Hyperliquid Users Borrow $269 Million Against HYPE and Bitcoin
1 report, 1 independent
Updated Sep 24
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What happened
The Hyperliquid lending platform went live on September 18, 2026, allowing users to borrow USDC and USDT by using HYPE or Bitcoin as collateral. On its first day, $269 million was borrowed, according to Hyperliquid co-founder Jeff Yan. As of September 24, HYPE was trading at $94, which was up 18.7% over the week.
From 247wallst.com
Why it matters
The platform effectively turned HYPE into collateral, which notes gives HYPE holders more borrowing power than Bitcoin backers. This new money market model involves users lending stablecoins while others borrow them, with interest rates fluctuating based on utilization.
From 247wallst.com
Who's involved
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The entities involved
Related events
- Metaplanet began using Bitcoin as collateral to secure loans.
- A partnership was established to propose loan products secured by Bitcoin collateral.
- Company adopts Bitcoin as primary treasury reserve asset.
- CoinGecko reported that HYPE underperformed the wider cryptocurrency market on October 1, 2026.
- A company established a digital asset treasury strategy.