HYPE, the native token of the Hyperliquid layer-1 blockchain and decentralized trading platform, reached a new all-time high above $90 on Friday following the rollout of manual borrowing on the network.
Manual borrowing unlocked on Hyperliquid
Hyperliquid announced that users now have the ability to supply HYPE and Bitcoin as collateral to borrow stablecoins USDC and Tether’s USDt (USDT). This update allows users to access borrowed funds directly, expanding options beyond the platform’s existing portfolio margin system.
“Manual borrows are live on Hyperliquid,” the team stated in a recent update. The protocol clarified that both the new borrowing feature and its portfolio-margin system utilize HyperCore, the underlying infrastructure powering these functionalities.
Hyperliquid’s design ensures that every borrowed asset comes directly from a supplier, rather than being artificially created through platform-level margin procedures, according to co-founder Jeff Yan.
Users are now able to borrow USDC or USDT directly against HYPE or Bitcoin, making the borrowing process more flexible for participants in the Hyperliquid ecosystem.
Mini dictionary: Hyperliquid is a decentralized derivatives trading platform built on its own layer-1 blockchain. It offers on-chain perpetual markets and advanced margin systems for trading various digital assets.
Shortly after the announcement, HYPE surged as high as $90.92, reflecting strong demand and positive user sentiment toward the new borrowing functionality.
| Feature | Before update | After update |
|---|---|---|
| Collateral options | Portfolio margin system only | Manual borrow with HYPE/BTC collateral |
| Stablecoins available to borrow | Limited | USDC, USDT |
| Maximum HYPE price | Below $90 | $90.92 (new all-time high) |
Strong activity and asset growth
Hyperliquid reported $269 million in assets borrowed across its infrastructure on Friday. The expansion of borrowing options is expected to attract more users to the platform and increase overall activity.
The protocol’s recent developments indicate growing momentum as crypto markets recover and decentralized trading gains traction among investors looking for transparent and user-driven alternatives.
With increased borrowing flexibility, Hyperliquid provides more options for market participants seeking to leverage their digital assets within its decentralized environment.
Kraken’s parent enters Hyperliquid ecosystem
The launch of manual borrowing follows closely behind a development from Payward, the parent company of crypto exchange Kraken. On Wednesday, Payward announced plans to introduce on-chain perpetual futures markets for US clients, beginning with Hyperliquid’s HIP-3 markets.
These back-to-back announcements place Hyperliquid in the spotlight as it seeks to compete with established platforms in decentralized derivatives trading.
