TLDR
- HYPE reached a new all-time high of $92.56 on September 18.
- Hyperliquid launched manual USDC and USDT borrowing using HYPE or Bitcoin as collateral.
- About $269 million was borrowed on the first day, according to Hyperliquid.
- HYPE carries a 65% loan-to-value ratio, compared with 50% for Bitcoin.
- Payward plans to offer regulated Hyperliquid perpetuals to eligible U.S. customers, pending approval.
Hyperliquid’s HYPE token climbed to a new all-time high after the platform launched a borrowing feature that lets users take out stablecoin loans against HYPE and Bitcoin.
HYPE reached $92.56 on September 18, surpassing its previous record of $89.57 set earlier in the month. The token was later trading near $91.20, up 10.5% over 24 hours.
The daily range stretched from about $81.70 to $92.56 as trading activity increased. HYPE’s market capitalization stood near $20.3 billion.
Trading volume reached roughly $1.72 billion over 24 hours. HYPE was also up 57.1% over the previous 30 days.
The move came as Bitcoin also rose, trading near $80,981 after gaining about 5.6% during the session.
Hyperliquid Launches HYPE-Backed Borrowing
Hyperliquid introduced manual borrowing through HyperCore on September 18. Users can now supply HYPE or Bitcoin and borrow USDC or USDT against the collateral.
LATEST: ⚡️ Hyperliquid launched manual borrows, letting users borrow USDC or USDT against HYPE and BTC collateral. pic.twitter.com/HIHP8rFLdv
— CoinMarketCap (@CoinMarketCap) September 18, 2026
HYPE has a 65% loan-to-value limit. This means $1,000 of HYPE can provide borrowing capacity of up to $650 at the relevant oracle price.
Bitcoin carries a lower 50% limit. The same $1,000 collateral value would therefore provide up to $500 in borrowing capacity.
Hyperliquid said in a post on X that around $269 million in assets had been borrowed on the first day of the service.
Borrowers pay interest on the stablecoins they receive, while USDC and USDT suppliers earn interest based on usage. Hyperliquid keeps 10% of borrower interest as a reserve for future liquidations.
The platform sets HYPE’s partial liquidation threshold at 82.5%, compared with 75% for Bitcoin. Falling collateral prices, withdrawals and accumulating interest can move accounts closer to liquidation.
U.S. Access and Tokenized Markets Expand
Other developments have also put Hyperliquid in focus. Payward, Kraken’s parent company, announced plans on September 16 to offer regulated Hyperliquid markets to eligible U.S. clients through Bitnomial.
Payward 🤝 @HyperliquidX
We’re building permissioned Hyperliquid HIP-3* markets for US clients. pic.twitter.com/D9WwRgVaK0
— Payward (@Payward) September 16, 2026
The proposed service would use Hyperliquid’s HIP-3 infrastructure, while Bitnomial would handle regulated market administration, clearing and settlement.
The plan still requires regulatory approval, and no launch date has been announced.
NEAR has also routed perpetual futures trading through Hyperliquid, giving users access to more than 50 markets with leverage of up to 40 times.
As of the latest cited market data, HYPE’s new record remained $92.56, with the token holding above $90 after the borrowing feature went live.
