Hyperliquid has switched on manual borrowing across HyperCore, its native onchain money market, with roughly $269 million in assets already drawn since the feature went live.

HyperCore runs the lending book directly inside Hyperliquid's exchange layer, not as a separate HyperEVM smart contract. Users on Portfolio Margin, the platform's most capital-efficient account type, can supply eligible assets into a reserve to earn interest and borrow stablecoin reserves against the collateral they post. Stablecoin borrow rates follow a utilization curve that holds a flat 5% floor below 80% utilization, then climbs steeply as the reserve tightens.

Folding a money market straight into the matching engine lets Hyperliquid keep lending, margin and trading under one balance, deepening its push to house more of DeFi's activity onchain without leaning on outside protocols.

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