exBTC
Last updated: 8 October 2026.
BTC-denominated yield-bearing token.
exBTC represents a growing claim on Bitcoin. Deposit cbBTC (Coinbase wrapped Bitcoin on Solana), receive exBTC, and earn yield denominated in BTC. Your position stays in Bitcoin terms, with no USD or altcoin exposure.
Key Facts
| Underlying asset | cbBTC (Coinbase Wrapped BTC) |
| Target APY | 2% (variable) + 8% FXT points |
| Withdrawal period | Weekly: window closes Monday 12:00 UTC, paid Thursday 12:00 UTC |
| Redemption fee | 0.2% |
| Mint address | HabWg55SK5Jam5WUpbk8Wfq7JbuAaFVPu8KVFMJj9yVg |
| Pair address | GpV9U2yY3L5u4DkWC6Unejsz42iNME4Usk5RzTaA23to |
How Yield Is Generated
The exBTC vault deploys cbBTC across strategies including lending and collateralized lending across Kamino and JupLend, with a portion allocated to institutional credit products.
Exchange Rate Mechanics
exBTC follows the same weekly rate-setting process as exSOL:
- Weekly measurement of BTC vault net asset value change (in BTC terms)
- Yield set as on-chain APY
- Compounds every 8 hours
The current rate is set at 2% APY, plus 8% a year in FXT points. The rate is variable and is adjusted based on realized performance.
Withdrawal Process
- Request: Submit anytime before midnight UTC
- Lock-in: Midnight UTC, request becomes irrevocable
- Delivery: cbBTC delivered within 24 hours after lock-in
- Fee: 0.2% redemption fee
Risks
| Risk | Mitigation |
|---|---|
| cbBTC bridge risk | Coinbase-custodied BTC backing. Institutional-grade bridge. |
| Smart contract exploit | Quantstamp audit, Hypernative monitoring |
| Liquidation | 25% BTC drawdown modeled for effective LTV calculation |
| Limited yield venues | BTC yield opportunities are inherently more limited than SOL/USDC; the vault is run conservatively. |
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