Borrow against cbETH
Teller pools on Base accept cbETH as collateral at up to 50% LTV, lending USDC at 1.1% APR, and the staking position keeps accruing while it is deposited. Every loan is fixed-term with no margin-call, so a price fall during the loan cannot liquidate your collateral.
| Collateral | Network | LTV | APR |
|---|---|---|---|
| cbETH | Base | 50% | 1.1% |
Pool data read . Rates and LTVs are set per pool and change when operators change them.
Staked ether that keeps staking while it is deposited
cbETH represents ether staked through Coinbase. It does not rebase: rewards accrue through the exchange rate, so one cbETH buys slightly more ether each month without the balance in your wallet ever changing. Deposit it as collateral and that accrual carries on through the term of the loan.
The Base pool takes it at 50% LTV and 1.1% APR, at one of the lowest rates on the platform, and the token sits at 0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22 with 18 decimals.
Not ether, and not interchangeable with it
cbETH trades at a premium to ether that grows as rewards accumulate, so the two prices are related but never equal. The pool prices cbETH itself rather than the ether behind it, and it accepts the Base contract only. Wrapped ether has its own pools on several chains at its own terms.
Redemption runs through a Coinbase account rather than a public contract, which puts the issuer alongside the pool as a counterparty for the term. You do not need an account to borrow, only to convert.
Why this rate and not a memecoin rate
Operators grade collateral by how far it can move while a loan is open. Staked ether moves with ether, which is the most heavily traded asset the platform accepts, so it earns a tight buffer and a rate near the bottom of the range. Base gas keeps the approval and the borrow at cents, so even a modest loan is worth opening.
The loan
Deposit cbETH, receive USDC on Base, repay or roll on the due date. Rate, LTV and the roll window lock when the loan opens. Every loan is fixed-term with no margin-call, so a price fall during the loan cannot liquidate your collateral. The staking risk underneath the token is unchanged by the loan, and the due date is what you owe against.
Compare liquid staking tokens and WETH.
Frequently asked questions
Yes. cbETH does not rebase; rewards accrue through its exchange rate, so one cbETH buys slightly more ether over time whether it sits in your wallet or in a pool.
No. It trades at a premium to ether that grows as rewards accumulate, and the pool prices cbETH itself rather than the ether behind it.
Not to borrow, which takes a wallet signature. An account matters only for converting between ether and cbETH, since redemption runs through Coinbase rather than a public contract.
Operators grade collateral by how far it can move during a loan. Staked ether tracks ether, the most heavily traded asset on the platform, so it earns a tight buffer and a low rate.
Cents in gas on Base across the approval and the borrow, plus the quoted rate and a 1% marketplace fee.
Open a loan
Connect a wallet, deposit your collateral, and borrow a stablecoin. No credit check, no application.
Go to the borrow tab →No collateral to pledge? Check whether you pre-qualify for a no-collateral personal loan. Soft check, no hard pull.