Perp DEX leader Hyperliquid enters the on-chain lending market, signaling the emergence of a full-stack DeFi platform.

In October, surpassing $303 billion in trading volume and leading all perpetual contract decentralized exchanges (Perpetual DEX), Hyperliquid is testing a lending feature called BLP (BorrowLendingProtocol) on its Hypercore testnet. This new module marks Hyperliquid’s first foray into the native on-chain credit market. If this feature matures and goes live, it will enable Hyperliquid to evolve beyond a single perpetual contract platform into a full-stack on-chain financial platform, redefining the boundaries of the DeFi ecosystem.

Hyperliquid’s New Lending Attempt: Ambitions of a Full-Stack DeFi Platform

Is Hyperliquid expanding its scope? The answer is yes. The exchange is testing a brand-new lending feature on its Hypercore testnet. After achieving an astonishing $303 billion in trading volume in October, seizing the moment to enter the native on-chain credit market is a strategic move.

• Emergence of the BLP Module: A new module called BLP has appeared on the Hypercore testnet. Preliminary checks indicate it is designed for on-chain borrowing, supplying, and withdrawing assets. Although only USDC and PURR assets are shown during testing, this limited set already suggests a comprehensive framework is being developed.
• Collateral Mechanism Upgrade: If this functionality develops into a native lending layer, the collateral within the Hyperliquid ecosystem will no longer rely on isolated balances but will be based on real, shared lending pools. This will push Hyperliquid beyond a simple perpetual contract exchange, bringing it closer to a complete on-chain market stack.

Leading Trading Data: Confidence of Industry Leaders

Hyperliquid led all perpetual DEXs in October with a trading volume of up to $303 billion, surpassing Lighter (LIGHTER) with $272 billion and Aster (ASTER) with $260 billion.

• Open Interest Tops the List: More notably, Hyperliquid’s open interest reached $7.2 billion, exceeding the total of all other competitors.

This explosive trading activity not only indicates high liquidity but also demonstrates traders’ strong confidence in the platform’s mechanisms and security. Based on this solid confidence and liquidity foundation, Hyperliquid is testing its next evolution in on-chain lending. If the testnet module is successfully delivered, HYPE could redefine the operation of the decentralized finance (DeFi) ecosystem.

HYPE Token Watch: Technical Pullback After Strong Performance

Despite the platform’s strong fundamentals, the HYPE token has entered a temporary cooling-off period after a robust rally. At press time, HYPE’s trading price is close to $40. After a steady run in October, it failed to break resistance on the upside.

• RSI Loses Momentum: The Relative Strength Index (RSI) is around 46, not yet in oversold territory, but clearly losing upward momentum.
• MACD Turns Negative: Meanwhile, the MACD indicator has moved into negative territory, indicating that bears are temporarily in control.

Price action over the past week shows lower highs and smaller candlestick bodies, signaling market hesitation. Unless new buying pressure quickly intervenes, HYPE may continue to consolidate before attempting further gains.

Conclusion

With explosive trading volume and massive open interest, Hyperliquid has established its leadership in the Perp DEX space. The ongoing testing of the BLP lending feature on Hypercore signals that the platform is no longer content with a single business model but is moving toward offering a full suite of on-chain financial services—a “DeFi full-stack” approach. This strategic expansion will significantly enhance the stickiness and competitiveness of the Hyperliquid ecosystem and represents an important directional signal in the development of DeFi.