CryptoSlate
Hyperliquid launched native manual borrowing on Sept. 18 as HYPE climbed above $90 to a new all-time high of about $91.06. Users can pledge HYPE or Bitcoin as collateral to borrow USDC or USDT directly through HyperCore, and $269 million in assets had been borrowed on Friday.
Why it matters
The launch exposes a lending engine that had largely operated beneath Hyperliquid's portfolio-margin system. Founder Jeff Yan said borrowing and lending were built as a separate HyperCore primitive, allowing the same liquidity pools to support additional products while keeping lending risk distinct from derivatives exposure.
Borrowers had access to more than $400 million of supplied liquidity at launch because those pools were already supporting portfolio-margin activity. HYPE carries a 65% loan-to-value ratio, compared with 50% for Bitcoin. Liquidation thresholds are 82.5% for HYPE and 75% for Bitcoin.
Market impact
The product gives HYPE holders a way to access dollar liquidity without selling their tokens. Suppliers earn variable interest based on utilization, while borrowers pay interest on USDC and USDT. Portfolio-margin users can also earn interest on idle stablecoin balances flowing into the same pools.
The rollout expands HyperCore beyond perpetuals and spot trading into a more integrated stack of trading, credit, prediction markets and vaults. Hyperliquid's circulating USDC supply was about $6.77 billion, slightly above Solana's roughly $6.72 billion and behind only Ethereum. HYPE has risen about 15% this week, extending its move from roughly $77 and surpassing its previous record near $89.60.
Frequently asked questions
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What did Hyperliquid launch on Sept. 18?
Hyperliquid launched native manual borrowing through HyperCore. Users can pledge HYPE or Bitcoin as collateral to borrow USDC or USDT.
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How much liquidity was available for Hyperliquid lending?
Borrowers had access to more than $400 million in supplied liquidity at launch, while $269 million in assets had already been borrowed on Friday.
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What are the loan-to-value ratios for HYPE and Bitcoin?
HYPE has a 65% loan-to-value ratio, while Bitcoin has a 50% loan-to-value ratio. Their liquidation thresholds are 82.5% and 75%, respectively.
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How does HyperCore separate lending from portfolio margin?
HyperCore treats borrowing and lending as a separate primitive. Portfolio margin can orchestrate borrowing with perpetuals and spot markets while the lending market retains its own risk parameters.
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Why could native lending matter for HYPE holders?
Native lending lets HYPE holders access dollar liquidity without selling their tokens. Suppliers can earn variable interest, while borrowers pay interest on USDC and USDT.
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