Hyperliquid: Manual borrows go live with HYPE and BTC collateral - 18 Sep 2026

Hyperliquid has launched manual borrows, a lending feature that lets users supply HYPE or BTC as collateral to borrow USDC or USDT. Supplied and borrowed quote assets earn interest, with rates set by utilization in the new market. The feature adds a credit layer to the platform's existing trading stack and gives HYPE a direct borrowing use case.The launch makes HYPE a core collateral asset in Hyperliquid's lending market, giving holders a yield-bearing reason to supply the token beyond trading or staking. Demand was visible at launch, with $269M borrowed on the first day, indicating that borrowers are actively using the market rather than leaving it idle. Because rates adjust with utilization, both lenders and borrowers face costs that move with real usage, so returns to suppliers are not fixed. The main limitation is that collateral quality now affects the platform directly, since HYPE price swings influence borrowing capacity and liquidation behavior in the new market.Manual borrows are live on HyperliquidPortfolio margin and manual borrows use the same underlying HyperCore infrastructure, with $269M in assets borrowed today.Users can supply HYPE and BTC as collateral to borrow quote assets (USDC and USDT). Borrowed quote assets pay…