Fluid Lending (Arbitrum)
Takes as collateral: bitcoin and ether
One of 4 deployments of Fluid Lending · also on Base, Ethereum, Polygon
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.
- BTC collateral — the supplied amount of the venue's pegged-bitcoin reserves as each pool reports it — what is deposited, not what is pledged against a loan.
- Liquidates at — the markets taken together at one threshold (they run 85%–93%, which puts it between $43,996 and $48,137); debt and collateral as each market reports them, thresholds as read on 2026-10-01 (2026-09/fluid.json).
What “Liquidates at” is: one price for the whole book, not a forecast
"Liquidates at" is the bitcoin price at which this book, taken as one position, stops covering its debt at its liquidation thresholds — an aggregate, not a forecast: individual loans are levered differently and liquidate above it.
Loan duration is not a venue figure on an on-chain pool: these markets are open-term, and a position runs until it is repaid or liquidated. A fixed term exists only where the venue writes one — the custodial desks (cefi_credit_rates.term_days) and Gavel's auction, which is fixed-rate and fixed-term by construction.
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. It runs contracts, so the absence is this dataset’s, not the venue’s.
Price
What does credit cost here, and how is the price formed?
| Rate formation | algorithmic_utilisationsourceFluid Liquidity 0x52Aa899454998Be5b000Ad077a46Bbe360F4e497 on Arbitrum One (chain 42161) — one rate per token, a function of that token's utilisation across EVERY vault and protocol drawing on the layer (not the single vault's): algorithmic_utilisation. The rate curve itself was not read. |
|---|---|
| Term structure | open_endedsourceFluid vaults on Arbitrum One (chain 42161) — a position is an NFT with collateral and debt; operate() carries no maturity and the position persists until repaid or liquidated. |
| Rate certainty | variablesourceFluid Liquidity 0x52Aa899454998Be5b000Ad077a46Bbe360F4e497 on Arbitrum One (chain 42161) — a vault's borrow rate is the Liquidity layer's rate for the borrowed token, recomputed from that token's utilisation, times the vault's rate magnifier; nothing is fixed at origination. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | singlesourceFluid VaultFactory 0x324c5Dc1fC42c7a4D43d92df1eBA58a54d13Bf2d on Arbitrum One (chain 42161) — each vault names ONE oracle contract for its collateral against its debt (read per vault from Fluid's API, 2026-09-30). A vault takes one collateral and lends one asset, so a position depends on its own vault's oracle and no other. What each oracle contract aggregates was not read. |
|---|---|
| Default & liquidation | thresholdsourceFluid vaults on Arbitrum One (chain 42161) — three per-vault ratios: the collateral factor (the most that can be borrowed), the liquidation threshold (a position above it can be liquidated, at the vault's liquidation penalty) and the liquidation max limit (a position above it is absorbed by the vault rather than liquidated on the market). Read per vault from Fluid's API, 2026-09-30; the values for each bitcoin vault are in the collateral cell. |
| Custody & backing | protocol_custodialsourceFluid Liquidity 0x52Aa899454998Be5b000Ad077a46Bbe360F4e497 on Arbitrum One (chain 42161) — every vault's constantsView() names this one contract, which holds the tokens of all 95 vaults on the chain; a depositor holds a position NFT, not the asset. |
| Recourse | non_recoursesourceFluid vaults on Arbitrum One (chain 42161) — liability is bounded by the position's collateral. A position past the liquidation max limit is absorbed by the vault (its collateral and debt taken onto the vault's own account); no function pursues the borrower. |
| Track record | 21 months observedsourceDerived from the first aggregator observation this dataset holds for the venue (defi_rates_llama, 2024-12-30; the registry holds no first_date for it). This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before the aggregator began listing it reads short here. The observer is the aggregator, not the venue's own contracts. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | BTC vaults (5): WBTCsourceFluid VaultFactory 0x324c5Dc1fC42c7a4D43d92df1eBA58a54d13Bf2d on Arbitrum One (chain 42161) (registry/resolution/2026-09/fluid.json; roots: Instadapp fluid-contracts-public deployments.md). The vault factory reports 95 vaults; Fluid's API lists 61, 5 with a bitcoin-symbol supply token, read 2026-09-30. Single-collateral vaults with $1,000 or more of debt (4, about $3,277,992 in all, dollar values Fluid's API's): WBTC -> USDC 0xE16A6f5359ABB1f61cE71e25dD0932e3E00B00eB — collateral factor 85%, liquidation threshold 88%, about $1,241,699, 778 positions; WBTC -> GHO 0x57fed7c9b3c763999c519264931790cBcA331417 — collateral factor 84%, liquidation threshold 90%, about $1,229,272, 215 positions; WBTC -> USDT 0x82B27fA821419F5689381b565a8B0786aA2548De — collateral factor 85%, liquidation threshold 88%, about $719,540, 511 positions; WBTC -> ETH 0xBc345229C1b52e4c30530C614BB487323BA38Da5 — collateral factor 90%, liquidation threshold 93%, about $87,480, 95 positions. Vaults with a DEX position on one side (1), whose totals are pool shares rather than token amounts and are not valued here: WBTC -> USDC+USDT (160 positions). Collateral tokens: WBTC 0x2f2a2543b76a4166549f7aab2e75bef0aefc5b0f (8 decimals). ⚠ BOUND: a vault Fluid's API does not list is not found. |
|---|---|
| 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 — Observed through the venue's own contracts (scripts/direct-reads.mjs) for >99% of the 30-day debt and the aggregator (DefiLlama) for <1%. The aggregator's rows are each pool's published borrow and supply rates as it reports them — not a read of the venue's own contracts, and not checked against one. The contract reads are daily, at a recorded block. As of 2026-10-01. quantity: partial — Observed through the venue's own contracts (scripts/direct-reads.mjs): bitcoin collateral is the supplied amount of each pegged-bitcoin reserve, converted at the day's bitcoin reference, and debt is the borrowed amount per pool or vault. Each row names its observer. As of 2026-10-01. composition: none — Not obtainable from an aggregator — composition is loan-level and requires event ingestion, which is not planned for this venue. |
What the loans are denominated in
| Borrowed in | Assets | Size (USD equivalent) | In the loan asset | Read by |
|---|---|---|---|---|
| US dollars | GHO, USDC, USDT0 | $3.4m | — | contract read, 2026-10-13 |
| ether | ETH | $60k | — | contract read, 2026-10-13 |
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.
- contract_escrow established — the protocol contract — the collateral is escrowed and neither the operator nor the borrower can move it
source
attribute · custody_model = protocol_custodialFluid Liquidity 0x52Aa899454998Be5b000Ad077a46Bbe360F4e497 on Arbitrum One (chain 42161) — every vault's constantsView() names this one contract, which holds the tokens of all 95 vaults on the chain; a depositor holds a position NFT, not the asset. - representation incomplete
source
wrapper_registry · wrapper_registry.yaml as of 2026-09-02deployment · chain 42161 incompletewhether each token is issued natively on this chain or bridged to it — a further link when bridged — is not in wrapper_registry.yaml, which is keyed by symbol, not by chain or address- WBTC established · direct_wrapped · identified by symbolWBTC established · issuer BitGo · custodial · holders [BitGo]Reserves in 2-of-3 multisig with BitGo holding two keys. Since 2024 BitGo custodies jointly with BiT Global, a Hong Kong custodian part-owned by Justin Sun — a second name on the same bitcoin, recorded but not split because no share is published.
source
issuer_docBitGo, 'Wrapped BTC Launches with BitGo Custody and Full Proof of Assets', blog.bitgo.com; proof-of-reserve at wbtc.network
- WBTC established · direct_wrapped · identified by symbol
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) | collecting (not read yet) — the markets read here carry the collateral supplied, not the loan asset's supply, so a utilisation would divide by the wrong thing |
|---|---|
| Intermediation margin | collecting (not read yet) — needs both a borrow and a lend rate; the lend rate is not served here |
| Trailing realised average (7/30/90d) | 7d 6.41% · 30d 6.36% · 90d 6.36% dollar loans, debt-weighted over the days observed (7 / 30 / 90 of 7 / 30 / 90); continuously compounded defi_rates_llama — the 30-day window's rows, gates and floor (098) |
| Rate volatility (30/90d) | 30d 0.47 pts · 90d 0.37 pts the standard deviation of the daily debt-weighted borrow rate, in percentage points — not annualised the daily rate above |
| Spread to the pair aggregate | +1.46 pts vs Algorithmic · derived this venue's borrow rate minus its class's (4.90%), both as served on the spine /v1/market/tree — the venue's and its class's borrow rates |
| Spread to matched Treasuries | +2.23 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 | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Repayment flow | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Aggregate and distributional LTV | 49.4% latest day, as each market reports it; dollar loans only; the aggregate only — no distribution is read here defi_rates_llama — read from the venue's own contracts, pool by pool |
| Residence distribution | collecting (not read yet) — how long positions stay open needs each loan's history; it is held for Morpho Blue and the Aave v3 chains and not yet computed |
| Liquidation incidence | collecting (not read yet) — liquidations are read from events for Morpho Blue and the Aave v3 chains, and as positions past threshold where a pool is read account by account |
| Top-10 concentration share | collecting (not read yet) — borrower concentration is read where a pool is read account by account (21 venues) |
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/fluid_lending_arbitrum |
|---|---|
| MCP | get_venue({ venue_id: "fluid_lending_arbitrum" }) get_venue({ venue_id: "fluid_lending_arbitrum", 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