Hyperliquid native lending and expansion of HyperCore

Hyperliquid has launched a native manual borrowing product that lets users pledge HYPE or Bitcoin (BTC) as collateral to borrow USDC or USDT. The rollout exposes HyperCore’s credit primitive directly: HYPE carries a 65% loan-to-value (LTV) and Bitcoin a 50% LTV, with liquidation thresholds of 82.5% and 75% respectively. Hyperliquid reported $269 million in assets borrowed on the underlying infrastructure during the launch day. Collateralized HYPE and BTC do not earn interest, while deposited USDC and USDT earn variable interest based on utilization; interest accrues hourly and is subject to separate account and global limits.

Manual borrowing is available for manual and unified accounts, while portfolio margin accounts continue to use automatic borrowing. Founder Jeff Yan described lending and borrowing as a separate HyperCore primitive rather than an embedded margin feature, allowing the same supplied liquidity pools to serve multiple products. Hyperliquid said borrowers had access to more than $400 million of supplied liquidity at the outset, which helped give the product immediate scale relative to the $269 million reported borrowed.

The launch coincided with HYPE reaching a fresh all-time high above $90—CryptoSlate recorded an intraday high near $91.06—as the token rose roughly 15% that week from about $77. The rollout also follows Payward’s announcement that Kraken’s parent will deploy on-chain perpetual futures markets for U.S. clients starting with Hyperliquid’s HIP-3 framework. Hyperliquid highlighted that its growing stablecoin base—circulating USDC around $6.77 billion on the network—supports expanding credit markets by letting suppliers earn yield while borrowers access dollar liquidity without selling token holdings.