HYPE, the native token of the Hyperliquid decentralized derivatives protocol, traded at $93.37 after slipping 0.7% in the past 24 hours. The token reached an all-time high of $95.99 on September 21 and remains just 7% below the significant $100 mark.
Market performance and recent milestones
CoinGecko data indicates HYPE has increased by around 16% over the past week and nearly 18% in the last month. The token was valued near $77 at the start of the week before surging above $90 on September 18 and reaching a new record three days later.
These gains coincided with Payward, the parent company of crypto exchange Kraken, revealing plans to offer onchain perpetual futures contracts to US customers. The initiative uses Hyperliquid’s HIP 3 markets and involves Bitnomial, a CFTC-regulated derivatives platform, which will create, clear, and settle the contracts. NinjaTrader Clearing is expected to carry client accounts under this structure, pending regulatory approval.
Hyperliquid would serve as the first protocol for this rollout. While Payward plans to expand this framework to additional products and markets, it has not provided a launch date or information about expected trading activity or fee structure.
Existing Hyperliquid perpetual markets will stay separate from the forthcoming regulated products for US clients.
Hyperliquid introduced a manual borrowing feature on September 18, allowing users to collateralize HYPE or Bitcoin and borrow USDC or USDT. HYPE received a 65% loan-to-value (LTV) ratio, higher than Bitcoin’s 50% under the new system. Borrowing volumes quickly reached $269 million on the first day, with HYPE hitting another record soon after the launch.
Mini dictionary: Loan-to-value (LTV) ratio, the percentage of a collateral asset’s value that can be borrowed against in a lending protocol.
Trading activity intensified as HYPE approached the $100 milestone. Open interest in its perpetual contracts reached approximately $2.04 billion early on September 22, with about 21.83 million HYPE tied to outstanding positions. Base unit open interest climbed by 0.49% over the past 24 hours, reflecting increased positioning as HYPE hovered near its record high.
| Metric | Recent Value | Reference Point |
|---|---|---|
| HYPE price (24H) | $93.37 | -0.7% from previous day |
| All-time high | $95.99 | September 21 |
| Open interest | $2.04 billion | September 22 |
| Weekly gain | 16% | Past 7 days |
By August 23, Hyperliquid held about 63% of decentralized perpetuals open interest. Its share in global perpetual futures trading, including activity on centralized exchanges, reached around 9.4% as of June 30.
Hyperliquid’s Assistance Fund, which supports the protocol’s ecosystem, has continued acquiring HYPE using protocol revenue. According to a recent analysis, the fund purchased roughly 1.98 million HYPE over the last 90 days.
Technical analysis: support, resistance, and momentum
On the daily chart, HYPE traded around $93.51 after its recent peak. The token remains above the Ichimoku cloud, a sign of bullish sentiment, with the Tenkan sen and Kijun sen levels both near $85.65. The forward Ichimoku cloud is green, with its lower boundary near $73.63 and the upper edge rising into the mid-$80 range.
Prices would have to fall about 8% to reach the $85.65 support area. The Coppock Curve, at 13.75, turned upward again and remains above zero, indicating renewed upward momentum as HYPE trades near its all-time high.
A sustained move above $95.99 would take HYPE into uncharted territory, with the next significant psychological target at $100, roughly 7% above current levels.
On the 4-hour chart, HYPE has consolidated in a $92 to $96 range after the recent rally. The Parabolic SAR indicator, currently at $92.16, remains below price, suggesting short-term support. A move below this level could shift momentum and expose $90, while continued selling might trigger a larger pullback toward $85.65.
The Elder Force Index on the 4-hour chart has dropped from a peak near 20,000 to around negative 37, indicating that buying pressure has eased as HYPE holds above $93. To resume upward momentum, HYPE would need to surpass the $95.99 record. A failure at this level, followed by a loss of $92.16 support, could signal a deeper correction.
Payward announced plans for regulated US perpetual futures using Hyperliquid’s HIP 3 markets, with Bitnomial and NinjaTrader Clearing supporting contract administration and clearing, pending regulatory approval. Manual borrowing was also launched, allowing HYPE to serve as collateral with a 65% loan-to-value ratio.
