Hyperliquid has rolled out manual borrowing, letting users supply HYPE and BTC as collateral to borrow stablecoins including USDC and USDT. The feature went live as the native token HYPE hit a fresh all-time high above $90, extending its recent rally amid broader market moves.
What it moves
Bull vs bear
Bulls see the new borrowing channel as a direct utility boost for HYPE collateral, deepening on-chain leverage and potentially anchoring demand at current highs. Bears argue that easy access to stablecoin loans against already volatile HYPE and BTC could amplify liquidations in any sharp drawdown, adding systemic risk to the perp-centric venue.