HYPE Hits Record High as Hyperliquid Launches Manual Borrowing

HYPE, the native cryptocurrency of the Hyperliquid blockchain, reached a new all-time high above $90 on September 18, 2026, as the protocol introduced manual borrowing for users. The token climbed to $92.56, marking a 10.5% increase in 24 hours, according to market data. Hyperliquid's manual borrowing feature allows users to pledge HYPE or Bitcoin as collateral to borrow USDC or USDT stablecoins directly through its HyperCore infrastructure. On the first day, $269 million was borrowed, demonstrating immediate adoption. The feature extends borrowing beyond Hyperliquid's portfolio margin system, with every borrowed asset sourced from supplied liquidity rather than platform-level accounting. HYPE collateral carries a 65 loan-to-value ratio, meaning $1,000 worth of HYPE can secure up to $650 in borrowing capacity. Bitcoin has a lower LTV of 50, providing $500 for the same collateral value. Liquidation thresholds are set at 82.5 for HYPE and 75 for Bitcoin, with partial liquidation beginning when borrowed value exceeds collateral value after applying these thresholds. The launch coincided with broader developments in Hyperliquid's ecosystem.