Morpho Watch

Borrow against Bitcoin on Morpho

Bitcoin reaches Morpho as wrapped tokens such as cbBTC (Coinbase's), WBTC and LBTC. People post them as collateral to borrow dollars without selling their Bitcoin. Each market sets a fixed LLTV: if the loan grows past that share of the collateral's value, it can be liquidated.

Data from Morpho's API · updated

BTC posted as collateral

$4.52B

68 markets

Borrowed against BTC

$2.55B

56.5% of the collateral value

Cheapest loan against BTC

2.02%

cbBTC / EURCV, Ethereum

Largest BTC market

cbBTC / USDC

$2.91B posted, Base

Cheapest loans against Bitcoin

Lowest borrow APY among markets in use with $250K+ to borrow

MarketBorrow APYAvailable
cbBTC / EURCVEthereum · LLTV 86% 2.02% $1.91M
WBTC / EURCVEthereum · LLTV 86% 2.02% $611K
WBTC / EURCVEthereum · LLTV 86% 2.02% $257K
cbBTC / USDTEthereum · LLTV 86% 3.66% $1.70M
WBTC / USDTEthereum · LLTV 86% 3.66% $18.36M
WBTC / USDTEthereum · LLTV 86% 3.66% $1.08M

Earn on Bitcoin

Vaults that lend out BTC, by net APY

VaultNet APYDeposits
Wintermute Confidential WBTCEthereum · Armitage by Wintermute 4.80%incl. 3.63% rewards $5.74M
Hyperithm cbBTC ApexMonad · Hyperithm 2.81% $4.02M
Moonwell Frontier cbBTCBase · Anthias Labs 0.15%incl. 0.13% rewards $1.02M
Vault Bridge WBTCEthereum · Gauntlet 0.00% $8.39M

Every market that takes Bitcoin as collateral

Largest collateral first. Sort by borrow APY to find the cheapest loan.

Markets with Bitcoin collateral
Market Supplied Supply APY Borrowed Borrow APY Utilization
cbBTC / USDCBase · LLTV 86% $1.90B1.90B USDC 4.50% $1.61B$2.91B collateral 5.32% 84.9%
cbBTC / USDCEthereum · LLTV 86% $350.6M350.71M USDC 4.43% $303.7M$613.4M collateral 5.13% 86.6%
kBTC / RLUSDEthereum · LLTV 86% $255.2M255.20M RLUSD 3.33% $228.9M$315.1M collateral 3.71% 89.7%
WBTC / USDCEthereum · LLTV 86% $142.3M142.32M USDC 4.44% $123.0M$226.9M collateral 5.15% 86.4%
WBTC / USDTEthereum · LLTV 86% $103.6M103.70M USDT 3.00% $85.23M$148.9M collateral 3.66% 82.3%
kBTC / PYUSDEthereum · LLTV 86% $105.6M105.65M PYUSD 3.59% $94.14M$133.4M collateral 4.04% 89.2%
WBTC / RLUSDEthereum · LLTV 86% $35.95M35.96M RLUSD 3.65% $32.87M$47.68M collateral 4.00% 91.4%
cbBTC / EURCVEthereum · LLTV 86% $19.43M17.58M EURCV 1.82% $17.52M$27.36M collateral 2.02% 90.1%
cbBTC / USDTEthereum · LLTV 86% $9.61M9.62M USDT 3.00% $7.91M$14.71M collateral 3.66% 82.3%
WBTC / EURCVEthereum · LLTV 86% $6.14M5.56M EURCV 1.82% $5.53M$10.12M collateral 2.02% 90.0%
cbBTC / EURCBase · LLTV 86% $5.78M5.23M EURC 6.84% $5.41M$8.94M collateral 7.32% 93.7%
WBTC / USDTEthereum · LLTV 86% $6.05M6.06M USDT 3.00% $4.98M$7.36M collateral 3.66% 82.2%
cbBTC / USDCEthereum · LLTV 86% $5.14M5.14M USDC 4.55% $4.64M$7.25M collateral 5.06% 90.1%
WBTC / EURCVEthereum · LLTV 86% $2.58M2.34M EURCV 1.82% $2.32M$4.20M collateral 2.02% 90.0%
WBTC / USDCArbitrum · LLTV 86% $2.20M2.20M USDC 6.92% $2.05M$4.01M collateral 7.43% 93.3%
cbBTC / PYUSDEthereum · LLTV 86% $1.68M1.68M PYUSD 3.79% $1.51M$3.75M collateral 4.22% 90.0%
LBTC / USDCEthereum · LLTV 86% $2.32M2.32M USDC 4.49% $1.94M$3.74M collateral 5.38% 83.7%
cbBTC / USDSEthereum · LLTV 86% $1.94M1.94M USDS 3.96% $1.75M$2.84M collateral 4.40% 90.1%
WBTC / USDCEthereum · LLTV 86% $1.66M1.66M USDC 4.54% $1.46M$2.70M collateral 5.20% 87.7%
WBTC / EURCEthereum · LLTV 86% $1.46M1.32M EURC 2.35% $1.24M$2.64M collateral 2.77% 85.0%
cbBTC / USDTEthereum · LLTV 86% $1.00M1.00M USDT 3.00% $837K$2.41M collateral 3.60% 83.5%
cbBTC / RLUSDEthereum · LLTV 86% $1.56M1.56M RLUSD 3.18% $1.19M$2.23M collateral 4.20% 76.2%
cbBTC / EURCVEthereum · LLTV 86% $1.12M1.02M EURCV 2.74% $1.02M$2.10M collateral 3.03% 90.5%
tBTC / USDCEthereum · LLTV 77% $793K793.50K USDC 12.26% $729K$1.77M collateral 13.41% 91.9%
UBTC / USD₮0HyperEVM · LLTV 77% $1.21M1.21M USD₮0 6.97% $1.06M$1.76M collateral 8.00% 87.5%
WBTC / PYUSDEthereum · LLTV 86% $1.20M1.20M PYUSD 3.96% $1.08M$1.59M collateral 4.41% 90.1%
WBTC / USDCPolygon · LLTV 86% $810K810.33K USDC 7.33% $672K$1.50M collateral 8.90% 83.0%
WBTC / USDT0Arbitrum · LLTV 86% $854K855.24K USDT0 6.40% $794K$1.40M collateral 6.90% 92.9%
UBTC / USDCHyperEVM · LLTV 77% $681K681.02K USDC 4.64% $554K$1.27M collateral 5.73% 81.4%
uniBTC / USDCBase · LLTV 77% $304K303.67K USDC 7.97% $239K$1.14M collateral 10.23%−12.98% rewards 78.8%
cbBTC / USDCEthereum · LLTV 86% $588K587.66K USDC 6.44% $523K$1.05M collateral 7.26% 89.1%
WBTC / USDCOP Mainnet · LLTV 86% $415K415.25K USDC 8.99% $380K$651K collateral 9.86% 91.6%
LBTC / cbBTCBase · LLTV 91.5% $756K10.55 cbBTC 0.06% $512K$622K collateral 0.08% 67.7%
cbBTC / XSGDBase · LLTV 86% $313K402.78K XSGD 0.67% $281K$517K collateral 0.75% 89.7%
WBTC / eUSDEthereum · LLTV 86% $345K346.82K eUSD 4.58% $298K$504K collateral 5.34% 86.2%
UBTC / USDeHyperEVM · LLTV 77% $284K283.93K USDe 7.35% $245K$434K collateral 8.58% 86.2%
cbBTC / WETHBase · LLTV 91.5% $173K85.69 WETH 1.39% $154K$320K collateral 1.56% 89.5%
cbBTC / EURCEthereum · LLTV 86% $129K116.82K EURC 2.77% $115K$285K collateral 3.11% 89.2%
LBTC / cbBTCBase · LLTV 94.5% $230K3.21 cbBTC 1.24% $229K$270K collateral 1.25% 99.3%
LBTC / EURCVEthereum · LLTV 86% $85.7K77.56K EURCV 15.06% $79.8K$244K collateral 16.26% 93.1%
cbBTC / tGBPEthereum · LLTV 86% $153K115.57K tGBP 0.79% $134K$218K collateral 0.91% 87.4%
WBTC / EUReArbitrum · LLTV 86% $269K244.31K EURe 0.21% $123K$207K collateral 0.45% 45.6%
UBTC / USD₮0HyperEVM · LLTV 86% $129K129.62K USD₮0 7.34% $117K$187K collateral 8.18% 90.0%
WBTC / tGBPEthereum · LLTV 86% $104K78.83K tGBP 0.80% $104K$182K collateral 0.80% 100.0%
WBTC / PYUSDEthereum · LLTV 86% $41.4K41.40K PYUSD 5.72% $37.0K$120K collateral 6.41% 89.5%
LBTC / USDCBase · LLTV 86% $51.3K51.28K USDC 8.91% $46.7K$116K collateral 9.83% 91.0%
cbBTC / pathUSDTempo · LLTV 77% $64.8K65.19K pathUSD 0.80% $49.3K$109K collateral 1.05% 76.1%
cbBTC / WETHEthereum · LLTV 91.5% $146K72.31 WETH 0.03% $66.7K$98.9K collateral 0.06% 45.8%
WBTC / USDCMonad · LLTV 86% $43.3K43.31K USDC 1.79% $38.5K$77.8K collateral 2.02% 88.9%
cbBTC / WETHEthereum · LLTV 91.5% $51.1K25.39 WETH 2.76% $46.6K$68.6K collateral 3.03% 91.2%
WBTC / USDT0Polygon · LLTV 86% $33.3K33.30K USDT0 9.86% $29.1K$58.5K collateral 11.34% 87.5%
WBTC / WETHEthereum · LLTV 91.5% $154K76.30 WETH 0.01% $37.3K$56.2K collateral 0.05% 24.3%
WBTC / AUSDEthereum · LLTV 86% $29.3K29.28K AUSD 3.82% $26.9K$55.1K collateral 4.17% 91.8%
WBTC / AUSDMonad · LLTV 86% $35.8K35.84K AUSD 2.30% $29.5K$50.8K collateral 2.80% 82.3%
WBTC / USDCUnichain · LLTV 86% $52.5K52.53K USDC 3.19% $25.8K$49.9K collateral 6.59% 49.2%
WBTC / EURCEthereum · LLTV 86% $12.3K11.11K EURC 2.65% $11.0K$34.0K collateral 2.95% 90.0%
cbBTC / VCHFBase · LLTV 77% $23.1K19.26K VCHF 0.50% $20.2K$32.8K collateral 0.58% 87.3%
LBTC / vbUSDCKatana · LLTV 86% $12.6K12.64K vbUSDC 0.25% $12.0K$29.2K collateral 0.27% 94.9%
cbBTC / AUSDEthereum · LLTV 86% $10.0K9.97K AUSD 3.85% $9.3K$29.1K collateral 4.11% 93.8%
WBTC / wARSEthereum · LLTV 62.5% $18.8K31.30M wARS 0.39% $15.6K$27.7K collateral 0.47% 83.1%
UBTC / USDHLHyperEVM · LLTV 77% $1.5K1.45K USDHL 15.70% $920$23.5K collateral 25.87% 63.4%
cbBTC / USDCMonad · LLTV 77% $8.0K8.04K USDC 23.85% $7.5K$17.2K collateral 25.89% 92.9%
SolvBTC / WBTCEthereum · LLTV 94.5% $98.1K1.37 WBTC 0.00% $24.00$14.4K collateral 0.03% 0.0%
cbBTC / OUSDTempo · LLTV 86% $2.8K2.78K OUSD 2.92% $2.5K$4.4K collateral 3.24% 90.3%
LBTC / PYUSDEthereum · LLTV 86% $1.3K1.29K PYUSD 6.28% $1.2K$3.1K collateral 6.99% 90.1%
cbBTC / wARSEthereum · LLTV 62.5% $10.9K18.09M wARS 0.00% $1.00$6.00 collateral 0.03% <0.01%
cbBTC / EUROPEthereum · LLTV 86% $2.8K2.50K EUROP 0.00% $2.00$6.00 collateral 0.03% 0.1%
WBTC / EUROPEthereum · LLTV 86% $2.8K2.50K EUROP 0.00% $3.00$6.00 collateral 0.03% 0.1%

Bitcoin vaults

Deposit BTC and a curator lends it to borrowers. BTC yields are usually low, because few people borrow Bitcoin itself.

Bitcoin vaults on Morpho
Vault Deposits Net APY 30‑day APY Fee Withdrawable
Vault Bridge WBTCGauntlet · Ethereum · $8.39M $8.39M116.83 WBTC 0.00% 0.00% 5% $8.39M
Wintermute Confidential WBTCV2Armitage by Wintermute · Ethereum · $5.74M $5.74M79.84 WBTC 4.80%incl. 3.63% rewards 0.89% 0% $3.14M
Hyperithm cbBTC ApexV2Hyperithm · Monad · $4.02M $4.02M55.92 cbBTC 2.81% 2.20% 10% $2.7K
Moonwell Frontier cbBTCAnthias Labs · Base · $1.02M $1.02M14.18 cbBTC 0.15%incl. 0.13% rewards 0.02% 15% $679K
Gauntlet WBTC CoreGauntlet · Ethereum · $926K $926K12.90 WBTC 0.00% 0.00% 10% $926K
Moonwell Frontier cbBTCV2Anthias Labs · Base · $371K $371K5.18 cbBTC 0.15%incl. 0.13% rewards 0.02% 15% $371K
Gauntlet cbBTC CoreGauntlet · Base · $299K $299K4.17 cbBTC 0.19% 0.06% 10% $250K
UltraYield cbBTC CoreV2UltraYield · Ethereum · $717 $7170.01 cbBTC 0.00% 0.00% 0% $717

Coinbase Bitcoin loan rate

The live rate and exact daily history of the Morpho market behind Coinbase's Bitcoin loans.

Liquidation price calculator

At what Bitcoin price would your loan be liquidated?