On-chain trading platform enables USDC and USDT loans against HYPE and Bitcoin collateral
Hyperliquid has activated manual spot borrowing, allowing users to borrow USDC and USDT against collateral positions in HYPE and Bitcoin through HyperCore, the platform’s native trading and account infrastructure.
The feature lets traders unlock liquidity without closing existing positions. Borrowing remains collateralized and subject to liquidation rules if collateral value falls relative to the borrowed amount, according to Bitcoinist.
Hyperliquid originally became popular for perpetual futures trading. The manual borrowing capability represents a shift in the platform’s positioning toward a full-stack crypto prime brokerage model, moving beyond its core derivatives venue.
HyperCore infrastructure underpins the borrowing system, integrating lending mechanics directly into Hyperliquid’s on-chain trading environment. Users can access borrowed capital while maintaining their existing collateral positions, a structural advantage over traditional loan-and-liquidate workflows.
The exact launch date and specific borrowing terms, including interest rates and loan-to-value ratios, were not disclosed. Hyperliquid did not clarify whether additional collateral assets beyond HYPE and Bitcoin are supported or confirm the network environment in which borrowing operates.
