HYPE hits record above $90 as Hyperliquid launches manual borrowing
HYPE, the native token of the Hyperliquid layer-1 blockchain, climbed to a record $90.92 after the protocol launched a manual borrowing feature. The update allows users to supply HYPE or Bitcoin as collateral to borrow the stablecoins USDC and USDT.
Why It Matters
The change expands users' direct borrowing options on Hyperliquid beyond its portfolio-margin system and ties borrowed assets to supplier liquidity rather than platform-level margin creation, potentially altering how liquidity is sourced on the network. The update arrives amid growing activity on Hyperliquid, which reported substantial borrowed assets on its infrastructure.
Key Facts
- All-time high price: $90.92
- Feature launched: Manual borrowing on Hyperliquid
- Collateral accepted: HYPE and Bitcoin
- Borrowable assets: USDC and USDT
- Reported borrowed assets: $269 million (across underlying infrastructure on Friday)
HYPE, the native cryptocurrency of the Hyperliquid layer-1 blockchain and decentralized trading platform, reached a new all-time high of $90.92 following the platform's rollout of a manual borrowing feature. The upgrade permits users to supply HYPE or Bitcoin as collateral in order to borrow the stablecoins USDC and USDT, expanding direct borrowing access beyond Hyperliquid's existing portfolio-margin system.
According to the protocol, the manual-borrow functionality is built on the same HyperCore infrastructure used elsewhere on the platform. Hyperliquid co-founder Jeff Yan said the feature is designed so that borrowed tokens are sourced from individual suppliers rather than being generated through platform-level margin accounting, linking borrowings more directly to supplier liquidity.
Hyperliquid reported $269 million in assets borrowed across its underlying infrastructure on Friday, underscoring notable borrowing activity on the network. The manual borrowing launch lets users interact directly with supplied liquidity to obtain USDC or USDT against HYPE or Bitcoin collateral, rather than relying solely on portfolio-margin arrangements.
The rollout follows related industry moves earlier in the week: Payward, Kraken's parent company, announced plans to deploy onchain perpetual futures markets for U.S. clients starting with Hyperliquid's HIP-3 markets. The development comes amid heightened attention to derivatives and borrowing products in the crypto sector.
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