Hyperliquid turned on manual borrowing on September 18, letting users post HYPE or Bitcoin as collateral to borrow USDC or USDT directly. The exchange reported $269 million in assets borrowed on the launch day, and the rollout coincided with HYPE hitting a record high the same day.
Manual borrowing beyond portfolio margin
Hyperliquid said in a September 18 announcement that manual borrowing was live, letting users post HYPE or Bitcoin as collateral and borrow USDC or USDT. The service runs on the same HyperCore infrastructure as Hyperliquid's existing automated portfolio-margin system, but it lets users take a stablecoin loan against either asset directly rather than through that automated mechanism. Cointelegraph described the rollout in similar terms, and Hyperliquid reported $269 million in assets borrowed on the product's first day.
Collateral limits and rate mechanics
Borrowing terms differ by the asset posted. Reported documentation parameters set the maximum loan-to-value ratio at 65% for HYPE collateral and 50% for BTC collateral, according to CoinDesk's account of the launch. That gap means a larger share of a HYPE position can be borrowed against than an equivalent-value Bitcoin position.
Borrowing rates are not fixed: Hyperliquid's manual-borrows documentation says rates vary with utilisation, while suppliers of quote assets earn interest. Interest on borrowed assets accrues continuously, with rates updated hourly under the reported parameters.
HYPE hits a record high alongside the launch
Its rollout coincided with HYPE reaching a reported all-time high of $90.92 on September 18, according to Cointelegraph. The available reports place the price record and the manual-borrowing launch on the same day, but they do not establish that the new feature alone caused the move. Whether the $269 million first-day borrowing figure is sustained will depend on utilisation, hourly rates and users' willingness to post either asset under its respective collateral limit.
Source: Crypto Daily™
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