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Lending rates and utilization
How Hyperliquid's lending market sets what borrowers pay and lenders earn.
Hyperliquid has a built-in lending market: stablecoins are supplied and borrowed, and tokens such as HYPE are posted as collateral.
Utilization is the share of a token's supply that is lent out. Borrowers pay 5% a year until 80% is lent out; then the rate climbs steeply, to 100% at full use. Lenders earn what borrowers pay, spread over everything supplied, less the 10% Hyperliquid keeps.
On 2026-10-04 USDC was 74.9% lent out: $532.6M supplied, $399.2M borrowed, lenders earning 3.37% a year.
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The documented rate curve, and where each stablecoin sits on it now.