Overview
- Hyperliquid launched manual borrowing on HyperCore, which went live on Sep. 18, and the company reported about $269 million in assets were borrowed on the first day.
- Users can pledge HYPE or Bitcoin as collateral to borrow USDC or USDT with HYPE carrying a 65% loan‑to‑value limit and Bitcoin a 50% limit and partial liquidation thresholds set at 82.5% for HYPE and 75% for Bitcoin.
- Borrowed stablecoins accrue interest that is indexed hourly and moves with pool utilization, with Hyperliquid keeping 10% of borrower interest as a reserve for future liquidations.
- The lending product is deployed as a separate HyperCore primitive that ties into the platform’s portfolio‑margin and derivatives stack so existing stablecoin liquidity could be tapped immediately and helped drive large first‑day demand.
- Regulated U.S. access remains conditional because Payward/Bitnomial’s plan to offer permissioned Hyperliquid markets needs approvals while integrations such as NEAR’s confidential perpetuals already route trades through Hyperliquid’s matching infrastructure.