Borrowing and lending

You can borrow dollars against HYPE or BTC without selling them, or earn interest on idle USDC. HyperCore runs one pool per quote asset and prices borrowing on a published curve you can check against pool state.

Say you supply 100 HYPE at $40 and borrow 2,000 USDC:

Step	Value
Supply	100 HYPE at $40
Capacity	100 * 40 * 0.65 = 2,600 USDC
Borrow 2,000 USDC	health factor 130%, 600 more borrowable
Health factor reaches 100%	HYPE at about $30.77
Partial liquidation starts	HYPE at about $24.24

Interest accrues on the borrow throughout, so both trigger prices creep up.

Supply to earn, supply collateral, or borrow

One account can play any of the three roles.

Role	Assets	Earns or pays	Notes
Supply to earn	USDC, USDT	the supply rate, accrued continuously, indexed hourly	position has a basis (what went in) and a value (with interest); adds no borrowing capacity
Supply collateral	HYPE, BTC	nothing: measured on mainnet, both reserves report supply rate 0.0 at utilisation 0.0	raises borrowing capacity
Borrow	USDC, USDT	the borrow rate	capacity is the sum over collateral of supplied amount * oracle price * LTV, HYPE 65%, BTC 50%

The rate depends on utilisation alone

Utilisation u is total borrowed over total supplied.

borrow APY = 0.05 + 4.75 * max(0, u - 0.8)          compounded continuously
supply APY = borrow APY * u * 0.9                   measured; reproduces the API to 9 decimal places

live check: 0.05 * 0.671438682 * 0.9 = 0.030214741
            API supplyYearlyRate 0.0302147407 at utilization 0.671438682

Suppliers earn less because interest is spread over all supply, not just the lent part, and the protocol keeps 10 per cent as a liquidation buffer.

Borrow is flat at 5 per cent to 80 per cent utilisation, then climbs 475 basis points per point; supply reaches 90 per cent at full utilisation.

What this means for you. Supply rates stay small until the pool is busy: at 50 per cent utilisation, 0.05 * 0.5 * 0.9 is 2.25 per cent. Near and past the kink both rates move fast.

Health stops new borrowing; liquidation comes later

The health factor is LTV-weighted collateral value / borrowed value. At or below 100 per cent you can’t borrow more, but you aren’t liquidated. Partial liquidation starts when borrowed value exceeds collateral weighted by the liquidation threshold:

liquidation price = borrowed value / (supplied amount * liquidation threshold)     one collateral asset

Standard and unified accounts (account modes) borrow manually; portfolio margin borrows automatically and disables the manual action.

The numbers

Parameter	Value
Quote assets (supply to earn, or borrow)	USDC, USDT
Collateral assets (LTV)	HYPE 65%, BTC 50%
Collateral supply rate	0
Liquidation threshold	(1 + LTV) / 2: HYPE 82.5%, BTC 75%
Borrow APY	0.05 + 4.75 * max(0, u - 0.8)
Borrow APY at u up to 0.8	5%
Slope past the kink	475 basis points of borrow APY per point of utilisation
Borrow APY at u = 1	100%
Supply APY	borrow APY * u * 0.9
Protocol retention	10% of borrow interest
Accrual	continuous, indexed hourly
Caps	global and per-user, per asset (portfolio margin)

Getting your money back out

Liquidity can lock. At 100 per cent utilisation suppliers can’t withdraw until more is supplied or borrows repaid. Liquidity and caps can also limit a borrow below what collateral allows.

A lender holds a balance, not an asset. It can’t be sold or pledged, so the only exit is a withdrawal that waits on utilisation (composable credit).

Supplying and borrowing from code

HTTP. borrowLend is live on both networks, undocumented, and signed as an L1 action, so an API wallet can send it.

{"type": "borrowLend", "operation": "supply", "token": 0, "amount": "100"}

operation is supply, withdraw, borrow or repay; amount is a decimal string or null.

CoreWriter action 15. (uint8 op, uint64 token, uint64 wei): op 0 supply, 1 withdraw; wei in HyperCore wei (1e8 for USDC), 0 for the maximum. Ops 2 (borrow) and 3 (repay) are unresolved: one tool routes them, measurement covers only supply and withdraw. Portfolio margin accounts are refused (CoreWriter).

The official docs differ

The portfolio margin page says contract supply through CoreWriter awaits a future upgrade; that is stale. On testnet a contract supplied 500 USDC via action 15, and 0x811 went from reverting to showing the position one block later. On mainnet, action 15 emissions are decoded into typed borrow and lend actions and rule-checked: consistent with live contract supply, not yet proven.

Refusals look like success on the HyperEVM. A CoreWriter supply with too little spot balance returned EVM status 1 while HyperCore logged Borrow/Lend error: Insufficient spot balance for operation.

Reading state.

Source	Returns
borrowLendUserState {user}	per token, borrow and supply each with basis and value, in token amounts not USD; health, healthFactor
borrowLendReserveState {token}	borrowYearlyRate, supplyYearlyRate, balance, utilization, oraclePx, ltv, totalSupplied, totalBorrowed
allBorrowLendReserveStates	the same, for every reserve
precompile 0x811 (address, uint64 token)	borrow and supply, each (basis, value)
precompile 0x812 (uint64 token)	8 x uint64: borrowYearlyRateBps, supplyYearlyRateBps, balance, utilizationBps, oraclePx, ltvBps, totalSupplied, totalBorrowed

0x811 reverts, not zeros, for an account with no lending record, even a funded one: guard the call. Mainnet token ids are USDC 0, HYPE 150, UBTC 197, USDT0 268. Testnet differs (HYPE is 1105), so never share the constant across networks (precompiles).

No rate history. Neither the API nor the precompiles (latest block only) return past rates. Sample before you need the series.

Read live pool state, not documented numbers

balance is not supplied minus borrowed. On mainnet it exceeded totalSupplied - totalBorrowed by about 46.57 USDC (USDT0: 0.07113), growing over three reads 3 seconds apart: the retained buffer. Price pool shares off totalSupplied or supply.value.

Documented caps drift. On 2026-09-20 mainnet HYPE supply read 10,233,170.44 against the documented 10M global cap.

For the rate as a holding cost, see Carry. For pricing the kink, see Options on the borrow rate.