HYPE hits record above $90 as Hyperliquid launches manual borrowing

HYPE hit a record $90.92 after Hyperliquid opened manual borrowing, letting users borrow stablecoins against HYPE and Bitcoin collateral.

HYPE, the native cryptocurrency of the Hyperliquid layer-1 blockchain and decentralized trading platform, set a fresh all-time high above $90 on Friday as the protocol rolled out manual borrowing.

HYPE surged as high as $90.92 shortly after Hyperliquid announced users can now supply HYPE and Bitcoin as collateral to borrow the stablecoins USDC and Tether’s USDt (USDT).

“Manual borrows are live on Hyperliquid,” the protocol said, adding that the feature and its portfolio-margin system use the same underlying HyperCore infrastructure. Hyperliquid co-founder Jeff Yan said the design means every borrowed asset comes from a supplier rather than being created through platform-level margin accounting.

The new feature lets users borrow USDC or USDT directly against HYPE or Bitcoin collateral, extending direct access to borrowing beyond Hyperliquid’s portfolio margin system. Hyperliquid reported $269 million in assets borrowed across the underlying infrastructure on Friday.

The rollout comes two days after Payward, the parent company of cryptocurrency exchange Kraken, on Wednesday announced plans to deploy onchain perpetual futures markets for US clients, starting with Hyperliquid’s HIP-3 markets.

Related: US charges ex-Robinhood engineers over alleged pre-listing crypto trades

• Market Capitalization
• Hyperliquid
• Lending
• Tether
• USD Coin
• Altcoins