Interactive Brokers
Takes as collateral: bitcoin
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
- Borrow rate (USD loans) — a price the desk posts, not one a market cleared.
10 of 10 criteria researched. What the criteria are →
Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
No BTC market rows are served for this venue. This venue runs no contracts, so there is no market state to read — the absence is a property of the venue class, not a gap.
Price
What does credit cost here, and how is the price formed?
| Rate formation | posted_cardsourceThe broker's published margin schedule — a base or benchmark rate plus a spread by balance tier (cefi_credit_rates, first read 2026-08-08; pages re-read 2026-09-30). posted_card. ⚠ It is the general margin rate, NOT a bitcoin rate: the same debit balance pays the same whatever secures it. |
|---|---|
| Term structure | open_endedsourceInteractive Brokers — a margin loan with no maturity: the schedule charges a rate on the debit balance while it stands (cefi_credit_rates.instrument_type = open_ended_credit_line). |
| Rate certainty | variablesourceInteractive Brokers (interactivebrokers.com/en/trading/margin-rates.php), read 2026-09-30 — a benchmark plus a spread by tier: "When determining the quoted spread, IBKR will use the set benchmark rate or a benchmark rate of 0 for all benchmark rates less than 0." Pro USD 5.130% (BM+1.5%) down to 4.130% (BM+0.5%); Lite 6.130% (BM+2.5%), as carried 2026-08-08. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | undisclosedsourceInteractive Brokers (interactivebrokers.com/en/trading/margin.php), read 2026-09-30. Margin follows the value of the positions; the price source that marks them is not named on the page read. |
|---|---|
| Default & liquidation | thresholdsourceInteractive Brokers, read 2026-09-30 — the page lists among the risks "Potential margin calls or liquidation of securities" and describes rules-based and risk-based margin. The maintenance levels that trigger it were not read from a schedule. |
| Custody & backing | third_party_custodialsourceInteractive Brokers — the collateral is the securities held in the customer's account at the broker (cefi_credit_rates.custody_model = custodial_broker_street_name). Whether the broker may lend or pledge them is not on the pages read. |
| Recourse | recoursesourceInteractive Brokers, read 2026-09-30 — "Trading losses may be greater than the value of the initial investment": the account holder bears losses beyond what was deposited. No express deficiency clause was read. |
| Track record | 1 month observedsourceDerived from credit_venues.first_date (2026-08-08), the day this dataset first read the broker's margin schedule. This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before we began reading it reads short here. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | Spot-bitcoin ETP shares, where marginable (a claim on a trust, not on coins)sourceThe collateral is the securities in the margin account. A spot-bitcoin ETP is a listed security whose trust holds bitcoin; a holder cannot redeem shares for coins, so this is a claim on the trust. ⚠ None of the three brokers' pages read names a spot-bitcoin ETP or the requirement that applies to one; the broker can set a higher requirement for volatile securities. Which row of its schedule governs these products is not stated. |
|---|---|
| Book depth & concentration | unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.) |
| Observability | price: partial — Published margin schedule, benchmark plus tier spread, and therefore reconstructible to depth from the benchmark series plus archived card snapshots rather than requiring dense capture. Sourced 2026-08-07 from interactivebrokers.com/en/trading/margin-rates.php: IBKR Pro USD tiers 0-100,000 at 5.130% (BM + 1.5%), 100,000-1,000,000 at 4.630% (BM + 1%), 1,000,000-50,000,000 at 4.380% (BM + 0.75%); IBKR Lite 6.130% (BM + 2.5%) across those tiers. NOT YET INGESTED. The rate is the broker general margin schedule and is NOT bitcoin-specific: the same debit balance is charged the same whether the collateral is a BTC ETP or any other marginable security. What IS bitcoin-specific is the collateral - whether the ETP is marginable and at what maintenance requirement. Publishing this as a "BTC borrow rate" without that sentence would imply a product that does not exist. quantity: partial — Market-level only: FINRA publishes monthly aggregate margin debt for the US brokerage industry. Security-level margin debt against any individual BTC ETP is not published by FINRA, the broker or the issuer, so the share of that aggregate financed against bitcoin exposure is unobtainable and is declared rather than estimated (spec section 8.1). composition: none — Loan-level composition is unobtainable in the posted class everywhere (section 8.1), and a broker publishes no breakdown of what collateral secures its margin book. The collateral is etp_share, which is economically bitcoin and legally a security; a holder can never redeem shares for coins, so this is a claim on a trust rather than on the coins (section 6.1). |
What the loans are denominated in
US dollars, euros, pounds, Swiss francs, other — as the venue's own pages state itAssets: USD; EUR; CHF; GBP; other currencies (IBKR: 'trade in up to 29 currencies'). "Example 3 - Interest Charged to You (EUR) on a net Negative Cash Balance"; "When you borrow money in CHF, interest will be calculated as follows" — https://www.interactivebrokers.com/en/accounts/fees/interestCharged-Examples.php, read 2026-10-05
Each currency is a separate book; the dollar equivalents compare sizes and are never added together.
Backing chain
Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.
How a chain is read, and what it does not claim
backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.
- broker established — the broker · third_party_custodial
source
attribute · custody_model = third_party_custodialInteractive Brokers — the collateral is the securities held in the customer's account at the broker (cefi_credit_rates.custody_model = custodial_broker_street_name). Whether the broker may lend or pledge them is not on the pages read. - broker_custody established — the broker, in street name — the securities are registered to the broker, not the customer
source
card · ibkr_lite · custodial_broker_street_name · published_card 2026-08-08https://www.interactivebrokers.com/en/trading/margin-rates.phpcard · ibkr_pro · custodial_broker_street_name · published_card 2026-08-08https://www.interactivebrokers.com/en/trading/margin-rates.php - reuse incompleterehypothecation terms of the margin agreement are not held
- etp_share incompletewhich exchange-traded product is posted is not held
- trust incompletethe trust behind the share is not held
- trust_custodian incompletethe trust's custodian is not held
etp_share (§6.1, D31): a holder can never redeem shares for coins — redemption exists only for authorised participants, in creation-unit blocks. A defaulted margin loan resolves by the broker selling SHARES into the equity market; no coin moves unless AP arbitrage responds. Economically bitcoin, legally a security.
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.
| Utilisation (venue roll-up) | not applicable — there is no pool of deposits here to be drawn |
|---|---|
| Intermediation margin | not applicable — needs both a borrow and a lend rate; the lend rate is not served here |
| Trailing realised average (7/30/90d) | unknown (not published by the venue) — a posted or filed rate has no daily series here |
| Rate volatility (30/90d) | unknown (not published by the venue) — a posted or filed rate has no daily series here |
| Spread to the pair aggregate | −8.76 pts vs Posted card · derived this venue's borrow rate minus its class's (14.39%), both as served on the spine /v1/market/tree — the venue's and its class's borrow rates |
| Spread to matched Treasuries | +1.50 pts vs the 1-month bill (4.13%) · derived the venue's borrow rate minus the 1-month bill, both continuously compounded. An open-term loan has no maturity of its own, so the bill stands for a 30-day window macro_rates — the 1-month Treasury bill, 2026-10-08 (Federal Reserve H.15) |
| Origination flow | unknown (not published by the venue) — the venue publishes no loan-by-loan flow |
| Repayment flow | unknown (not published by the venue) — the venue publishes no loan-by-loan flow |
| Aggregate and distributional LTV | unknown (not published by the venue) — the broker publishes no realised LTV |
| Residence distribution | unknown (not published by the venue) — the venue publishes no loan durations |
| Liquidation incidence | unknown (not published by the venue) — the venue publishes no liquidations |
| Top-10 concentration share | unknown (not published by the venue) — the venue publishes no borrower distribution |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Unknown (not surveyed yet). No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/broker_ibkr |
|---|---|
| MCP | get_venue({ venue_id: "broker_ibkr" }) get_venue({ venue_id: "broker_ibkr", include: ["axes", "headline"] }) |
The same figures, the same names and dates. Connect your AI →
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp