HYPE surged to a new all-time high of $95.17 on September 21, 2026, marking its third record peak within a week. The token’s latest milestone represented a 4.7% increase over 24 hours, surpassing its previous high of $94.46 recorded just two days earlier.
HYPE leads crypto gains, spurred by growing network activity
Over the past week, HYPE posted an 18.5% price increase, outperforming major assets such as Solana, which rose 13%, Bitcoin’s 8.2% advance, Ethereum’s 7.6% growth, and XRP’s 4.6% gain. This momentum has drawn heightened attention across the digital asset sector.
Crypto analyst Crypto Patel pointed to a sharp acceleration in user adoption, highlighting that Hyperliquid’s monthly active addresses climbed to an unprecedented 291,900. Patel described this surge as clear evidence of fundamental network expansion, suggesting real user engagement rather than short-term speculation.
Crypto Patel emphasized that Hyperliquid’s 291,900 monthly active addresses demonstrate strong network growth beyond speculative trading.
New borrowing feature drives demand and liquidity
On September 18, Hyperliquid, a decentralized trading platform, launched a manual borrowing function enabling users to obtain USDC or USDT loans by pledging either HYPE or Bitcoin as collateral. Within its first 24 hours, this system attracted $269 million in loans, reflecting robust demand for the service.
The mechanism allows borrowers to use up to 65% of their HYPE token value as loan collateral, with automatic liquidation set at an 82.5% loan-to-value ratio. For Bitcoin-backed loans, the borrowing cap sits at 50%, with liquidation triggered if the loan-to-value reaches 75%.
This approach allows holders to access liquidity in stablecoins while retaining exposure to their crypto assets, relieving potential selling pressure on HYPE and contributing to the token’s supply constraints.
Hyperliquid clarified that loan funds are provided by network participants rather than the protocol itself. The borrowing system is built on HyperCore, the platform’s core infrastructure used for both lending and portfolio margining.
Mini dictionary: HyperCore – The core technology powering Hyperliquid’s portfolio margin and borrowing features, supporting risk assessment and automated collateral management.
| Collateral Asset | Max Borrow % | Liquidation Threshold |
|---|---|---|
| HYPE | 65% | 82.5% |
| Bitcoin | 50% | 75% |
Hyperliquid stated that all liquidity for manual borrowing comes directly from network suppliers, not from platform-funded credit.
Prospects of US market entry and supply outlook
Payward, the parent company of Kraken, has submitted a proposal to introduce HYPE perpetual futures to American users via Bitnomial, its subsidiary regulated by the Commodity Futures Trading Commission (CFTC). Perpetual futures contracts allow traders to speculate on cryptocurrency prices without an expiration date and have become popular in global crypto markets.
Hyperliquid does not currently serve US customers, despite processing over $4 billion in daily trading volume. To launch HYPE futures domestically, Payward needs to acquire and stake tokens according to the project’s governance requirements, known as HIP-3.
Ashley Ebersole, a past SEC counsel, estimated the review process could take 10 to 12 months for CFTC approval.
Approximately 251.5 million HYPE tokens are in circulation out of a maximum supply of 951.6 million, meaning only about 26% of tokens are currently liquid. Nearly 700 million HYPE remain locked, creating scarcity that can magnify price fluctuations when purchasing activity rises.
Additional support for the token emerged on September 21, when falling oil prices triggered the liquidation of $262 million in short positions across the broader crypto market within a single hour.
As of September 20, HYPE’s market capitalization approached $20.2 billion, with 24-hour trading volume climbing to $228 million.
