HYPE Soars Above $90 as Hyperliquid Unveils Manual Borrowing

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

The new feature allows users to supply HYPE or Bitcoin as collateral to borrow stablecoins USDC and Tether’s USDt (USDT). Manual borrows are live on Hyperliquid, with every borrowed asset coming from a supplier rather than being created through platform-level margin accounting.

Hyperliquid co-founder Jeff Yan explained that the design means users can directly access borrowing beyond the protocol's portfolio margin system. The rollout comes as Payward, Kraken's parent company, announced plans to deploy onchain perpetual futures markets for US clients, starting with Hyperliquid’s HIP-3 markets.