HYPE hits record $90.92 after Hyperliquid launches manual borrowing
In brief
- HYPE surged to $90.92 after Hyperliquid announced manual borrowing functionality
- Users can now supply HYPE and Bitcoin as collateral to borrow USDC and USDT
- Hyperliquid reported $269 million in assets borrowed across the infrastructure Friday
Manual Borrowing Goes Live
HYPE surged as high as $90.92 shortly after the announcement. The feature lets users deposit crypto collateral and borrow stablecoins directly, with every borrowed asset coming from a supplier rather than being created through platform-level margin accounting. This design contrasts with traditional exchange margin systems where the platform itself creates credit.
The manual borrowing and portfolio-margin system use the same underlying HyperCore infrastructure. Hyperliquid reported $269 million in assets borrowed across the underlying infrastructure on Friday, signaling strong initial adoption.
Kraken Expansion on Hyperliquid
The borrowing launch comes as Payward, the parent company of Kraken, announced plans to deploy onchain perpetual futures markets for US clients on Wednesday. Kraken's perpetual futures deployment will start with Hyperliquid's HIP-3 markets, broadening access to the protocol's trading infrastructure.
These moves signal growing institutional interest in Hyperliquid's ecosystem and its native token.
