HYPE has risen 10.5% to $91.20 after Hyperliquid introduced manual USDC and USDT borrowing against HYPE and Bitcoin collateral, with the token setting a new all-time high of $92.56.
Summary
- HYPE price gained 10.5% in 24 hours and reached a record $92.56 on Sep. 18.
- Hyperliquid users can borrow USDC and USDT against supplied HYPE or Bitcoin.
- HYPE carries a 65% loan-to-value ratio, compared with 50% for Bitcoin.
- Payward plans to offer regulated Hyperliquid perpetuals to eligible U.S. clients.
Hyperliquid loans accept HYPE and Bitcoin collateral
Hyperliquid’s official documentation states that manual borrowing went live on Sep. 18, allowing users to borrow USDC and USDT after supplying HYPE or Bitcoin as collateral. The new service runs through HyperCore, the same infrastructure that supports the platform’s portfolio margin system.
“Manual borrowing is supported for Manual/Standard and Unified Account users,” the platform said.
Portfolio margin accounts already handle borrowing automatically, so the separate manual action is unavailable to those users. Manual and unified account holders can instead choose the amount they want to borrow, subject to available liquidity and account-level and global limits.
HYPE collateral has a loan-to-value ratio of 65%, meaning $1,000 worth of HYPE provides up to $650 in borrowing capacity at the applicable oracle price. Bitcoin has a lower LTV of 50%, giving the same collateral value up to $500 in capacity.
When a user supplies both assets, Hyperliquid adds their respective borrowing contributions together. Supplied HYPE and Bitcoin do not earn interest, while supplied USDC and USDT earn interest but do not increase the account’s borrowing capacity.
Borrowed stablecoins accrue interest continuously, with the balance indexed every hour. According to the documentation, rates depend on how much available liquidity borrowers are using. Suppliers receive a lower annual percentage yield than borrowers pay because the interest is divided among a larger pool of supplied assets.
Hyperliquid also retains 10% of the interest paid by borrowers as a reserve for future liquidations. Data cited following the rollout placed total borrowed assets at about $269 million, showing early use of the lending feature.
Liquidation rules depend on collateral value
Hyperliquid uses a health factor to compare a user’s LTV-adjusted collateral with outstanding debt. An account cannot take another loan once its health factor reaches 100% or lower, although crossing that level does not automatically trigger liquidation.
Partial liquidation begins when borrowed value moves above the collateral value after applying the designated liquidation threshold. HYPE has an 82.5% partial liquidation threshold, while Bitcoin has a threshold of 75%.
Falling collateral prices can therefore increase liquidation risk even when the user does not borrow more. Interest charges, collateral withdrawals, and additional borrowing can also move an account closer to the threshold, according to the platform.
In an example provided in its documentation, Hyperliquid used 100 HYPE worth $40 each and a 2,000 USDC loan. The collateral would provide $2,600 in borrowing capacity at a 65% LTV, leaving another 600 USDC available to borrow.
For the same position, the account would reach the 82.5% partial liquidation threshold if the HYPE oracle price fell to about $24.24, excluding further interest. Hyperliquid noted that displayed liquidation prices can change as asset prices, balances, and accumulated interest move.
Multiple forms of collateral make the calculation more complex because the system includes the contribution from every supplied asset. A displayed liquidation price of “N/A” does not necessarily mean a position carries no risk, as the label can appear when another asset covers the debt or when the calculated price sits above the current oracle price.
HYPE price breaks above its previous record
CoinGecko data showed HYPE trading at $91.20 at the time of writing, up 10.5% over 24 hours. The token moved between $81.70 and $92.56 during the period, with the upper end setting its latest all-time high on Sep. 18.
Trading volume reached approximately $1.72 billion over 24 hours, while HYPE’s market capitalization stood near $20.3 billion. The token was also up 57.1% over 30 days, according to the same market snapshot.
The advance pushed HYPE above the $89.57 record set on Sep. 6. In an earlier technical report, crypto.news covered HYPE’s consolidation between roughly $84 and $88 after the previous high, when selling repeatedly appeared above $87.
HYPE later fell toward $78.70 as weaker momentum and legal concerns weighed on the market, before reversing above $90 following the manual borrowing rollout. The move also cleared the former $87–$90 liquidity area identified in the earlier report.
Bitcoin rose alongside HYPE, trading near $80,981 after gaining about 5.6% over the latest session. BTC moved between approximately $76,205 and $80,998 during the period, placing it close to its intraday high when the market data was recorded.
U.S. access remains tied to regulated partners
Hyperliquid’s growing product range has arrived while companies connected to the platform pursue a regulated route into the United States. The Hyperliquid Policy Center has also challenged CME’s lawsuit against the Commodity Futures Trading Commission over the agency’s approval of a Kalshi Bitcoin perpetual contract.
In its Sep. 9 filing, the policy group argued that CME had not shown a competitive injury caused by the CFTC’s decision. The group also said CME’s commercial interests did not fall within the protections of the Commodity Exchange Act provisions cited in the lawsuit.
A separate U.S. proposal involves Payward, the parent company of Kraken. On Sep. 16, Payward announced regulated Hyperliquid markets for eligible American clients through Bitnomial, subject to regulatory approval.
Under the proposed structure, Bitnomial Exchange would deploy and administer selected perpetual futures markets through Hyperliquid’s HIP-3 system. Bitnomial Clearinghouse would handle clearing and settlement, while NinjaTrader Clearing would carry approved customer accounts.
U.S. customers would need to complete onboarding with NinjaTrader Clearing and receive approval for the relevant Bitnomial market. Their associated addresses would also need to appear on the permissioned HIP-3 allowlist, rather than receiving access to every market available through Hyperliquid.
Payward said Hyperliquid would be the first blockchain protocol used for the planned service. The company has not announced a launch date, and CFTC records do not yet establish final approval for the proposed HIP-3 arrangement.
