Type
- MORPHO (CBBTC)
- DeFi lending protocol (isolated markets)
- SURGE
- Credit Line (non-custodial, pooled market)
Compare Surge
Credit with..
$100$1,000,000
| Factor | Morpho (cbBTC) | Surge Credit |
|---|---|---|
| Lending | ||
| Type | DeFi lending protocol (isolated markets) | Credit Line (non-custodial, pooled market) |
| Interest Rate | ~3–5% Variable (USDC borrow rate) | From 6.9% APR (Variable) / 9.9% (Fixed) |
| Origination fee | None (gas fees apply) | None |
| Duration | No fixed term, open-ended | 12 months, rollover anytime |
| Terms | Liquidation automatic at 86% LTV - no grace period, no notifications. | Repay any amount, anytime. Multi-step notifications before liquidation. |
| Fast access to funds | ✓ Instant (on-chain) | ~30 min |
| LTV flexibility | ✓ Up to 75% | 50% (expanding) |
| Globally accessible | ✓ | ✓ |
| KYC required | No (Yes if via Coinbase) | No |
| Bitcoin Custody | ||
| Custodian | Coinbase (cbBTC wrapper) + Base smart contracts | Bitcoin (Taproot vault) |
| On-chain verifiable collateral | cbBTC verifiable on Base, but underlying BTC held by Coinbase | ✓ Verifiable on Bitcoin |
| Segregated collateral | Isolated markets, but collateral pooled within each market | ✓ |
| Bitcoin-native (no wrapping) | Requires wrapping BTC → cbBTC via Coinbase | ✓ |
| Zero rehypothecation | Morpho doesn't rehypothecate, but cbBTC means Coinbase holds your BTC | ✓ Verifiable on-chain |
| Unilateral exit | Depends on cbBTC unwrapping (Coinbase) and market liquidity | ✓ |
Lending
Interest Rate
- MORPHO (CBBTC)
- ~3–5% Variable (USDC borrow rate)
- SURGE
- From 6.9% APR (Variable) / 9.9% (Fixed)
Origination fee
- MORPHO (CBBTC)
- None (gas fees apply)
- SURGE
- None
Duration
- MORPHO (CBBTC)
- No fixed term, open-ended
- SURGE
- 12 months, rollover anytime
Terms
- MORPHO (CBBTC)
- Liquidation automatic at 86% LTV - no grace period, no notifications.
- SURGE
- Repay any amount, anytime. Multi-step notifications before liquidation.
Fast access to funds
- MORPHO (CBBTC)
- ✓ Instant (on-chain)
- SURGE
- ~30 min
LTV flexibility
- MORPHO (CBBTC)
- ✓ Up to 75%
- SURGE
- 50% (expanding)
Globally accessible
- MORPHO (CBBTC)
- ✓
- SURGE
- ✓
KYC required
- MORPHO (CBBTC)
- No (Yes if via Coinbase)
- SURGE
- No
Bitcoin Custody
Custodian
- MORPHO (CBBTC)
- Coinbase (cbBTC wrapper) + Base smart contracts
- SURGE
- Bitcoin (Taproot vault)
On-chain verifiable collateral
- MORPHO (CBBTC)
- cbBTC verifiable on Base, but underlying BTC held by Coinbase
- SURGE
- ✓ Verifiable on Bitcoin
Segregated collateral
- MORPHO (CBBTC)
- Isolated markets, but collateral pooled within each market
- SURGE
- ✓
Bitcoin-native (no wrapping)
- MORPHO (CBBTC)
- Requires wrapping BTC → cbBTC via Coinbase
- SURGE
- ✓
Zero rehypothecation
- MORPHO (CBBTC)
- Morpho doesn't rehypothecate, but cbBTC means Coinbase holds your BTC
- SURGE
- ✓ Verifiable on-chain
Unilateral exit
- MORPHO (CBBTC)
- Depends on cbBTC unwrapping (Coinbase) and market liquidity
- SURGE
- ✓
Thinking about switching?
Whether you're exploring alternatives, planning a migration, or just want to understand the differences - we're happy to talk.