RealWorld
Collateral stress test

Margin Call Runway

Ledn's February 2026 bond deal pooled 5,441 bitcoin-backed loans, and every liquidation in it fired below 81.4% LTV. Pick your collateral, set your loan, and see how far the price can fall before yours does.

Collateral type
Collateral value$500,000
$50K$5M
Loan-to-value at start50%
10%75%
Annual volatility55%
5%90%
Loan term12months
336
Interest rate (APR)11.8%
3%16%
Liquidation LTV80%
60%90%
-
Cash you borrow
-
Drop to liquidation
-
Chance of touching it

Safe
The ladder
Alert at 70% LTV
Alert at 75% LTV
Liquidation
Interest over the term
Top-up to reset to start LTV after a 30% drop
Chance of liquidation by starting LTV

Gold line is your collateral's volatility. The dot marks your loan.

Model: price follows a driftless random walk at the volatility you pick, and interest is paid monthly so the loan balance stays flat. The chance shown is the odds the price touches the liquidation level at any point in the term. Alert and liquidation levels follow figures reported for Ledn's 2026-1 pool; sources disagree on the exact trigger (81.4% versus 80%), so treat them as editable assumptions. Not financial advice.

RealWorld

RealWorld.fi prototype. Illustrative numbers only.