Hyperliquid Launches Manual Borrowing and Lending With Over $260M in First-Day Volume

Hyperliquid has launched manual borrowing and lending, allowing traders to post $HYPE and Bitcoin as collateral to borrow USDC and USDT. In its first day, roughly $269 million was borrowed on the platform, according to co-founder Jeff Yan.

The feature adds a native credit layer to the Layer-1 exchange, with borrowing rates tied to utilization and interest paid out to traders who supply stablecoins. This means that users have explicit control over their loans rather than relying on margin automatically drawn from open positions.

Borrowers pay interest that rises with how much of each pool is being used, while suppliers earn a share of those fees for providing idle stablecoins. Rates are set by utilization rather than by governance, so borrowing costs move with real demand.

Yan described the design as modular, saying the team first built a standalone lending protocol on HyperCore and then connected it to perpetual futures, spot trading, and other functions through portfolio margin.