Hyperliquid’s manual borrowing market has reached roughly $269 million in outstanding loans after the feature went live on HyperCore, expanding the platform beyond spot and perpetual futures into native collateralized borrowing. Users can post HYPE or BTC as collateral and borrow stablecoins without selling their underlying positions. HYPE currently carries a 65% loan-to-value ratio, while BTC has a 50% LTV, giving traders another route to access dollar liquidity while maintaining exposure to their collateral.