Portfolio Margin · Hyperliquid borrow and lend
Spot and perps in one account: who lends, who borrows against HYPE and BTC, and how healthy each borrower is, read live from Hyperliquid.
USDC borrowed
HYPE posted as collateral (HYPE)
How to read this page
Portfolio margin puts spot and perps in one account. Balances you lack are borrowed automatically against the HYPE and BTC you hold, up to their loan-to-value (0.65 for HYPE, 0.5 for BTC). Lenders earn the borrow interest, minus 10% kept by the protocol as a liquidation buffer.
The whole account is liquidated, not one position, once its portfolio margin ratio passes 0.95. Each collateral counts at its liquidation threshold, 0.5 + 0.5 × LTV. Liquidated assets are taken over by the system backstop, without going through the order book.
Hyperliquid has no public list of these accounts. We check the mode of every account between $10k and $25M on the leaderboard, the documented eligibility range, largest first, so the list grows as the scan runs. Sub-accounts are margined separately and are not all on the leaderboard.
Most large borrowers hedge: they short the perp of the coin they post. A liquidation price that ignores the hedge would be wrong, so this page shows Hyperliquid's own health instead of a price. Hyperliquid docs.