Hyperliquid's Borrowing Market Reaches $269M After Going Live on HyperCore

Hyperliquid's manual borrowing market has reached $269 million in outstanding loans after going live on HyperCore. This expansion allows users to borrow stablecoins without selling their underlying positions, using HYPE or BTC as collateral. The feature operates with a loan-to-value ratio of 65% for HYPE and 50% for BTC.

The rollout follows earlier USDT borrowing tests, which introduced the stablecoin into Hyperliquid's portfolio-margin architecture. The manual borrowing market now runs directly through HyperCore, rather than a separate lending protocol. Borrow rates change with reserve utilization, rather than remaining fixed, and interest accrues continuously, indexed hourly.

Hyperliquid already had over $4 billion in USDC liquidity earlier this year, as stablecoins became increasingly central to collateral, settlement, and trading across HyperCore and HyperEVM. HYPE has rallied about 9% over the past 24 hours, bringing it near its September 6 record high of $89.