HYPE Hits Record High Above $90 After SEC Exemption and Hyperliquid Borrowing Launch
The Hyperliquid token HYPE surged past $90 to hit a new all-time high, driven by an SEC regulatory exemption, the launch of manual borrowing, and major distribution integrations with NEAR and Payward.
HYPE has reached a fresh all-time high, surpassing its previous record established on September 6. Driven by a more than 15% rally over the past two days, the Hyperliquid token now trades above $90. As of this writing, HYPE boasts a year-to-date return exceeding 250%, making it the top-performing asset among the top ten cryptocurrencies by market capitalization. This bullish momentum has been seemingly fueled by three distinct developments occurring within a 48-hour window.
The SEC Opened a Door for Onchain Stock Trading
On September 17, the Securities and Exchange Commission (SEC) released an order termed the Innovation Exemption. This directive grants Tokenized Securities Venues a temporary, conditional five-year exemption from the “exchange” definition outlined in the Securities Exchange Act of 1934. Consequently, these venues can trade tokenized National Market System stocks utilizing permissioned automated market makers and liquidity pools.
This regulatory move greatly benefits Hyperliquid due to its strategic positioning for this exact type of flow. Its HIP-3 framework enables builders to stake HYPE and deploy their own perpetual markets on Hyperliquid’s order book, a system utilized by trade.xyz to list tokenized equity perps. This protocol business line has experienced rapid growth: real-world asset (RWA) markets accounted for roughly 2% of Hyperliquid’s overall volume back in January, but now represent approximately half of it.
Despite the optimistic headline, the order is narrower in scope, covering only tokenized stocks where holders retain standard shareholder rights such as voting and dividends, while excluding synthetic products and tokenized security swaps. Although equity perps fall outside this specific definition, the SEC has nevertheless signaled to traders that U.S. regulators favor stock trading on public chains—a development that strongly supports a platform where a significant portion of that activity is already flourishing.
Borrowing Went Live and $269 Million Moved on Day One
Hyperliquid announced the launch of manual borrows on HyperCore, allowing users to supply HYPE or BTC as collateral to borrow USDC or USDT. The platform established Loan-to-Value (LTV) ratios at 65% for HYPE and 50% for BTC, with liquidation thresholds set at 82.5% for HYPE positions and 75% for BTC. According to Hyperliquid’s official X account, approximately $269 million in assets were borrowed on the very first day.
Rather than attracting casual traders, this feature directly benefits large HYPE holders. These investors can now access stablecoins while keeping their HYPE positions intact, thereby removing a major incentive to sell into the bid.
NEAR Routed its Perps Desk Through Hyperliquid
NEAR has integrated confidential perpetual futures by default on near.com, utilizing Hyperliquid as the underlying engine. While NEAR provides the front end and allows users to trade using assets from over 30 chains, Hyperliquid powers the matching, order book, more than 50 markets, and leverage up to 40x. In essence, this distribution agreement ensures that trading flow originating on NEAR ultimately settles on Hyperliquid’s books.
Kraken’s Parent has Picked Hyperliquid as its Route Into US Perps
On September 16, Payward stated in a press release that it plans to introduce onchain perpetual futures to U.S. clients, initially focusing on Hyperliquid and HIP-3 markets. Although pending regulatory approval, the announcement highlights that regulated U.S. firms view HIP-3 as a preferred foundation for their offerings.
Ultimately, the market is pricing HYPE less like a standard DEX governance asset and more as core derivatives infrastructure, supported concurrently by a lending market, an external distribution channel, and favorable regulatory tailwinds.
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