HYPE token soars past $90 on manual borrowing launch

6.6 Markets

Sep 18, 2026

HYPE hit a record high above $90 after Hyperliquid launched manual borrowing, enabling users to borrow stablecoins against HYPE or BTC. Strong revenue, liquidity, and regulatory news fueled the rally.

Hyperliquid’s HYPE token has reached a new all-time high above $90, driven by the launch of manual borrowing and several key developments. The new feature lets users supply HYPE or Bitcoin as collateral to borrow stablecoins like USDC and USDT. Shortly after launch, outstanding loans totaled $269 million, expanding borrowing options beyond the existing portfolio margin system. This system is powered by HyperCore, offering dynamic borrow rates and continuous interest accrual. HYPE’s rally is further supported by strong protocol revenue, with cumulative revenue at $1.31 billion and 4.87% of the total supply burned. Liquidity remains robust, with DeFi TVL at $1.31 billion and stablecoin liquidity at $6.83 billion, mainly in USDC. Additional momentum comes from regulatory progress, such as the SEC’s Innovation Exemption for tokenized securities, and integrations like NEAR’s perpetuals desk linking to Hyperliquid’s order book. Increased whale activity and trader interest have positioned HYPE as one of the year’s top-performing crypto assets.