Hyperliquid plans to automatically rebalance underused USDC in HLP into a borrowing-and-lending sub-strategy in its next network upgrade after HLP yields moved close to zero, Jeff said on X. He said portfolio margin and borrowing and lending have reached production scale, have been tested in live conditions, and now support a certain scale of total value locked (TVL, assets deposited in a protocol). Demand for those services continues to grow, while order-book liquidity has matured to the point that HLP liquidity is no longer necessary in large-scale scenarios.