With HYPE dipping over the past week there's one main question on everyone's lips... How can I stack more HYPE for the least amount of money possible? Recently listed as collateral on HyperLend, I think PT-kHYPE is a really interesting option for the adventurous DeFi user. As people who have been following me for a while will know I've had a longstanding love affair with @PendleIntern and moving over into the HYPE ecosystem hasn't stolen that love from me. As a quick refresher, Pendle splits their tokens users tokens in two, creating a PT (a principal token) and a YT (a Yield Token). PT are always redeemable for one of the underlying token at the end of the market, meaning they cost less than the underlying and trend upward in value over the course of the market, while YT's earn all of the yield and points that the underlying token would've earned over the course of the market. We're here to max HYPE exposure, so we'll focus on PT's this time out rather than going deep into my favourite DeFi primitive. PT's sound scary, but in reality they're real simple. Okay, this one is a touch more complicated than the standard. The market defaults to kHYPE as the input and output token, but its priced in HYPE terms. This means that one PT kHPYE (HYPE) will at the end of the market return one HYPE worth of kHYPE. I'm trading away my access to ongoing yield for a guaranteed yield return after a period of time (106 days in the case of this market). This means that the value of your PT will always be increasing slowly over time, in this example starting at 0.9912 HYPE worth of kHYPE and increasing to parity at the market's close. PT's are effectively democratised access to fixed rate yield. When you introduce lending ontop of PT's things can get real interesting real fast. This is partially because you're locking in a fixed rate on the underlying, but they also bring a nuanced dynamic in that your underlying is always inherently increasing in value over time, getting back towards parity. With it's listing on HyperLend borrowers can now loop up against their kHYPE, using HYPE borrows to go and purchase even more HYPE. For the sake of the exercise lets imagine that you made better financial choices than me and you have 1000 HYPE sitting in your wallet. You could go and take that HYPE and use it to buy 1008.5 PT kHYPE (HYPE), netting you an additional 8.5 HYPE worth of kHYPE ontop of your stack when the market finishes in September. Then you take these 1008.5 PT kHPYE (HYPE) over to HyperLend and borrow HYPE against them at 50% LTV, borrowing another 500 HYPE at 0.94% APY. You then use these HYPE to buy another 504.334 PT-kHYPE and deposit these into HyperLend to have a nice juicy collateral ratio. After this one loop you'd find yourself with 1512.834 PT-kHYPE and 500 HYPE of debt. If you were to hold that loop until market close on 24 September (106 days) you would have accrued another 1.67 HYPE in interest, landing you at 501.67 HYPE in debt. You'd then have to spend 501.67 HYPE worth of your redeemed kHYPE to pay off your Debt, leaving you with 1011.164 HYPE worth of kHYPE after 106 days. What would otherwise be a nice lil 0.88% return becomes 1.116% return with one simple loop, annualising out at ~3.84% on your HYPE. Further loops add more additional yield, whilst of course raising your implicit risk as you take on more debt and increase your exposure to the green coin. This is a pretty low risk way to engage the loop, some absolute chads on HyperLend are stacking this up to 80% LTV multiple times over... If you want to stack more of a token Pendle is almost always a great tool, and adding in Kinetiq and HyperLend lets you juice the impact you can have on HyperEVM from just holding significantly. Happy Penddidling and gLend.