HYPE, the native token of the Hyperliquid ecosystem, has climbed about 4.5% over the past 24 hours to trade near $84, hovering just below the $85–$85.5 resistance zone that could determine whether the token can extend its rally toward $100.
The latest price action follows reports that Hyperliquid Labs is in advanced discussions with Payward, the parent company of Kraken, to offer Hyperliquid-linked perpetual futures to US traders through Bitnomial, a CFTC-regulated derivatives exchange and clearinghouse. Payward agreed in April to acquire Bitnomial for up to $550 million, giving it access to the necessary licenses to operate a derivatives exchange, clearinghouse, and brokerage in the US.
According to the reports, Payward has presented the basic structure to the Commodity Futures Trading Commission, though regulatory approval has not yet been granted. A former SEC counsel cited in the reporting estimated the approval process could take another 10 to 12 months, meaning the US entry remains a potential catalyst rather than an immediate expansion.
Hyperliquid's main perpetual futures platform is currently unavailable to US users. A regulated route through Bitnomial could offer American traders exposure to Hyperliquid-linked contracts without opening the existing decentralized front end directly to the US market.
HYPE reacted strongly to the news, rising from a close near $80 to briefly trade above $85 before settling near $84. The token's 24-hour gain remained above 4%, with price staying close to the upper end of its recent range.
Beyond the US entry narrative, Hyperliquid's token buyback program has provided additional demand. According to a Financial Times report, crypto projects spent nearly $638 million on token repurchases during 2026, with Hyperliquid and Pump.fun accounting for nearly 90% of that total. Hyperliquid allocates approximately 99% of protocol trading-fee revenue toward HYPE purchases, and roughly $1.3 billion worth of HYPE has been bought back and burned since launch.
Protocol activity remains robust. Hyperliquid Strategies reported that Hyperliquid held roughly 63% of decentralized perpetual futures open interest as of Aug. 23, with total open interest reaching approximately $13 billion. HIP-3 markets accounted for around 48% of trailing 30-day trading volume and have generated more than $514 billion in cumulative volume since launch. Market deployers also need HYPE as collateral when creating HIP-3 markets, adding another use case for the token.
Derivatives positioning has added pressure on short sellers. Coinglass data from Sept. 1 showed that roughly 85.8% of HYPE liquidations in the previous 24 hours were short positions, meaning most forced liquidations came from traders betting against the move.
Technical outlook
On the daily chart, HYPE is trading near $84 after rising from a close near $52 in early August and accelerating once price cleared the $60 area around Aug. 19. The move reached roughly $85 during the final week of August, but repeated attempts above that area have struggled to hold, leaving $85–$85.5 as the immediate breakout zone.
The Supertrend indicator remains bullish at approximately $70.02, having flipped beneath price during the August breakout. Chaikin Money Flow is holding near 0.21, well above zero, indicating that capital inflows have remained stronger than outflows during the recent consolidation. Daily volume expanded sharply as HYPE moved from the $60 area toward $80, then eased as price moved sideways near the highs.
A daily close above $85.5, especially with volume expansion and a positive CMF, would clear the most visible resistance. With HYPE already near its recent highs, $90 would be the first psychological level above a confirmed breakout. Continued buying could then bring $95 into view before the larger $100 target becomes relevant. Reaching $100 from $85.5 would require another gain of roughly 17%, so the target depends on HYPE first establishing itself above the current resistance zone.
On the 4-hour chart, the immediate pivot sits almost exactly at the current price. HYPE is trading near $84.15, while session VWAP is around $84.17. Price has repeatedly moved around VWAP during the latest consolidation, making the $84 area important for short-term direction.
For more on Hyperliquid's recent momentum, see the earlier surge to $70 and the PURR token's record high.
This article is for informational purposes only and does not constitute financial advice.
