TL;DR
- Hyperliquid peak: HYPE set a new all-time high above $90, touching $90.92, after manual borrowing went live. It traded near $91, up almost 13% on the day, and drew more attention to the borrowing tools.
- Borrowing details: Users can supply HYPE and Bitcoin as collateral to borrow USDC or USDT. Jeff Yan said every borrowed asset comes from a supplier, not platform margin accounting. $269 million was borrowed on Friday.
- Kraken link: Payward, Kraken’s parent, plans onchain perpetual futures for US clients, starting with HIP-3 markets. That followed the HYPE rally and the borrowing launch. The timing also stood out.
HYPE climbed past $90 on Friday, setting a new all-time high after Hyperliquid switched on manual borrowing. The token touched $90.92 soon after the protocol said users can now supply HYPE and Bitcoin as collateral to borrow USDC and Tether’s USDT. At the time of writing, HYPE was trading at around $91, up almost 13% on the day. The move gives the token a fresh peak and puts more attention on the borrowing tools being built around Hyperliquid’s layer-1 blockchain and decentralized trading platform.
Most tech giants in the 2000s built their infrastructure and product as one entangled unit. Amazon had the foresight to separate out AWS as an API layer, of which Amazon retail was the first of many users. Today, AWS generates more profit than all of Amazon's other business lines… https://t.co/Mgzo63Zo8F
— jeff.hl (@chameleon_jeff) September 18, 2026
Manual Borrows Go Live
The new option lets users borrow USDC or USDT directly against HYPE or Bitcoin collateral. According to Hyperliquid, the feature extends direct access to borrowing beyond its portfolio margin system. The Hyperliquid protocol said manual borrows use the same HyperCore infrastructure as that margin system. Hyperliquid co-founder Jeff Yan explained the design in simple terms: every borrowed asset comes from a supplier instead of being created through platform-level margin accounting.
That distinction matters because it ties the borrowed stablecoins to real suppliers on the network. Hyperliquid also reported $269 million in assets borrowed across the underlying infrastructure on Friday. The launch did not arrive alone. It followed a broader push to connect traders with onchain markets, and the HYPE price reacted right away.
Kraken Parent Plans HIP-3 Markets
Two days before the manual borrowing launch, Payward, the parent company of crypto exchange Kraken, said it plans to deploy onchain perpetual futures markets for US clients. The first stop will be Hyperliquid’s HIP-3 markets. That announcement adds another layer to the week. It shows how infrastructure tied to Hyperliquid is drawing interest from established exchange groups. The timing also lines up with the HYPE rally, though the token’s jump came mainly after the borrowing feature went live.
For now, traders are watching whether the new borrowing path brings steady demand or just a short burst. The Hyperliquid platform has only just opened the feature, and it is still fresh. If usage grows, it could give HYPE holders another reason to stay engaged. The all-time high above $90 sets a clear marker for the coming sessions. For HYPE, the day brought a clear gain and a new milestone.
