Hyperliquid's HyperCore Lending Supply Surpasses $480M with $279M in Loans

Hyperliquid (HYPE)’s HyperCore lending supply has surpassed $480 million on the first day of its manual borrowing feature launch. Portfolio margin users can supply unused stablecoins to the lending pool and earn interest. Jeff Yan, co-founder of Hyperliquid, explained the financial module structure of HyperCore on X on 18th, confirming the activation of the manual borrowing feature.

Users can borrow USDC and Tether (USDT) using HYPE and Bitcoin (BTC) as collateral. As of 7:47 PM KST on 18th, verified via Hyperliquid’s public API, USDC supply reached $48 million (approximately 563.4 billion KRW), with loans totaling $279 million (about 385 billion KRW). The utilization rate was 68.3%, with a borrowing rate of 5% annually and a supplier yield of 3.08%. USDT supply stood at approximately $2.37 million, significantly lower than USDC.

Hyperliquid reported a loan amount of $269 million (about 371.5 billion KRW) on the same day, with figures varying based on reporting time. The collateralization ratios for HYPE and Bitcoin are 65% and 50%, respectively. Jeff Yan explained that idle stablecoins from portfolio margin users automatically earn interest. Borrowing rates adjust based on utilization: remaining at 5% annually if below 80% utilization, with further adjustments above that threshold.

The total USDC supply cap is $1 billion (about 138.1 billion KRW), and the borrowing limit is $500 million (approximately 690.5 billion KRW). Current figures vary based on pool utilization and supply scale. Hyperliquid has structured its financial features into independent modules, similar to Amazon’s AWS cloud infrastructure, with each module focusing on a single function.

Jeff Yan emphasized that each financial module follows Unix principles: 'Do one thing well.' Portfolio margin acts as an upper layer connecting lending, perpetual futures, spot, and event contracts. He explained that lenders for specific assets remain within the lending module, preventing risk from spreading across the entire platform. Portfolio margin calculates borrowing limits based on collateral and trading positions.

The manual borrowing feature is directly available through the lending module but will be provided within the portfolio margin structure on mainnet. HyperCore provides basic lending functionality, while fully-fledged lending markets or tokenized loan positions are being developed by HyperEVM’s independent team. This separation of roles between HyperCore and HyperEVM divides foundational financial features from application services.

Future upgrades will allow smart contracts via CoreWriter to utilize supply functions, enabling HyperEVM protocol to issue interest-bearing tokens. Hyperliquid previously tested manual borrowing on testnet, where mainnet borrowing was limited to portfolio margin mode. The official documentation specifies that portfolio margin requires a primary account weighted trading volume exceeding $5 million or account value over $10,000, with an account value cap of $25 million and USDC lending pool supply/borrowing limits set at $1 billion and $500 million respectively.