Hyperliquid’s native token HYPE climbed to a fresh all-time high on Friday, trading near $91.81 after peaking at $92.01, according to CoinGecko. The altcoin was up about 10.57% for the day, while CoinMarketCap showed an even larger 12.29% gain, outperforming the broader cryptocurrency market.
The rally followed a convergence of institutional momentum and platform-level activity. A physically backed HYPE exchange-traded product listed on the Warsaw Stock Exchange, and Kraken parent Payward announced plans for US distribution. Hyperliquid’s total open interest reached $14.3 billion, while daily trading volume climbed to $1.65 billion, up 10.50% over the past week.
The move was accompanied by a surge in whale activity, with influencer @Route2FI pointing to accumulation by larger investors and a spike in social media engagement, suggesting positioning for further gains.
The immediate on-chain catalyst was the launch of manual borrowing on Hyperliquid’s HyperCore infrastructure. Users can now supply HYPE or BTC as collateral to borrow USDC or USDT directly on-platform. By day one, borrowers pulled $269 million in assets, with more than $400 million in supplied liquidity already available.
Hyperliquid founder Jeff compared the design to Amazon separating AWS from its retail business, saying the lending layer lets portfolio margin, perpetual futures, and spot trading plug into the same borrow/lend infrastructure. Trader Axel Bitblaze noted that supplying $10,000 in HYPE currently unlocks roughly $6,500 in borrowing capacity, depending on caps and available liquidity.
Analysts are watching the $88–$90 breakout zone. If HYPE holds above that area, the next target could be $100; a drop below risks a pullback toward $78. A core-contributor token unlock scheduled for October 6, 2026 may test the current momentum.
