Hyperliquid launches native lending as HYPE reaches new ATH above $90

Hyperliquid introduced a native manual borrowing feature on September 18, allowing users to pledge HYPE or Bitcoin as collateral to obtain USDC or USDT loans directly through its HyperCore platform. The launch coincided with HYPE hitting a fresh all‑time high above $90.

Immediate scale and liquidity

Within the first day, $269 million in assets were borrowed, indicating strong demand. Borrowers accessed more than $400 million of supplied liquidity that was already supporting Hyperliquid’s portfolio‑margin system.

Loan terms and risk parameters

• HYPE loan‑to‑value (LTV) ratio: 65%
• Bitcoin LTV ratio: 50%
• Liquidation threshold: 82.5% for HYPE, 75% for Bitcoin
• Interest rates are variable, based on utilization of stablecoin pools

Architecture and design

Hyperliquid built borrowing as a separate HyperCore primitive, keeping lending risk distinct from derivatives exposure. The same liquidity pools serve both lending and portfolio‑margin activities, allowing seamless movement between trading, collateral, and credit.

Broader ecosystem impact

The rollout arrives as Hyperliquid expands distribution, including a partnership with Payward (Kraken’s parent) to launch on‑chain perpetual futures for US clients. Stablecoin liquidity on the network approaches $7 billion, ranking second only to Ethereum in USDC supply.

Strategic significance

By integrating perpetuals, spot trading, prediction markets, lending, and vaults within HyperCore, Hyperliquid aims to create a unified financial system where trading, credit, and liquidity operate on a common infrastructure.