded is below, custodial and on-chain together, cheapest first.
BoB Rate Index · blended bitcoin-backed borrowing rate (APR)
7.26%
BoB Rate Index · collected history
News & articles · rates, mortgages & bitcoin lending
Headlines link out and are the publisher's words. The line under each is ours.
- Fed expected to hold rates steady as FOMC meets July 28–29
Rates & Fed · 2026-07-27 · CNBC
A fifth consecutive hold at 3.50–3.75% is the expected outcome, which would leave the 1-year Treasury our index is measured against roughly where it is.
- Mortgage rates hit 6.58%, the highest of 2026, ahead of the Fed decision
Rates & Fed · 2026-07-23 · Freddie Mac PMMS
The 30-year fixed sits about 66 bps below where blended bitcoin-backed credit prices today, on an index of 7.24%.
- Strike launches volatility-protected bitcoin loans with no margin calls
Bitcoin loans · 2026-07-24 · Bitcoin Foundation
Removing forced liquidation is priced at up to 14.2% on a six-month term. Strike sits in our CeFi index at 11.02% for the reference loan, so this is a separate, dearer product rather than a repricing.
- Bitcoin lending is entering a new institutional era, says Silicon Valley Bank
Crypto lending · 2026-06-29 · CoinDesk
Overcollateralisation and transparency after the BlockFi and Celsius failures. The $67B market this describes is the same pool our index weights are drawn from.
- CRYL expands Japan’s bitcoin lending market with loans up to ¥1bn
Crypto lending · 2026-07-10 · Cryptonomist
BTC-backed lending growing outside the US. Not in our index, which tracks lenders available to US borrowers.
Benchmark rates
What money costs without bitcoin collateral. Change in basis points; ▼ means cheaper to borrow.
| Benchmark | Rate | Δ 1d | Δ 1w | Δ 1m | Δ YTDfrom 2026 open | As of |
|---|---|---|---|---|---|---|
| Fed funds target range | 3.50–3.75% | 0 | 0 | 0 | 0 | 28 Jul |
| SOFR | 3.65% | ▲ 1 | ▲ 4 | ▲ 3 | ▼ 10 | 28 Jul |
| 3-month T-bill | 3.96% | 0 | ▲ 9 | ▲ 13 | ▲ 31 | 27 Jul |
| 1-year Treasury | 4.14% | 0 | ▲ 6 | ▲ 20 | ▲ 67 | 27 Jul |
| 10-year Treasury | 4.65% | ▼ 4 | ▲ 2 | ▲ 27 | ▲ 46 | 27 Jul |
| Prime rate | 6.75% | 0 | 0 | 0 | 0 | 22 Jul |
| 30-yr fixed mortgageFreddie Mac PMMS, weekly (Thu) | 6.58% | — | ▲ 3 | ▲ 9 | ▲ 42 | 23 Jul |
| 15-yr fixed mortgageFreddie Mac PMMS, weekly (Thu) | 5.96% | — | ▲ 3 | ▲ 12 | ▲ 50 | 23 Jul |
Change in basis points against the most recent published reading on or before each date. Weekly series show no one-day change rather than repeating their one-week figure.
CeFi lenders · effective APR
Effective APR at the reference loan, fees included, verified daily. Change in basis points; ▼ means cheaper to borrow.
| Lender | APR | Δ 1d | Δ 1w | Δ 1m | Δ since18 May | Max LTV | Lender page |
|---|---|---|---|---|---|---|---|
 SALTlow | 8.75% | 0 | 0 | 0 | ▼ 220 | 70% | Learn more |
 Figure | 9.76% | 0 | 0 | 0 | ▼ 24 | 75% | Learn more |
 Arch (Standard) | 10.49% | 0 | 0 | 0 | 0 | 60% | Learn more |
 APX Lending | 10.99% | 0 | 0 | 0 | ▼ 50 | 60% | Learn more |
 Strike | 11.02% | 0 | 0 | 0 | 0 | 50% | Learn more |
 Ledn | 11.49% | 0 | 0 | 0 | 0 | 50% | Learn more |
CeFi average 10.42% · median 10.74% · range 8.75–11.49% · index 1d 0 · 1w 0 · 1m 0 · since 18 May ▼ 49 bps
DeFi protocols · variable USDC borrow APR
Bitcoin-collateral markets, average utilization 73%. Utilization moves in percentage points.
| Protocol | Rate | Δ 1d | Δ 1w | Δ 1m | Δ since24 Jun | UtilizationΔ 1d | Protocol page |
|---|---|---|---|---|---|---|---|
 Zest Protocollow1 market | 2.14% | 0 | — | ▲ 6 | ▲ 6 | 46%0 | Learn more |
 Aave v33 markets | 3.90% | 0 | ▲ 4 | 0 | 0 | 89%0 | Learn more |
 Compound v33 markets | 3.92% | 0 | ▼ 221 | ▼ 3 | 0 | 88%0 | Learn more |
 Morpho3 markets | 4.65% | 0 | ▼ 19 | ▲ 69 | ▲ 56 | 90%▲ 0.3 pt | Learn more |
 Kamino2 markets | 5.24% | ▼ 15 | ▼ 36 | ▼ 54 | ▼ 44 | 78%▼ 2.0 pt | Learn more |
 Benqi1 market | 6.25% | ▲ 48 | ▲ 21 | ▲ 36 | ▲ 43 | 78%▲ 6.0 pt | Learn more |
 Euler v23 markets | 6.67% | ▼ 29 | ▲ 187 | ▲ 311 | ▲ 312 | 91%0 | Learn more |
 Fluid3 markets | 6.94% | ▲ 2 | ▲ 76 | ▼ 14 | ▼ 66 | 33%0 | Learn more |
 Dolomite1 market | 7.65% | ▼ 76 | ▼ 44 | ▲ 45 | ▼ 33 | 67%▼ 7.0 pt | Learn more |
DeFi TVL-weighted average 4.42% · median 5.24% · range 2.14–7.65% · index 1d ▲ 4 · 1w ▼ 12 · 1m ▲ 13 · since 24 Jun ▲ 13 bps
The spreads
Two gaps say more about this market than any single rate: what you pay for someone else to hold your Bitcoin, and what borrowing against Bitcoin costs over the risk-free rate. The first is wide for structural reasons rather than pricing ones, which we set out in CeFi vs DeFi Bitcoin loans.
Custody premium
Custodial 10.42% vs on-chain 4.42%
Over 1-yr Treasury
Treasury at 4.14% that day
Cheapest custodial
SALT
Cheapest on-chain
Zest Protocol · variable
Common questions
Answered from this day's figures, so an archived page stays accurate.
What is the BoB Bitcoin Rate Index?
It is a single blended rate for borrowing against Bitcoin, published daily. On 28 July 2026 it stood at 7.26% APR. It combines two indices we publish separately on this page: the custodial (CeFi) index at 10.42%, an average of the effective APR charged by 6 US-available lenders, and the on-chain (DeFi) index at 4.42%, a TVL-weighted average of variable USDC borrow rates across 9 Bitcoin-collateral protocols. Both components are shown above the blend so anyone can check the arithmetic or re-weight it themselves.
Why are on-chain Bitcoin loan rates so much lower than custodial ones?
On 28 July 2026 the gap was 6.00 percentage points (custodial 10.42% against on-chain 4.42%), and it is structural rather than a pricing anomaly. A custodial lender underwrites you, runs KYC, arranges custody of your Bitcoin, lends you actual dollars, and usually gives you a fixed rate and a window to cure a margin call. An on-chain protocol does none of that: your Bitcoin is wrapped into a token a smart contract can hold, you receive a stablecoin rather than dollars, liquidation is automatic with no grace period, and the rate is variable and reset continuously by supply and demand with no ceiling. The lower number buys you less protection, and it is a snapshot rather than a quote.
What loan size and LTV are the custodial rates quoted at?
A reference loan of $102,059 at 38.1% loan-to-value. That is not a round number we picked: it is the running average size and LTV of the 603 loan enquiries submitted to this site to date, with robots and implausible entries excluded. Each enquiry's LTV is fixed at the Bitcoin price on the day it was made, so past figures do not rewrite themselves when the market moves, and a page for a given day uses the pool as it stood the night before so a published figure is settled for the whole day.
Are these rates fixed or variable?
The custodial rates are the lenders’ own published terms and are typically fixed for the loan term, and they are effective APRs with origination fees included rather than headline interest rates. The on-chain rates are variable by design: they are read from the protocols and change continuously, so the figure here is what the rate was at the daily snapshot and not a rate you can lock in.
How does this compare to borrowing without Bitcoin collateral?
On 28 July 2026 the index sat 3.12 points above the 1-year US Treasury at 4.14%. The benchmark table on this page carries the wider context: the Fed funds target range, SOFR, the 3-month, 1-year and 10-year Treasury, the prime rate, and both Freddie Mac mortgage rates, each with its own publication date.
How current is this page, and where do the numbers come from?
The snapshot is taken daily at 14:00 UTC. Custodial rates are verified against each lender’s own published terms; on-chain rates are read from the protocols; benchmark rates come from their original publishers and arrive on different calendars, which is why each row carries its own date. The blend weights come from Galaxy Research’s quarterly measurement of open crypto-collateralised borrows and are held fixed between releases. Change columns on this page compare against 27 July 2026.
Can I cite these figures?
Yes, freely, with attribution and a link. Every dated page is a permanent record of what was true that day, and the citation line above gives the wording. The underlying series are also available as downloadable CSV and JSON from the rate index.
Download the index history
Aggregate daily series covering every day we hold, not just this one. Free to use with attribution.
CeFi index history
Average $100k/50% LTV APR and max LTV across in-index custodial lenders.
DeFi index history
TVL-weighted USDC borrow rates and utilization across Bitcoin-collateral protocols.
Cite this day
BoB Bitcoin Rate Index: 7.26% APR on 28 July 2026, blending 10.42% across 6 custodial lenders and 4.42% across 9 on-chain protocols at 47.4% CeFi / 52.6% DeFi. borrow/on/bitcoin. https://borrowonbitcoin.com/rates/2026-07-28
Free to cite with attribution and a link.
More from the Rate Index
Where this index is broken out further, and the record of where it has been.
Monthly rate reports
A dated snapshot of where Bitcoin loan rates stood each month, with the index scenario plus a few borrower scenarios.
Methodology. The BoB Bitcoin Rate Index blends the two indices below at 47.4% CeFi / 52.6% DeFi: the CeFi index (average effective APR for a reference loan set by the running average of loan enquiries submitted to the site) and the DeFi index (TVL-weighted average USDC borrow APR). The weights are each rail's share of open crypto-collateralised borrows in Galaxy Research's The State of Crypto Leverage Q1 2026 ($25.43B CeFi / $28.22B DeFi), reset quarterly and held fixed between resets. Both components are published above so the blend can be checked, or re-weighted, by anyone.
Reference loan. The CeFi index is priced at the mean loan size and mean LTV of 603 form submissions to date, robots and implausible entries excluded. Each submission's LTV is fixed at the Bitcoin price when it was made, so past values do not move when the market does.
Sources. Sleeve weights from Galaxy Research, The State of Crypto Leverage Q1 2026. Custodial rates verified daily against each lender's published terms; on-chain rates read from protocol contracts. Benchmark rates are published by Federal Reserve, New York Fed, US Treasury, WSJ survey and Freddie Mac, and redistributed by FRED.
Rates are informational and not an offer of credit. Lender terms vary by state and by borrower. borrowonbitcoin.com is published by Sypher Capital. We are not a lender, broker, or registered investment advisor. Information on this site is for general comparison purposes only and is not financial advice. We may receive compensation from some lenders we link to; this may influence which lenders we feature, except where prohibited by law for our mortgage and home-lending products. Compensation does not influence our editorial evaluations or the data we publish about a lender. Rates and terms are subject to change without notice, and information shown here may be different from what you see when you visit a lender's own site. Verify directly with each lender before applying. Borrowing against Bitcoin involves significant risks, including liquidation of your collateral. Consult qualified professionals before making borrowing decisions.
© 2026 BorrowOnBitcoin · snapshot #2026-07-28 · ▼ = rate fell (cheaper to borrow) · ▲ = rate rose