HYPE reaches record above $90 as Hyperliquid adds manual borrowing

HYPE, the native token of Hyperliquid, climbed to a new alltime high above $90 on Friday after the platform introduced manual borrowing. The new feature lets users borrow USDC or USDT against HYPE or Bitcoin collateral. Hyperliquid said the system runs on the same HyperCore infrastructure used by its portfolio margin tools, and cofounder Jeff Yan said borrowed assets come from suppliers rather than being created through platformlevel margin accounting. Hyperliquid said $269 million in assets were borrowed across the underlying infrastructure on Friday. The rollout came two days after Kraken parent company Payward said it planned to launch onchain perpetual futures markets for U.S. users, starting with Hyperliquid’s HIP3 markets.