Hyperliquid Lending Rates — Supply & Borrow APY
Live supply and borrow rates of the Hyperliquid lending pool used by portfolio margin (BLP) and manual borrows.
Current values as of 2026-09-26 02:38 UTC.
History
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Markets (5)
USDC
HYPE
UBTC
USDT0
USDH
How Hyperliquid lending works
Hyperliquid lets you borrow and supply assets from a single lending pool. Portfolio margin accounts borrow automatically against eligible collateral when their balance is insufficient, and idle assets such as USDC are supplied automatically to earn interest. Standard and Unified accounts use manual borrows: supply HYPE or BTC as collateral to borrow USDC or USDT, or supply USDC or USDT to earn interest. Both draw on the same pool, so they share the rates shown on this page.
The borrow APY depends on utilization, the share of supplied assets that is currently borrowed. For stablecoins, the official docs define it as 5% while utilization is at or below 80%; above that it rises linearly, reaching 100% at full utilization. Interest accrues continuously and is indexed hourly.
Suppliers share the interest paid by borrowers in proportion to their supply. The protocol keeps 10% of borrow interest as a buffer for future liquidations, so the supply APY is roughly the borrow APY × utilization × 90%.
Collateral assets have a loan-to-value (LTV) ratio. The amount you can borrow is the collateral amount × its oracle price × its LTV. Which assets currently qualify is answered in the FAQ below.
Source: Hyperliquid Docs Portfolio margin · Manual borrows
FAQ
How is the borrow APY on Hyperliquid determined?
It follows utilization. For stablecoins, the official docs set it at 5% while utilization is at or below 80%; above that it rises linearly and reaches 100% at full utilization. The rate depends on utilization at each moment, so it can change whenever someone borrows or repays.
Why is the supply APY lower than the borrow APY?
Borrowers' interest is shared by all suppliers. Unless utilization is 100%, more is supplied than borrowed, so suppliers earn less than the borrow rate. On top of that, the protocol keeps 10% of borrow interest as a buffer for future liquidations.
How often do the rates change?
Interest accrues continuously and is indexed hourly, matching the perp funding interval. This site fetches current values when you open a page (upstream responses are cached for up to 30 seconds) and draws history from snapshots taken every 5 minutes (the 7-day and 30-day charts show the half-hourly points).
Which assets can be used as collateral?
What is the difference between portfolio margin and manual borrows?
Portfolio margin borrows and supplies automatically: orders that exceed your balance borrow against eligible collateral, and idle assets earn interest. The manual borrow action is disabled for portfolio margin accounts. Standard and Unified accounts instead borrow USDC or USDT manually against supplied HYPE or BTC. Both use the same lending pool and rates.
When are borrows liquidated?
For manual borrows, partial liquidation starts when the borrowed value exceeds the supplied collateral value weighted by the liquidation thresholds. For HYPE and BTC the threshold is (1 + LTV) / 2. Portfolio margin accounts use a separate calculation; see the official docs.
What is BLP?
BLP is the name used for this lending pool inside the Hyperliquid node binary. The community that reverse-engineered the binary adopted it, and it is still used informally. The official docs describe the same pool as portfolio margin and manual borrows.
Source: Hyperliquid Docs Portfolio margin · Manual borrows