Why Is Hyperliquid Up Today?
HYPE just hit its third all-time high in a single week, leaving Bitcoin and Ethereum far behind, and the catalysts driving this surge have nothing to do with the broader market rally.
Hyperliquid (CRYPTO:HYPE) traded at $95.17 on September 21, 2026, a 4.7% increase in just 24 hours. This follows its previous record of $94.46 from September 19, making it the coin’s third all-time high in one week. The Hyperliquid price has jumped 18.5% over the past week, outpacing gains from other major cryptocurrencies: Solana at 13%, Bitcoin at 8.2%, Ethereum at 7.6%, and XRP at 4.6%.
The entire market saw gains on September 21 as oil prices dropped for the fourth day and $262 million in short positions were liquidated in just one hour. However, HYPE, the token of an exchange designed for perpetual futures, has outperformed others. The key drivers behind this surge are Kraken’s parent company’s plans, a new lending product, and a limited float of only 26%.
Kraken’s Parent Company Plans to Launch HYPE Perpetuals for U.S. Traders
On September 16, Payward, the parent company of the Kraken exchange, announced plans to offer perpetual futures for U.S. clients on Hyperliquid’s blockchain. Bitnomial, a regulated CFTC exchange and clearinghouse owned by Payward, will help connect U.S. traders to the chain. Perpetual futures are contracts that track a cryptocurrency’s price indefinitely and are a popular trading product in offshore markets.
For this plan to succeed, HYPE needs to be actively used. The perpetual futures will run on Hyperliquid’s HIP-3 framework, meaning a U.S. company would need to buy and stake a significant amount of HYPE. Hyperliquid currently processes over $4 billion in trades daily but has not yet served U.S. customers, so this launch could tap into a massive new market.
However, Payward has submitted a proposal to the CFTC but hasn’t received approval yet. Ashley Ebersole, a former SEC attorney, estimates that this process could take 10 to 12 months with both the SEC and CFTC. Despite this uncertainty, HYPE has set two records since the announcement, with the first occurring just a few days later.
Hyperliquid Launched Lending on September 18 and Users Borrowed $269 Million in a Day
Hyperliquid added another boost to its price by launching manual lending on September 18. This feature allows users to use HYPE or Bitcoin as collateral and borrow stablecoins. On its first day, users borrowed over $269 million. This means holders can borrow against their HYPE without selling, reducing selling pressure and helping drive the price up. The price reached a record of $92.56 the same day.
Another factor influencing HYPE’s price is its relatively small float, which is the portion of tokens available for trading. Currently, only 251.5 million HYPE are in circulation out of a total supply of 951.6 million, which is about 26%. This limited availability means even small buying trends can drive significant price increases. For comparison, HYPE’s week-long surge of 18.5% was much greater than Bitcoin’s 8.2%.
On the flip side, this thin float can also lead to sharp declines. Approximately 700 million HYPE remain locked, valued at around $66 billion at the current price. As more tokens are unlocked, it could put downward pressure on the price.
Above $95, the Hyperliquid Price Has No History, and $90 Is the Line Below
Trading above its previous records puts Hyperliquid in a phase known as price discovery. This means there are no past benchmarks to guide buying or selling decisions. Traders often look to round numbers for support or resistance levels. In this case, $100, about 5% above the current price, is a likely target.
Support levels below the current price include the previous records: $94.46 from September 19 and the September 6 record of $89.66, just under $90. If the price closes below $90, it might signal a reversal, as traders could see it as a double top, indicating difficulty in breaking through that level.
In our view, for Hyperliquid to maintain its upward momentum after a market-wide surge, it needs strong buying support from its own holders. While Bitcoin’s climb above $80,000 attracted only $6.21 million in net ETF inflows in the week leading to September 19, HYPE has seen increased buying activity twice since the news from Payward, which has helped it hold onto its gains.
Why Did the Hyperliquid Price Rise on September 21, and Can It Hold Above $90?
Hyperliquid’s price is rising due to a market-wide short squeeze that positively impacted all major coins. Additionally, two specific factors boosted HYPE: Payward’s plan to introduce HYPE perpetuals to U.S. traders and a lending service that secured $269 million in loans on its first day—on a coin with only 26% of its supply circulating. The price rise can hold as long as HYPE stays above $90, with $100 being the next significant milestone.
However, continuing at this high price comes with risks. Much of this increase relies on a plan the CFTC has not yet approved, and getting derivatives listed can take many months. If Bitnomial encounters delays or if the filing stalls, Hyperliquid’s strong performance since September 16 could be jeopardized when the news breaks, especially with 700 million locked tokens still waiting behind the scenes.
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Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.
