HYPE surged to a new all-time high on Friday after Hyperliquid introduced a manual borrowing feature for users.
The token climbed as high as $90.92 shortly after the announcement, marking a fresh record for the native cryptocurrency of the Hyperliquid layer-1 blockchain and decentralized trading platform.
HYPE Price Jumps Above $90
The rally followed Hyperliquid’s decision to allow users to borrow stablecoins directly against HYPE and Bitcoin collateral.
Under the new system, traders can supply HYPE or Bitcoin and borrow either USDC or Tether’s USDT.
The launch expands borrowing options beyond Hyperliquid’s existing portfolio-margin framework.
Hyperliquid Launches Manual Borrowing
Hyperliquid confirmed that manual borrowing is now available through its platform.
The company said the new feature uses the same HyperCore infrastructure that supports its portfolio-margin system.
Hyperliquid co-founder Jeff Yan explained that borrowed assets are supplied by other users rather than being created through internal margin accounting.
This structure is designed to connect borrowers directly with available liquidity on the platform.
Hyperliquid Borrowing Activity Reaches $269 Million
The new borrowing feature allows users to access USDC or USDT without relying entirely on Hyperliquid’s portfolio-margin system.
Hyperliquid reported that around $269 million in assets had been borrowed across its underlying infrastructure on Friday.
The figure highlights growing activity around the platform’s lending and collateral services.
Kraken Parent Expands Into Hyperliquid Markets
The borrowing launch comes shortly after another major development involving Hyperliquid.
Payward, the parent company of crypto exchange Kraken, announced plans to introduce onchain perpetual futures markets for U.S. users.
The rollout is expected to begin with markets built around Hyperliquid’s HIP-3 framework.
The move adds further momentum to Hyperliquid’s growing ecosystem as the platform expands beyond decentralized trading into borrowing, collateral management and additional derivatives infrastructure.
Hyperliquid Ecosystem Continues to Expand
The combination of manual borrowing and increased institutional interest has helped strengthen sentiment around HYPE.
With users now able to borrow major stablecoins against both HYPE and Bitcoin, Hyperliquid is expanding the utility of its native token while offering traders more flexibility in managing capital.
The latest developments helped push HYPE above $90 for the first time, reinforcing the token’s strong market momentum.
