Hyperliquid Surges to Third All-Time High Amid Kraken Plans and Lending Product

The Hyperliquid (CRYPTO:HYPE) price has surged to its third all-time high in a single week, outperforming major cryptocurrencies like Bitcoin and Ethereum. On September 21, HYPE traded at $95.17, a 4.7% increase in just 24 hours. This follows its previous record of $94.46 from September 19.

The key drivers behind this surge are Kraken's parent company's plans to launch HYPE perpetuals for U.S. traders and the introduction of a new lending product on Hyperliquid's blockchain. The limited float of only 26% is also contributing to the price increase, as even small buying trends can drive significant price increases.

Payward, the parent company of Kraken, has announced plans to offer perpetual futures for U.S. clients on Hyperliquid's blockchain. This plan requires HYPE to be actively used, and a U.S. company would need to buy and stake a significant amount of HYPE. The launch could tap into a massive new market, but approval from the CFTC is still pending.

Hyperliquid has also introduced manual lending on September 18, allowing users to borrow stablecoins against their HYPE or Bitcoin. On its first day, users borrowed over $269 million, reducing selling pressure and helping drive the price up.