Hyperliquid借贷功能正式上线，首日借款额达2.69亿美元

TLDR：目录

TLDR：

• Hyperliquid 借贷功能在 HyperCore 上线，为平台增添了原生信贷层。
• 随着市场实用性的扩展，HYPE 价格接近历史新高。
• Hyperliquid 借贷功能已在 HyperCore 正式上线，首日通过新推出的手动借贷功能借出资产达 2.69 亿美元。
• 用户可抵押 HYPE 或 BTC 以借入 USDC 或 USDT，而资金提供方则根据市场利用率赚取利息。
• HYPE 交易价格约为 88 美元，在上一交易日上涨约 8% 后，正逼近其 9 月 6 日创下的 89.61 美元的历史新高。
• 美国证券交易委员会（SEC）对代币化股票的豁免以及 NEAR 协议的机密永续合约，为 Hyperliquid 扩展其交易栈提供了不同的市场背景。

Hyperliquid (HYPE) 价格走势

Hyperliquid 借贷在 HyperCore 上增添原生信贷层

The manual borrowing feature uses the same underlying HyperCore infrastructure as portfolio margins. The structure connects lending with spot trading, perpetual contracts and other functions without having to directly consolidate all risks. Users can provide HYPE and BTC as collateral and then borrow quoted assets including USDC and USDT. Hyperliquid Lending sets HYPE's loan-to-value ratio (LTV) of 65%, while BTC's is 50%. The lent assets continue to generate interest, which is indexed hourly. Funding providers receive interest from borrowers, while the interest rate paid by the market is determined by utilization.

Interest costs are also adjusted for utilization, rather than using a fixed borrowing rate. The Hyperliquid lending document records a stablecoin lending curve with a starting interest rate of 5%, which increases when utilization exceeds 80%. The agreement currently retains 10% of the loan interest as a buffer to cover future liquidation losses and system protection.

Agreement documents show that USDC has a global supply cap of US$1 billion and a global borrowing cap of US$500 million. USDT has a supply cap of $50 million and a borrowing cap of $10 million. HYPE also has a global supply cap of 10 million tokens, while BTC has a cap of 2,000 BTC.

Manual lending is available on Hyperliquid

Portfolio margin and manual lending use the same underlying HyperCore infrastructure, with assets borrowed today reaching $269 million. Users can provide HYPE and BTC as collateral to borrow quoted assets (USDC and USDT). Quoted assets borrowed are subject to payment... pic.twitter.com/C3crESxaM0-Hyperliquid (@HyperliquidX) September 18, 2026

The system also includes clearing controls linked to collateral value and account health. Portfolio margin liquidation may occur when account margin ratios exceed agreed thresholds. In this case, HyperCore will use its backup clearinghouse to take over collateral and lend assets, with the following conditions.

Co-founder Jeff Yan described the design of Hyperliquid Lending as modular. The platform first builds lending as a stand-alone HyperCore feature and then connects it to transactions through portfolio margin. This setup allows idle stablecoin collateral to earn interest while making lending risks easier to isolate and review.

HYPE prices are close to record highs, market practicality expands

HYPE traded at about US$88 on Friday, continuing the previous trading day's gains, with a weekly gain of nearly 15%. Market data shows that the token is approaching the all-time high of $89.61 set on September 6.

技术面上，50 日指数移动平均线（EMA）位于约 74.95 美元附近。100 日 EMA 位于约 68.21 美元，而 200 日 EMA 位于约 59.25 美元。HYPE 还交易在从此前 76.93 美元至 51.20 美元下跌走势中追踪到的 83.93 美元斐波那契扩展位之上。

来源：TradingView

若突破 89.61 美元，下一个斐波那契水平将位于约 92.83 美元。更高的扩展位约为 109.66 美元。每日相对强弱指数（RSI）位于约 64，低于通常的超买阈值。

其他发展动态也为平台活动增添了背景信息。9 月 17 日，SEC 发布了为期五年的有条件创新豁免。它允许符合条件的代币化证券场所通过许可的自动做市商和流动性池交易代币化的 NMS 股票。

该豁免包括符号和交易量限制、发行人通知要求以及公共智能合约标准。它还要求代币化股份提供与相应传统股票类别相匹配的权利。

PERPS NOW CONFIDENTIAL BY DEFAULT

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pic.twitter.com/sU9oEhb3cj — NEAR Protocol (@NEARProtocol) 2026年9月17日

NEAR Protocol has also introduced confidential perpetual contract positions that use Hyperliquid as a trading engine. This setting makes account ownership less visible while leveraging Hyperliquid's order book and matching infrastructure. Hyperliquid lending now adds new dimension to another capital function in the broader trading environment, with first-day lending reported at $269 million.