Users can now supply HYPE and BTC as collateral to borrow USDC and USDT on the Hyperliquid platform. The manual borrowing feature is built on HyperCore infrastructure, integrating lending with spot trading and perpetual futures to facilitate system-wide risk assessment. Borrowers pay interest and suppliers earn yield based on current asset utilization within the portfolio margin system.

The platform saw $269 million in total borrowings on its first day, while the HYPE token rose 14% to reach an all time high above $90. Co-founder Jeff Yan said the modular design isolates lending risks and allows idle stablecoin collateral to earn interest. A future AQAv2 revenue switch would use 90% of yield from $249 million in USDC collateral to generate $7 million in annual token buybacks.