Hyperliquid’s HYPE token reached a new all-time high of $92.56 on September 18 after the platform launched manual borrowing that allows users to take out USDC and USDT loans against HYPE or Bitcoin collateral.

The new record surpassed HYPE’s previous high of $89.57, set earlier in the month. HYPE later traded near $91.20, representing a 10.5% gain over 24 hours. Its daily range was approximately $81.70 to $92.56, while its market capitalization stood near $20.3 billion. Trading volume reached roughly $1.72 billion over the same period, and the token was up 57.1% over the previous 30 days.

Bitcoin also advanced during the session, trading near $80,981 after gaining approximately 5.6%.

Hyperliquid launches HYPE- and Bitcoin-backed borrowing

Hyperliquid introduced manual borrowing through HyperCore on September 18. Users can supply HYPE or Bitcoin and borrow USDC or USDT against their collateral. Borrowing against pledged assets lets holders draw stablecoin liquidity while their tokens remain on the platform as security for the loan.

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

The post is available from CoinMarketCap on X: https://x.com/CoinMarketCap/status/2100958320085373111?ref_src=twsrc%5Etfw

HYPE has a loan-to-value limit of 65%. At the relevant oracle price, $1,000 worth of HYPE can therefore provide borrowing capacity of up to $650. Bitcoin has a lower 50% limit, meaning $1,000 of Bitcoin collateral would provide borrowing capacity of up to $500.

Hyperliquid said in a post on X that approximately $269 million in assets had been borrowed during the service’s first day. As an opening-day total, it offered an initial reading on how heavily the new credit lines were used. Borrowers pay interest on the stablecoins they receive, while suppliers of USDC and USDT earn interest based on usage. Hyperliquid retains 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. Declining collateral prices, withdrawals and accumulating interest can move accounts closer to liquidation. Taken together, the loan-to-value limits and liquidation thresholds define how much borrowing power each collateral type carries and at what point the platform steps in to reduce a position.

Payward plans regulated U.S. markets

Other developments have also focused attention on Hyperliquid. Payward, the parent company of Kraken, announced on September 16 that it plans to offer regulated Hyperliquid markets to eligible U.S. customers 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 post is available from Payward on X: https://x.com/Payward/status/2100178016617869710?ref_src=twsrc%5Etfw

The proposed service would use Hyperliquid’s HIP-3 infrastructure, while Bitnomial would manage regulated market administration, clearing and settlement. The plan remains subject to regulatory approval, and no launch date has been announced — making approval and timing the milestones to watch as the proposal develops.

NEAR has also routed perpetual futures trading through Hyperliquid, giving users access to more than 50 markets with leverage of up to 40 times.

According to the latest market data cited by CoinCentral, HYPE remained above $90 after the borrowing feature went live, with its record still at $92.56. Source: https://coincentral.com/hyperliquid-hype-price-hype-hits-record-high-after-new-borrowing-feature-goes-live/