Hyperliquid's manual borrowing market has climbed to roughly $269 million in outstanding loans after the feature went live on HyperCore, extending the platform beyond spot trading and perpetual futures into native collateralized borrowing.

Users can post HYPE or BTC as collateral and borrow stablecoins without selling their underlying holdings. HYPE currently carries a 65% loan-to-value (LTV) ratio, while BTC carries a 50% LTV — in practice, $100 of posted HYPE can back up to $65 in stablecoin loans, while the same amount of BTC can back $50 — giving traders an additional route to dollar liquidity while retaining exposure to their collateral. The rollout follows Hyperliquid's earlier USDT borrowing tests, which moved the stablecoin into the platform's portfolio-margin architecture ahead of the broader mainnet expansion.

HyperCore Adds Native Borrowing

Hyperliquid confirmed that manual borrowing on HyperCore is live on mainnet, with the same borrow-and-lend infrastructure also accessible to HyperEVM applications through CoreWriter and read precompiles.

Borrow rates adjust with reserve utilization rather than remaining fixed, tying borrowing costs directly to how heavily the stablecoin reserves are being drawn on. Interest accrues continuously and is indexed hourly, and users who supply eligible stablecoins can earn a share of the interest paid by borrowers, giving the market both a supply and demand side natively within HyperCore.

The lending system runs directly through HyperCore rather than a separate HyperEVM lending protocol. Hyperliquid's CoreWriter infrastructure also gives smart contracts access to supply and withdrawal operations, allowing developers to build applications around the underlying liquidity. Hyperliquid already held more than $4 billion in USDC liquidity earlier this year as stablecoins became increasingly central to collateral, settlement and trading across HyperCore and HyperEVM.

HYPE Returns Toward Record High

HYPE rose about 9% over the past 24 hours and traded near $86 on September 18, per CoinGecko data, returning the token toward its September 6 record near $89 — within roughly 3% of that all-time high as the new borrow market came online.

The move comes amid a broader expansion of Hyperliquid's trading infrastructure. NEAR recently added confidential Hyperliquid perpetuals, allowing users to fund positions across supported chains while obscuring the link between funding activity and their trading accounts.

Open interest across Hyperliquid has also climbed back toward previous highs after reaching $14.3 billion earlier this month, with core crypto perpetual markets accounting for a growing share of the recovery.

Long-Running HYPE Position Reaches $119M

One of Hyperliquid's largest visible HYPE positions has grown alongside the token's rally. A wallet tracked by Onchain Lens holds a 1.38 million HYPE long worth approximately $119.1 million, with an average entry price of $38.68. The position has remained open for 343 days and carries about $65.7 million in unrealized profit after roughly $5.7 million in funding costs. The same trade was previously valued at $93 million with about $40 million in gains in June.

HyperCore's borrow market stood near $269 million on September 18, with collateralized borrowing now operating alongside Hyperliquid's spot, perpetual and portfolio-margin markets. Utilization and borrow rates on HyperCore, the borrow market's progression from that base, and open interest's recovery toward the $14.3 billion level reached earlier this month offer concrete data points for tracking how the new lending market develops.