kBTC Leveraged Long by Kraken

kBTC is Kraken's wrapped Bitcoin, backed 1:1 by BTC held in Kraken's reserves. It brings Bitcoin on-chain as a liquid, composable ERC-20 usable as collateral across DeFi.

How the strategy works

This is a leveraged long on kBTC: you supply kBTC as collateral, borrow RLUSD against it on Morpho, and loop to increase exposure to BTC. Every cost and liquidation threshold is shown upfront before you confirm.

Strategy details

Collateral asset

Kraken Wrapped Bitcoin (kBTC)

Borrowed asset

RLUSD

Issuer

Kraken

Yield source

None

Underlying

BTC

Category

BTC

Network

Ethereum

Protocol

Morpho

Live metrics

Collateral APY

0.00%

Net borrow APY

3.27%

Max leverage

7.0x

Default leverage

6.7x → -18.64% APY

Leverage ladder

1x 0.00% · 2x -3.27% · 3x -6.54% · 4x -9.81% · 5x -13.08% · 6x -16.35% · 7x(max) -19.62%

Oracle type

market

Exit slippage

$100k 0.04% · $500k 0.15% · $1M 0.30% · $5M 1.10% · $10M 2.04%

as-of 2026-09-29T07:25:49.782Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=1

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