Hyperliquid Looping Calculator
Hyperliquid Earn lets a Unified Account supply HYPE or BTC, borrow USDC against it, and buy more — a loop that turns a spot bag into a leveraged long. Pick your asset, set how much you hold and how many times you loop; the calculator uses live LTVs and rates to show the leverage you end up with, where you get liquidated, and what the borrow costs per year. Free, read-only, updated continuously.
Each loop borrows USDC against everything you hold and buys more HYPE.
Advanced · live values, editable
- Leverage
- 2.35x
- Total exposure
- $23.50K
- 274.6136 HYPE
- Borrowed USDC
- $13.49K
- Liquidation price
- $62.76
- full takeover at $58.62
- Drop to liquidation
- −26.7%
- from $85.58
- Health factor
- 113.3%
- < 100% = can't borrow more
- Yearly interest
- $674.41
- 5.00% on borrowed
- Net carry on equity
- -6.74%
- collateral earns no supply yield
- Break-even move / yr
- +2.87%
- HYPE must rise this much
Same 2.35x via HYPE-PERP costs ~25.7%/yr in funding at the current rate (11.0% APR) vs costs ~6.7%/yr with this loop. Perps have their own liquidation rules.
| Loop | Borrow this step | Total borrowed | Collateral | Leverage | Liq price |
|---|---|---|---|---|---|
| 1 | $6.51K | $6.51K | $16.52K | 1.65x | $43.15 |
| 2 | $4.23K | $10.74K | $20.75K | 2.07x | $56.61 |
| 3 | $2.75K | $13.49K | $23.50K | 2.35x | $62.76 |
Live Hyperliquid Earn rates
Every reserve on Earn right now. Only assets with an LTV can be used as loop collateral; the stablecoins are what you borrow.
| Asset | LTV | Supply APY | Borrow APY | Utilization | Total supplied | Total borrowed |
|---|---|---|---|---|---|---|
| HYPEcollateral | 65% | 0.00% | 5.00% | 0.0% | 9,394,163.07 ($803.93M) | 0 ($0.00) |
| BTCcollateral | 50% | 0.00% | 5.00% | 0.0% | 1,814.62 ($144.96M) | 0 ($0.00) |
| USDC | — | 2.70% | 5.00% | 60.0% | 419,936,456.04 ($419.94M) | 252,049,002.9 ($252.05M) |
| USDT0 | — | 1.69% | 5.00% | 37.5% | 1,995,522.13 ($2.00M) | 747,438.89 ($747.44K) |
| USDH | — | 0.49% | 5.00% | 11.0% | 172,242.22 ($172.24K) | 18,869.82 ($18.87K) |
Source: Hyperliquid public API (Earn reserves + perp funding) · updated 2026-09-05 22:05 UTC
Hyperliquid looping — FAQ
What is looping on Hyperliquid Earn?
With a Unified Account you can supply HYPE or BTC to Hyperliquid Earn and borrow USDC against it. Looping means using that borrowed stablecoin to buy more of the same collateral, which raises your borrow capacity again, and repeating. You end up with a leveraged spot long that pays borrow interest instead of perp funding.
How much leverage can a loop reach?
Each round can borrow the collateral's LTV of whatever you now hold, so the leverage converges to 1 / (1 − LTV). HYPE's current LTV of 65% caps a loop at about 2.86x; the first few loops get you most of the way there.
How does the calculator work out the liquidation price?
Hyperliquid marks a Unified Account liquidatable when (borrowed + 20 USDC) exceeds 95% of your collateral value × its liquidation threshold, where the threshold is 0.5 + 0.5 × LTV. Solving that for the collateral price gives the liquidation price shown. Between that level and the full-takeover threshold (LTV + ⅔ of the gap to 100%) the protocol liquidates in partial steps; below it, the whole position is taken over. Some guides quote the simpler borrowed / (collateral × threshold), which sits a few percent lower — this calculator deliberately uses the stricter protocol formula.
Why is the supply APY so much lower than the borrow APY?
Suppliers share the interest paid by borrowers, so the supply rate is roughly borrow rate × utilization, and Hyperliquid keeps 10% of borrow interest as a liquidation buffer. A collateral asset nobody borrows earns nothing while it sits as collateral. The borrow rate itself is flat until utilization passes 80% and then climbs steeply — the table above shows both live.
Is a loop cheaper than just going long on the perp?
Often, but not always. A loop pays interest only on what you borrowed (leverage − 1 times your equity), while a perp pays funding on the full notional (leverage times your equity). When funding is positive and above the borrow rate, the loop is cheaper to hold; when funding flips negative, the perp pays you instead. The calculator prints both numbers at the current rates. Perps also liquidate differently and you hold no spot tokens.
What does the calculator not model?
Trading fees and slippage on each buy, interest accruing onto the debt over time (which slowly raises your liquidation price), differences between the borrow oracle price and the spot price you actually fill at, borrow and supply caps being hit, and accounts that hold several collateral assets at once. Treat the output as a planning estimate, not a guarantee, and not financial advice.
Where does the data come from?
Directly from Hyperliquid's public API: the Earn reserve states give LTV, borrow and supply rates, utilization and oracle prices; the perp metadata gives funding. This page re-renders on the server every minute and the calculator re-polls in your browser every 30 seconds. gmhl is a free, read-only Hyperliquid dashboard — no sign-up, no wallet connection.