Hyperliquid (HYPE) Price: Three All-Time Highs in One Week — Here’s What’s Driving It

TLDR

HYPE hit a new all-time high of $95.17 on September 21, 2026 — its third record in one week Hyperliquid launched manual borrowing on September 18, with users borrowing $269 million on day one Users can borrow USDC or USDT using HYPE or Bitcoin as collateral Kraken’s parent company Payward announced plans to bring HYPE perpetual futures to US traders via CFTC-regulated exchange Bitnomial Only 26% of HYPE’s total supply is currently in circulation, limiting available tokens

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HYPE climbed to $95.17 on September 21, 2026, a 4.7% gain in 24 hours and the token’s third all-time high in a single week. The previous record was $94.46, set just two days earlier on September 19.

Hyperliquid (HYPE) Price

Over the past seven days, HYPE is up 18.5%. That compares to Solana at 13%, Bitcoin at 8.2%, Ethereum at 7.6%, and XRP at 4.6%.

Crypto analyst Crypto Patel highlighted one of the key drivers behind the surge, noting on X that Hyperliquid’s monthly active addresses just hit a new all-time high of 291,900 — a sign that user growth is real, not just price speculation.

Hyperliquid’s Monthly Active Addresses just reached a NEW ALL-TIME HIGH of 291.9K $HYPE pic.twitter.com/NGxgF8yZT4

— Crypto Patel (@CryptoPatel) September 22, 2026

Lending Launch Adds Fuel

Hyperliquid launched a manual borrowing feature on September 18. The feature lets users pledge HYPE or Bitcoin as collateral to borrow USDC or USDT stablecoins.

Manual borrows are live on Hyperliquid
Portfolio margin and manual borrows use the same underlying HyperCore infrastructure, with $269M in assets borrowed today.

Users can supply HYPE and BTC as collateral to borrow quote assets (USDC and USDT). Borrowed quote assets pay… pic.twitter.com/C3crESxaM0

— Hyperliquid (@HyperliquidX) September 18, 2026

Users borrowed $269 million on the very first day. HYPE holders can borrow up to 65% of their token value, with liquidation triggered at an 82.5% loan-to-value ratio. Bitcoin collateral is capped at 50%, with liquidation at 75%.

The feature means holders can access stablecoin liquidity without selling their HYPE. That reduces selling pressure and keeps tokens locked in the system.

Hyperliquid confirmed that borrowed funds come from suppliers on the network, not from platform-level credit. The feature runs on the same HyperCore infrastructure that powers its portfolio-margin system.

US Market Access on the Horizon

On September 16, Payward — the parent company of crypto exchange Kraken — announced plans to offer HYPE perpetual futures to US clients through Bitnomial, a CFTC-regulated exchange it owns.

Perpetual futures track a cryptocurrency’s price indefinitely. Hyperliquid currently processes over $4 billion in daily trades but has had no US customer access.

For the plan to work, a US company would need to buy and stake HYPE under Hyperliquid’s HIP-3 framework. Payward has submitted a proposal to the CFTC, but approval has not yet been granted. Former SEC attorney Ashley Ebersole estimates the process could take 10 to 12 months.

Only 251.5 million HYPE tokens are in circulation out of a total supply of 951.6 million — roughly 26%. Around 700 million tokens remain locked. The tight supply means buying activity has an outsized effect on price.

The broader crypto market also helped on September 21, when $262 million in short positions were liquidated in a single hour following a drop in oil prices.

HYPE’s market cap stands near $20.2 billion, with $228 million in 24-hour trading volume as of September 20, 2026.

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