Key Takeaways
- The HYPE token reached a fresh all-time high of $95.17 on September 21, 2026 — marking its third record peak within seven days
- On September 18, Hyperliquid introduced a manual borrowing system, which saw $269 million borrowed within the first 24 hours
- The platform allows users to borrow USDC or USDT by posting HYPE or Bitcoin as collateral
- Payward, Kraken’s parent entity, revealed intentions to introduce HYPE perpetual futures to American traders through Bitnomial, a CFTC-supervised exchange
- Just 26% of HYPE’s maximum supply is actively circulating, creating a supply constraint that amplifies price movements
The HYPE token climbed to $95.17 on September 21, 2026, representing a 4.7% increase over 24 hours and establishing the asset’s third consecutive all-time high within a single week. The token’s previous peak of $94.46 was registered just 48 hours prior on September 19.
Throughout the last seven days, HYPE has advanced 18.5%. This performance outpaces Solana’s 13% gain, Bitcoin’s 8.2% rise, Ethereum’s 7.6% increase, and XRP’s 4.6% uptick during the same timeframe.
Cryptocurrency analyst Crypto Patel identified a crucial factor behind the rally, pointing out on X that Hyperliquid’s monthly active addresses reached a new record of 291,900 — demonstrating genuine user expansion rather than mere price-driven hype.
New Borrowing Feature Drives Demand
On September 18, Hyperliquid rolled out a manual borrowing mechanism. This functionality enables users to deposit HYPE or Bitcoin as collateral in exchange for USDC or USDT stablecoins.
Within the first 24 hours of launch, users borrowed $269 million through the system. Those holding HYPE can borrow as much as 65% of their collateral value, with liquidation occurring at an 82.5% loan-to-value threshold. For Bitcoin collateral, the borrowing limit is set at 50%, with liquidation at 75%.
This functionality allows token holders to obtain stablecoin liquidity while maintaining their HYPE positions. The result is diminished selling pressure and increased token retention within the ecosystem.
According to Hyperliquid, borrowed capital originates from liquidity suppliers on the network rather than platform-generated credit. The borrowing system operates on the same HyperCore infrastructure that underpins its portfolio-margin mechanism.
Potential Entry Into US Markets
On September 16, Payward — Kraken’s parent organization — disclosed plans to provide HYPE perpetual futures contracts to US-based customers via Bitnomial, a CFTC-regulated exchange under its ownership.
Perpetual futures contracts allow traders to speculate on cryptocurrency prices without expiration dates. While Hyperliquid handles more than $4 billion in daily trading volume, it currently lacks US customer access.
Implementation of this plan requires a US-based entity to acquire and stake HYPE tokens according to Hyperliquid’s HIP-3 governance framework. Payward has filed a proposal with the CFTC, though regulatory approval remains pending. Former SEC attorney Ashley Ebersole projects the approval timeline at 10 to 12 months.
Currently, only 251.5 million HYPE tokens are circulating from a total supply of 951.6 million — approximately 26%. The remaining 700 million tokens stay locked, creating a constrained supply environment where purchasing activity produces amplified price effects.
The wider cryptocurrency market provided additional support on September 21, when $262 million worth of short positions were liquidated within one hour following a decline in oil prices.
As of September 20, 2026, HYPE maintains a market capitalization near $20.2 billion, with 24-hour trading volume reaching $228 million.
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