HYPE hits record $90.92 as Hyperliquid launches manual borrowing

HYPE reached a record $90.92 on Friday after Hyperliquid launched manual borrowing. HYPE is the native cryptocurrency of the Hyperliquid layer-1 blockchain and decentralized trading platform. The feature lets users supply HYPE or Bitcoin as collateral to borrow USDC or Tether's USDt (USDT). Hyperliquid said manual borrowing and its portfolio-margin system use the same underlying HyperCore infrastructure. Hyperliquid co-founder Jeff Yan said every borrowed asset comes from a supplier rather than being created through platform-level margin accounting. The feature extends direct borrowing access beyond Hyperliquid's portfolio-margin system. Hyperliquid reported $269 million in assets borrowed across the underlying infrastructure on Friday. The rollout came two days after Payward announced plans to deploy onchain perpetual futures markets for US clients. Payward is the parent company of cryptocurrency exchange Kraken. The planned markets will start with Hyperliquid's HIP-3 markets.