Hyperliquid's HYPE token is trading close to the $100 mark after setting a fresh all-time high of $95.99 on Sept. 21. The token changed hands near $93.37 in the past 24 hours, a modest 0.7% decline, leaving it roughly 7% below the psychological $100 threshold. Over the past week, HYPE has gained about 16%, and it is up nearly 18% over the past month, according to CoinGecko data.
The rally began near $77 at the start of the seven-day window, with HYPE climbing above $90 on Sept. 18 before extending gains to its record three days later. The move has been supported by a mix of regulatory developments and new protocol features.
Payward's US Perpetuals Plan
On Sept. 16, Payward, the parent company of Kraken, announced plans to offer onchain perpetual futures to US clients through Hyperliquid's HIP 3 markets. The contracts would be created, administered, cleared and settled by Payward's CFTC-regulated Bitnomial entities, with NinjaTrader Clearing carrying client accounts. The structure remains subject to regulatory approval, and Hyperliquid would be the first protocol used for the rollout.
Payward has not disclosed a launch date, expected trading volume, fee structure or economic arrangement with Hyperliquid. The company intends to apply the framework to other products and markets later. Existing Hyperliquid perpetual markets would remain separate from the new regulated contracts.
New Borrowing Feature Adds Utility
HYPE gained additional utility on Sept. 18 when Hyperliquid introduced manual borrowing, letting users supply HYPE or Bitcoin as collateral to borrow USDC or USDT. HYPE received a 65% loan-to-value ratio, compared with 50% for Bitcoin. Roughly $269 million was borrowed through the underlying infrastructure on the first day, and HYPE reached another record shortly after the feature went live.
Derivatives Activity and Revenue Support
Trading activity has remained elevated as HYPE approaches $100. Open interest in its perpetual contracts reached approximately $2.04 billion early on Sept. 22, with about 21.83 million HYPE tied to outstanding contracts. Base unit open interest rose 0.49% over the past 24 hours, indicating more positions were opened as the token traded near its record.
Hyperliquid had captured roughly 63% of decentralised perpetuals open interest by Aug. 23, and its share of global perpetual futures volume, including centralised exchanges, reached around 9.4% by June 30. Protocol revenue has continued to fund HYPE purchases through Hyperliquid's Assistance Fund, which a recent supply analysis estimated acquired roughly 1.98 million HYPE over the past 90 days.
Technical Picture
On the daily chart, HYPE is trading near $93.51, well above its Ichimoku cloud, with the Tenkan sen and Kijun sen both near $85.65. The forward cloud remains green, with its lower boundary near $73.63 and the upper boundary rising toward the mid-$80 range. A decline of roughly 8% would bring HYPE to the $85.65 area, the first major daily support zone.
The Coppock Curve has turned upward again and stands at 13.75, remaining above zero after recovering from its September low, suggesting longer-term momentum is strengthening. A break above $95.99 would put HYPE back into price discovery with no historical resistance overhead, making $100 the first target, requiring a gain of roughly 7% from current levels.
On the 4-hour chart, HYPE has consolidated between roughly $92 and $96 after its latest surge. The Parabolic SAR remains below price at $92.16, keeping the short-term trend intact. A 4-hour move below that level would flip the SAR above price and could expose the $90 area. If selling extends beyond $90, the daily Ichimoku lines around $85.65 become the next major support zone.
Buying pressure has cooled during the consolidation. The 4-hour Elder Force Index has fallen from a September peak near 20,000 to around negative 37, leaving it close to the zero line as HYPE holds above $93. For the upside case, HYPE first needs to clear the $95.99 record. A confirmed break would open the path toward $100, while a rejection followed by a loss of $92.16 would increase the chances of a pullback toward $90 and potentially $85.65.
This article is for informational purposes only and does not constitute financial advice.
