HYPE HITS RECORD ABOVE $90 AS HYPERLIQUID LAUNCHES MANUAL BORROWING

Summary from the TLDR Crypto newsletter

HYPE reached an all-time high of $90.92 on Friday after Hyperliquid launched manual borrowing, letting users post HYPE and Bitcoin as collateral to borrow USDC and USDT. Co-founder Jeff Yan said each borrowed asset originates from a supplier rather than platform-level margin accounting, with the feature running on the same HyperCore infrastructure as Hyperliquid's existing portfolio margin system. The protocol reported $269 million in total borrowed assets across its infrastructure as of Friday. The release came two days after Payward, Kraken's parent company, announced plans to deploy onchain perpetual futures for US clients starting with Hyperliquid's HIP-3 markets.