Hyperliquid Launches USDC and USDT Manual Borrows Against HYPE & Bitcoin

HYPE price hits new all-time high as Hyperliquid launched manual borrows feature on Friday. Users can use HYPE and Bitcoin collateral to borrow quote assets such as USDC and USDT.

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Hyperliquid Enables Users to Take USDC and USDT Loans

Manual borrows go live on Hyperliquid on September 18. It allows users to borrow quote assets Circle’s USDC and Tether (USDT) against supplied collateral HYPE and Bitcoin.

Hyperliquid added that portfolio margin and manual borrows use the same underlying HyperCore infrastructure. As of today, the total assets borrowed have reached $269 million.

The borrowed quote assets USDC and USDT pay interest, and supplied quote assets earn interest, with rates set by utilization. This expands DeFi lending options on Hyperliquid’s onchain trading ecosystem.

“Manual borrowing is supported for Manual/Standard and Unified Account users. For portfolio margin (PM) accounts, borrowing is automated and the manual borrow action is disabled,” the platform said.

Notably, Hyperliquid pointed out that HYPE has loan-to-value (LTV) of 65% and BTC has LTV of 50%. The partial liquidation threshold for is 82.5% for HYPE and 75% for BTC.

Also, the protocol to retain 10% of borrowed interest as a buffer for future liquidations as the interest paid by borrowers need to be distributed proportionally to a larger set of suppliers.

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

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HYPE and Bitcoin Price Surges

HYPE price jumped more than 13% in the past 24 hours, with the price currently trading at $90.45. The 24-hour low and high are $79.35 and $90.92, respectively. Furthermore, the trading volume has increased by a massive 75% over the last 24 hours, indicating a rise in interest among traders.

HYPE price has rallied almost 60% since Trump’s comments on the CFTC working to bring Hyperliquid into the United States. Most recently, Kraken parent firm Payward confirmed plans to launch on-chain perpetual futures markets on Hyperliquid for US clients.

Meanwhile, BTC price reclaimed above $78,000 as Fed rate hike sentiment faded, up more than 2% in the past 24 hours. The intraday low and high were $75,971 and $78,372, respectively. Furthermore, trading volume has increased slightly as spot Bitcoin ETF recorded inflows.

CoinGlass data showed buying in the derivatives market. At the time of writing, the total BTC futures open interest jumped 4% to almost $53.5 billion in the last 24 hours. BTC futures OI on CME climbed more than 5% and 2% on Binance, indicating the upside push came from US investors.

Traders looking to speculate on asset prices without centralized intermediaries can review the top-rated decentralized options in our guide to the best crypto futures trading platforms.