HYPE Price Surges Amid Hyperliquid's Expansion Plans
Hyperliquid's token, HYPE, has reached an all-time high of $95.99 on September 21 and is now trading at $93.37 after a 0.7% decline over the past 24 hours. This leaves it within 7% of the $100 level, which could be a target for the price to hit as HYPE enters price discovery.
The recent gains in HYPE have come as Payward, the parent company of Kraken, outlined plans to bring on-chain perpetual futures to US clients using Hyperliquid's HIP 3 markets. This move is expected to create, administer, clear, and settle contracts through Bitnomial entities, with NinjaTrader Clearing carrying client accounts.
The introduction of manual borrowing on September 18 has also contributed to the price surge in HYPE, allowing users to supply HYPE or Bitcoin as collateral and borrow USDC or USDT. The token received a 65% loan-to-value ratio under this system compared to 50% for Bitcoin, with roughly $269 million borrowed through the underlying infrastructure on its first day.