HYPE Token Surges on Manual Borrowing Feature and Regulated US Demand

Hyperliquid's HYPE token has surged 3.23% over the last 45 hours, driven by concrete catalysts rather than random fluctuations.

The launch of a manual borrowing and lending feature using HYPE as collateral is a major driver, allowing users to borrow USDC and USDT without selling HYPE.

On September 18, 2026, Hyperliquid introduced this feature, which saw around $269 million borrowed on day one, resulting in roughly 75% growth in HYPE trading volume within the same 24 hours.

The expectation of large, regulated demand from U.S. derivatives traders is another major driver, with Payward and Kraken's plan to offer Hyperliquid-based perpetual futures for U.S. clients through CFTC-regulated exchange Bitnomial giving U.S. traders their first regulated access to HYPE perps if approved.

The market has repriced HYPE for a future where regulated demand and a large mandatory staking requirement both increase structural buying, despite the U.S. futures plan not yet being live.