Hyperliquid rolled out manual borrowing for USDC and USDT against HYPE and Bitcoin collateral on September 18, the platform announced. The feature drew $269 million in borrows on its first day.
Manual borrows let users post HYPE or Bitcoin as collateral to borrow stablecoins at rates set by market supply and demand, rather than algorithmically. The feature mirrors lending pools found on platforms like Aave and Compound, adapted for Hyperliquid's on-chain infrastructure.
Hyperliquid operates as a decentralized exchange and derivatives platform built on its own blockchain. The protocol handles spot trading, perpetual futures, and now cash borrowing. HYPE, Hyperliquid's native token, hit an all-time high above $90 following the announcement, according to price feeds tracked by market data providers.
The manual borrow feature lets traders use their HYPE holdings or Bitcoin positions to raise liquidity without liquidating collateral. Borrowers repay borrowed stablecoins plus accrued interest; lenders earn yield on capital they supply to the pool. Rates adjust based on how much of the available pool is borrowed versus available.
Hyperliquid has grown rapidly since launching its mainnet in March 2024. The platform processed over $1 trillion in cumulative trading volume by mid-2026 and attracted venture capital backing from firms including Paradigm and CMT Digital. The addition of manual borrowing against volatile assets like HYPE and Bitcoin lets holders of those tokens access liquidity.
The $269 million borrowed in the first 24 hours shows significant early adoption of a feature that competes directly with established lending protocols. The metric that decides competitive positioning is whether Hyperliquid's borrow rates undercut or match those on Aave and Compound for stablecoin loans backed by volatile collateral.
