Hyperliquid announced on September 18 that manual borrowing is now live, allowing users to post HYPE or Bitcoin as collateral and borrow USDC or USDT. The service operates on the protocol's HyperCore infrastructure and provides direct borrowing alongside Hyperliquid’s existing automated portfolio-margin system. On launch day, Hyperliquid reported $269 million in assets borrowed.
According to documentation, the maximum loan-to-value ratio is 65% for HYPE collateral and 50% for BTC collateral, meaning HYPE holders can borrow a larger share against their position. Borrowing rates are not fixed: rates vary with utilisation, supplied quote assets earn interest, interest accrues continuously, and rates are updated hourly. This makes loan costs dependent on liquidity usage rather than collateral choice alone.
The rollout coincided with HYPE reaching an all-time high of $90.92 on September 18, according to Cointelegraph, although reports do not establish that the new feature alone caused the move. For Hyperliquid, manual borrowing adds a direct use for HYPE and BTC holdings within its own infrastructure as collateral for stablecoin loans.
