Coinbase Bitcoin loan rate
The live variable interest rate on Bitcoin-backed USDC loans in the Coinbase app, read from the Morpho market behind them, plus the exact average that borrowers really paid, day by day.
Current borrow rate (APY)
4.80%
Morpho rates can jump for a while when the market is almost fully borrowed. Short spikes like this are already counted in the averages below.
- Collateral
- cbBTC
- You borrow
- USDC
- Market
- cbBTC / USDC · Base
- Last saved reading
- –
- Next saved reading
- –
Average rate
–
Lowest day
–
Highest day
–
Daily average rate
Each point is one day's average
Average for this period Today so far
| Day | Average rate |
|---|
The market behind these loans
It is the cbBTC/USDC market on Base that Coinbase's Bitcoin-backed loans run on.
Borrowed
$1.48B
1.48B USDC
Collateral posted
$3.22B
38.39K cbBTC
Utilization
89.9%
share of the market's USDC that is lent out
Available to borrow
$165.6M
before the market is fully borrowed
When a Bitcoin loan gets liquidated
This market's liquidation point (its LLTV) is 86%: once your debt is worth more than 86% of your cbBTC, anyone can repay part of it and take some of your collateral, plus a penalty of about 4.38% of what they repay. Coinbase lets you borrow only up to a lower loan-to-value (The Block reported 75% in November 2025), so a loan taken at that maximum is liquidated after a price drop of about 13%.
Example at today's price: borrow 42,000 USDC against 1 cbBTC (worth about $83.9K), a 50% loan-to-value. The loan is liquidated if cbBTC falls to about $48.8K, a drop of 42%. Work out your own numbers with the Coinbase loan calculator.
How this is measured
Every 6 hours Morpho Watch saves a reading of this Morpho market's borrow share price: how many USDC one unit of debt is worth. That number grows exactly with the interest borrowers pay, so each day's average shows what really accrued, including short spikes between readings. History before tracking began comes from Morpho's own daily records of the same share price. Days follow UTC. Rates are shown as APY, the way Morpho and Coinbase show them.
Read more: how Coinbase Bitcoin loans work and how Morpho interest rates work. Planning a loan? Try the borrow cost calculator, or download the daily history (CSV). Morpho Watch is independent and not affiliated with Coinbase or Morpho. Nothing here is advice.
Common questions
What is the interest rate on Coinbase Bitcoin loans?
The rate is variable and set by the Morpho market behind the loans. It was 4.80% APY when this page was last updated, and borrowers paid 4.85% on average over the last 30 days.
Why does the Coinbase Bitcoin loan rate change?
It follows how much of the market's USDC is borrowed. Above 90% the rate climbs quickly to attract lenders and push borrowers to repay; below 90% it drifts down.
At what price is a Coinbase Bitcoin loan liquidated?
When the debt reaches 86% of the collateral's value. Divide your debt by your cbBTC amount times 0.86 to get the liquidation price.