HYPE, the native cryptocurrency of the Hyperliquid layer-1 blockchain and decentralized trading platform, set a fresh all-time high above $90 on Friday as the protocol rolled out manual borrowing.
HYPE surged as high as $90.92 shortly after Hyperliquid announced users can now supply HYPE and Bitcoin as collateral to borrow the stablecoins USDC and Tethers USDt (USDT).
“Manual borrows are live on Hyperliquid,” the protocol said, adding that the feature and its portfolio-margin system use the same underlying HyperCore infrastructure. Hyperliquid co-founder Jeff Yan said the design means every borrowed asset comes from a supplier rather than being created through platform-level margin accounting.
Hyperliquid (HYPE) all-time price chart. Source: CoinGecko
The new feature lets users borrow USDC or USDT directly against HYPE or Bitcoin collateral, extending direct access to borrowing beyond Hyperliquids portfolio margin system. Hyperliquid reported $269 million in assets borrowed across the underlying infrastructure on Friday.
The rollout comes two days after Payward, the parent company of cryptocurrency exchange Kraken, on Wednesday announced plans to deploy onchain perpetual futures markets for US clients, starting with Hyperliquids HIP-3 markets.