HYPE Hits New All-Time High Above $90 Following Hyperliquid Borrowing Launch

HYPE, the native token of the Hyperliquid blockchain and trading platform, reached a fresh all-time high of $90.92 on Friday after the protocol introduced a new manual borrowing feature. The surge came shortly after Hyperliquid announced that users can now supply HYPE and Bitcoin as collateral to borrow stablecoins USDC and USDT.

How the New Feature Works

The protocol confirmed that manual borrowing now runs on the same underlying infrastructure as its existing portfolio-margin system. According to Hyperliquid’s co-founder, every borrowed asset originates directly from a lender rather than being generated through platform based margin accounting, a design choice meant to keep the lending process backed by real supply.

This expands borrowing access beyond the platform’s existing portfolio margin system, giving users a more direct way to access stablecoin liquidity using their crypto holdings as collateral. Hyperliquid reported $269 million in total assets borrowed across its infrastructure on the day of the launch.

Part of Broader Platform Momentum

The rollout arrives just two days after Kraken’s parent company announced plans to launch onchain perpetual futures markets for US customers, starting with products built on Hyperliquid’s infrastructure. The timing highlights growing institutional interest in the platform’s ecosystem as it continues expanding its product offerings.

The record price move places HYPE among the standout performers in the broader crypto market this week, as the token continues attracting attention from both retail users and larger financial platforms integrating its technology.