Hyperliquid, a DEX for perpetual futures and spot markets, has launched native manual borrowing and lending services on its blockchain. The new feature now allows its users to use $HYPE and $BTC as collateral to borrow stablecoins including $USDC and $USDT. Manual borrowing and portfolio margin operate on the same underlying HyperCore infrastructure. The decentralized platform has announced this officially via its X account.

Manual borrows are live on Hyperliquid
Portfolio 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… pic.twitter.com/C3crESxaM0

— Hyperliquid (@HyperliquidX) September 18, 2026

Hyperliquid Users Borrow $269 Million on First Day of Native Lending

The feature went live today and has attracted approximately $269 million in borrowed assets during the first few hours. The $269 million borrowed during the first day points to significant initial activity around the platform’s new lending functionality.

Under the new system, users can supply $HYPE or $BTC as collateral and borrow USDC or USDT. Borrowers pay interest on their loans, while users supplying the borrowed stablecoins receive interest based on market utilization. HYPE and BTC supplied as collateral do not generate interest. Meanwhile, supplied USDC and USDT can earn interest but do not provide additional borrowing capacity.

The borrowing system has set a loan-to-value (LTV) ratio of 65% for HYPE and 50% for BTC. Borrowing capacity is calculated using the oracle price of the supplied collateral and the applicable LTV ratio.

HYPE and BTC Face Different Liquidation Thresholds

Interest on borrowed assets accrues continuously and is indexed hourly. Moreover, Hyperliquid can also partially liquidate positions when borrowed value exceeds the value of collateral. The liquidation threshold is set at 82.5% for HYPE and 75% for BTC.

The new manual borrowing feature is available to users with Manual/Standard and Unified Accounts. For portfolio margin accounts, borrowing remains automated, meaning users cannot initiate manual borrowing transactions.

The modular design separates lending risks while allowing unused stablecoin collateral to generate interest. It also aims to make risk assessment across the broader trading system more straightforward.