Key Highlights
- The HYPE token set a fresh record at $92.56 on September 18.
- The platform introduced a manual lending service for USDC and USDT backed by HYPE or Bitcoin deposits.
- First-day borrowing activity totaled approximately $269 million, per Hyperliquid data.
- The HYPE collateral offers a 65% loan-to-value ratio, while Bitcoin provides 50%.
- Payward intends to bring regulated Hyperliquid perpetual contracts to qualified U.S. traders, subject to regulatory clearance.
The native token of Hyperliquid surged to an unprecedented peak after the decentralized exchange unveiled a lending mechanism enabling users to obtain stablecoin financing using HYPE or Bitcoin as backing.
On September 18, HYPE touched $92.56, eclipsing its prior peak of $89.57 recorded earlier this month. Following the spike, the asset settled around $91.20, reflecting a 10.5% gain across the trailing day.
The token’s intraday movement ranged between approximately $81.70 and $92.56 amid heightened market participation. HYPE commanded a market valuation approaching $20.3 billion.
Daily trading turnover registered around $1.72 billion. Additionally, HYPE posted a 57.1% advance over the preceding month.
The rally coincided with Bitcoin’s upward momentum, which saw the flagship cryptocurrency trading near $80,981 following a roughly 5.6% session gain.
Platform Unveils Collateral-Based Lending Protocol
On September 18, Hyperliquid activated manual borrowing functionality via HyperCore. The system permits users to deposit HYPE or Bitcoin and secure USDC or USDT loans against these holdings.
The HYPE collateral supports a 65% loan-to-value threshold. For instance, $1,000 worth of HYPE enables borrowers to access up to $650 based on current oracle pricing.
Bitcoin features a more conservative 50% threshold. An equivalent $1,000 deposit would thus unlock borrowing power of up to $500.
According to a statement shared on X, Hyperliquid reported that approximately $269 million in loans were initiated during the feature’s debut day.
Users who borrow stablecoins incur interest charges, while those supplying USDC and USDT collect interest returns proportional to platform utilization. The protocol retains 10% of borrower interest payments to fund potential future liquidation events.
HYPE positions face partial liquidation at an 82.5% threshold, while Bitcoin collateral triggers at 75%. Declining asset values, user withdrawals, and accruing interest charges all contribute to liquidation risk.
Regulated U.S. Markets and Platform Integration Progress
Additional initiatives have amplified attention on Hyperliquid. On September 16, Paywardāthe entity behind Krakenārevealed intentions to provide regulated Hyperliquid trading products to qualifying U.S. participants via partnership with Bitnomial.
This prospective offering would leverage Hyperliquid’s HIP-3 framework, with Bitnomial managing compliant market operations, clearing functions, and settlement processes.
The initiative awaits regulatory authorization, and officials have not disclosed a target deployment timeline.
NEAR has additionally channeled perpetual futures execution through Hyperliquid, granting traders exposure to over 50 markets featuring leverage options reaching 40x.
Based on the most recent market information, HYPE’s all-time high stood at $92.56, with the token sustaining levels above $90 following the borrowing service activation.
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