Summary
- Hyperliquid’s manual-borrow feature allows eligible users to borrow USDC or USDT against supplied HYPE or BTC collateral.
- Manual borrows are supported for Manual/Standard and Unified Accounts; Portfolio Margin uses automated borrowing rather than the manual-borrow action.
- The documented loan-to-value ratios are 65% for HYPE and 50% for BTC.
- Borrowing capacity is calculated from the supplied collateral, its oracle price and the applicable LTV, subject to liquidity and account caps.
- Borrowed balances cannot be withdrawn or transferred between accounts or addresses.
- Interest accrues continuously, and falling collateral values or additional borrowing can increase liquidation risk.
Hyperliquid’s manual-borrow feature allows eligible users to supply spot HYPE or BTC as collateral and borrow quote assets, including USDC and USDT. It is a native HyperCore borrowing function, but it should not be confused with Portfolio Margin’s separate automated-borrowing system.
The facility is not a general-purpose cash loan. Access and borrowing capacity depend on the account type, supplied collateral, oracle prices, available liquidity, borrow caps and the account’s risk position.
What is Hyperliquid manual borrowing?
Manual borrowing lets a user select the amount to borrow against supplied HYPE or BTC collateral. The feature is available for Manual/Standard and Unified Accounts. On Portfolio Margin accounts, borrowing is automated when trading activity requires additional balance, and the manual-borrow action is disabled.
This distinction matters because the two systems use related collateral and borrowing infrastructure but have different user flows. In a manual-borrow account, the user deliberately creates a borrow. In Portfolio Margin, the system automatically borrows against eligible collateral when an order or account-margin requirement needs additional quote-asset balance.
| Feature | Manual borrowing | Portfolio Margin borrowing |
|---|---|---|
| Supported account mode | Manual/Standard and Unified Accounts | Portfolio Margin accounts |
| How debt is created | The user selects a borrow amount. | The system borrows automatically when additional balance is required. |
| Collateral | Supplied HYPE or BTC | Eligible spot HYPE or BTC within the Portfolio Margin account |
| Borrow assets | USDC or USDT | USDC or USDT for eligible Portfolio Margin trading |
| Interest | Accrues continuously on outstanding borrows. | Accrues continuously on outstanding automated borrows. |
| Withdrawal | Borrowed balances cannot be withdrawn or transferred. | Borrowed balances cannot be withdrawn or transferred. |
How much can be borrowed against HYPE or BTC?
The documented borrowing capacity is calculated from the supplied collateral amount, the asset’s oracle price and its loan-to-value ratio. HYPE currently has a 65% LTV, while BTC has a 50% LTV.
The basic calculation is:
borrowable amount = supplied collateral × oracle price × LTV
This is a borrowing-capacity calculation, not a guarantee that the full amount will be available. Available liquidity, borrow caps, account limits, existing debt and other risk controls may reduce the amount that can actually be borrowed.
| Collateral asset | Documented LTV | Meaning | Main exposure |
|---|---|---|---|
| HYPE | 65% | Up to 65% of the oracle-valued collateral contributes to borrowing capacity, subject to caps and account conditions. | A decline in HYPE’s oracle price reduces collateral value and borrowing capacity. |
| BTC | 50% | Up to 50% of the oracle-valued collateral contributes to borrowing capacity, subject to caps and account conditions. | A decline in BTC’s oracle price reduces collateral value and borrowing capacity. |
If multiple eligible collateral assets are supplied, their LTV-weighted contributions can be added together. Supplied HYPE and BTC serve as collateral and do not earn supply interest. Supplied USDC and USDT are separate quote-asset supplies and do not contribute to manual-borrow capacity.
What can borrowed USDC or USDT be used for?
Borrowed quote assets are designed for use within Hyperliquid’s supported trading environment rather than as unrestricted cash. Borrowed balances cannot be withdrawn or transferred between accounts or addresses.
- Use borrowed quote assets for eligible trading activity supported by the account mode.
- Maintain HYPE or BTC collateral in the account while obtaining additional quote-asset buying power.
- Use Portfolio Margin’s automated borrowing system for eligible spot, perpetual and other supported trading activity when the account is enrolled in Portfolio Margin.
Users should check the relevant order form and account interface before trading because supported markets and available balances can differ by account mode and DEX.
How are interest and repayment handled?
Interest accrues continuously on outstanding borrows and is indexed hourly. Borrow rates depend on utilization: they can change as the borrow-and-supply reserve becomes more or less utilized.
Repayment reduces the outstanding debt. Under Portfolio Margin, deposits and realized profits are automatically applied toward repayment, and excess unrealized profits from borrowed assets may also reduce the borrowing balance under the platform’s margin mechanics.
Key insight: A displayed borrow rate is not a fixed cost. The total cost depends on the amount borrowed, the time the debt remains outstanding and changes in reserve utilization.
What account requirements apply?
Manual borrowing is available to eligible Manual/Standard and Unified Accounts, while Portfolio Margin uses automated borrowing. Portfolio Margin has separate eligibility and activation requirements.
- Account value above $10,000 or weighted trading volume above $5 million.
- Account value below $5 million.
- No open positions, open orders, or active TWAP orders when enabling Portfolio Margin.
- Check Hyperliquid’s current documentation for account-specific requirements.
What are the main liquidation risks?
Borrowing against volatile collateral creates liquidation risk because a fall in HYPE or BTC can reduce the collateral value while the borrowed balance and accrued interest remain outstanding.
- Collateral declines: The oracle value of HYPE or BTC falls.
- Debt increases: Interest continues to accrue, and additional borrowing can increase the outstanding balance.
- Risk ratios worsen: The account moves closer to its applicable liquidation threshold.
- Collateral or positions may be liquidated: Depending on the account mode and state, the protocol may liquidate collateral, perpetual positions or the remaining borrow position.
For manual borrows, the documented partial-liquidation threshold is calculated as (1 + LTV) / 2. This equals 82.5% for HYPE and 75% for BTC. A health factor at or below 100% prevents additional borrowing but does not, by itself, trigger liquidation.
Portfolio Margin uses a separate risk calculation. The documentation states that a Portfolio Margin account becomes exposed to liquidation when its Portfolio Margin Ratio reaches or exceeds 95%. The liquidation sequence is not deterministic: perpetual positions or spot collateral may be liquidated first depending on the order of oracle-price updates.
Warning: The 65% HYPE LTV and 50% BTC LTV describe borrowing capacity; they are not liquidation guarantees and should not be treated as safe leverage limits.
How is HyperCore borrowing different from HyperEVM lending?
HyperCore borrowing is part of Hyperliquid’s native exchange infrastructure. It should not be confused with independent lending applications deployed as smart contracts on HyperEVM.
| Category | HyperCore borrowing | HyperEVM lending applications |
|---|---|---|
| Operating environment | HyperCore and its account, borrow and margin systems | HyperEVM smart contracts |
| Collateral and assets | Determined by Hyperliquid’s native supported assets and parameters | Determined by each individual application |
| Risk model | Integrated with Hyperliquid’s account, interest and liquidation rules | Determined by each protocol’s contracts and risk parameters |
| Borrowed-fund use | Restricted to supported exchange and margin functions | Depends on the specific application and its integrations |
What should traders check before borrowing?
Traders should treat borrowing as leveraged exposure rather than free liquidity. Before borrowing, users should check the account mode, collateral value, LTV, available capacity, current utilization, interest rate, reserve caps and applicable health or margin indicators.
- Confirm whether the account is Manual/Standard, Unified or Portfolio Margin.
- Verify whether HYPE or BTC is being supplied as collateral and check its current oracle value.
- Review the available borrow capacity rather than relying only on the theoretical LTV calculation.
- Monitor accrued interest and changes in reserve utilization.
- Keep additional margin available for adverse price movements.
- Understand that liquidation may affect collateral, perpetual positions or both.
What is the core takeaway?
Hyperliquid supports borrowing against spot HYPE and BTC, but the borrowing workflow depends on the account type. Manual borrows are available for Manual/Standard and Unified Accounts, while Portfolio Margin uses automated borrowing when additional balance is required.
HYPE has a documented 65% LTV and BTC has a documented 50% LTV. Those ratios determine borrowing capacity, not guaranteed availability or a safe leverage level. Interest, reserve utilization, collateral volatility, account caps and liquidation rules all remain relevant after a borrow is opened.
Frequently Asked Questions (FAQs)
Q: Can I borrow USDC against HYPE on Hyperliquid?
A: Eligible users can borrow USDC against supplied HYPE collateral, subject to account type, available liquidity, caps and risk controls.
Q: Can I borrow USDT as well as USDC?
A: Hyperliquid’s manual-borrow documentation lists both USDC and USDT as borrowable quote assets.
Q: What is the HYPE borrowing LTV?
A: The documented HYPE LTV is 65%. This ratio determines collateral contribution to borrowing capacity and does not guarantee that the full theoretical amount will be available.
Q: What is the BTC borrowing LTV?
A: The documented BTC LTV is 50%.
Q: Does Portfolio Margin support manual borrowing?
A: No. Hyperliquid’s documentation states that Portfolio Margin uses automated borrowing and that the manual-borrow action is disabled for PM accounts.
Q: Can borrowed USDC or USDT be withdrawn?
A: No. Borrowed balances cannot be withdrawn or transferred between accounts or addresses.
Q: What happens if HYPE or BTC falls in price?
A: A decline in collateral value reduces borrowing capacity and can increase liquidation risk, especially when debt, interest or perpetual-position losses are also rising.
Disclaimer: This article is for informational and educational purposes only and does not constitute financial, investment, legal or tax advice.