Hyperliquid's HYPE token reached $95.17 on September 21, 2026, its third all-time high in seven days, after the platform introduced a borrowing system that recorded $269 million in loans during its first 24 hours. HYPE rose 4.7% over 24 hours and 18.5% over the week, outperforming Solana, Bitcoin, Ethereum and XRP, while monthly active addresses reached a record 291,900. The new feature lets users post HYPE or Bitcoin as collateral for USDC or USDT loans, potentially allowing holders to access liquidity without selling their tokens. Payward, Kraken's parent entity, has also proposed listing HYPE perpetual futures for US customers through the CFTC-regulated platform Bitnomial, though regulatory authorization remains pending. HYPE's circulating supply stood at 251.5 million tokens out of a maximum 951.6 million, leaving nearly 700 million vested and locked. The token had separately reached a record $96 and lifted its market value above $20 billion during a broader rally in tokenization and digital-asset trading tokens.