HYPE hits record above $90 as Hyperliquid launches manual borrowing
HYPE climbs to record $90.92 as Hyperliquid switches on manual borrowing
HYPE, the native token of the Hyperliquid network, hit a new all-time high of $90.92 on Friday, September 18, 2026. The move came shortly after Hyperliquid launched manual borrowing on its platform.
Hyperliquid is a layer-1 blockchain, a base network that processes its own transactions, that also runs a decentralized trading platform. HYPE is the token that powers it.
The new feature lets users deposit HYPE or Bitcoin as collateral and borrow the stablecoins USDC and USDt against it. Stablecoins are cryptocurrencies designed to hold a steady value, typically pegged to the US dollar.
Key numbers
- HYPE peaked at $90.92, its highest price on record, according to CoinGecko chart data cited in the report.
- Hyperliquid reported $269 million in assets borrowed across the underlying infrastructure on Friday.
- The borrowing launch came two days after Kraken's parent company announced plans to build on Hyperliquid's technology.
What Hyperliquid announced
"Manual borrows are live on Hyperliquid," the protocol said in its announcement. The feature runs on the same HyperCore infrastructure that powers the platform's portfolio-margin system, the protocol added.
Co-founder Jeff Yan said the design means every borrowed asset comes from a supplier, rather than being created through platform-level margin accounting. In other words, the funds being borrowed are supplied by users of the platform.
Kraken's parent plans to build on Hyperliquid
Two days before the launch, Payward, the parent company of crypto exchange Kraken, announced plans to deploy onchain perpetual futures markets for US clients, starting with Hyperliquid's HIP-3 markets. A perpetual futures contract is a derivative that lets traders bet on an asset's price moves without owning the asset itself.
The report did not give a launch date for Payward's planned markets.
What is confirmed
- HYPE reached $90.92, an all-time high, on September 18, 2026.
- Manual borrowing is live, with HYPE and Bitcoin accepted as collateral and USDC and USDt available to borrow.
- $269 million in assets was reported borrowed across the underlying infrastructure on Friday.
- The record price move happened shortly after the borrowing announcement.
What is still unclear
The source reports that HYPE's record high came "shortly after" the manual borrowing launch, but it does not confirm that the launch caused the price move. No other reasons for the surge are given in the report.
Why this matters
Before this launch, direct borrowing on Hyperliquid was tied to its portfolio-margin system. The new feature widens that access to users who supply HYPE or Bitcoin as collateral.
The design described by Jeff Yan, where every borrowed asset is supplied by a user rather than created on the platform, affects how liquidity and risk work for lenders and borrowers.
Payward's plan to build US perpetual futures markets on Hyperliquid's infrastructure also points to outside interest in the network's technology.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.