Hyperliquid’s HYPE clears $90 after Kraken and borrow feature updates

Hyperliquid’s native token HYPE set a new record above $90 and now ranks tenth on CoinMarketCap with a market value exceeding $22 billion. Since its launch at the end of 2024 the asset has climbed into the top ten within less than two years.

The latest leg higher was driven by two concrete developments. On 16 September Kraken’s parent Payward said it intends to offer U.S. clients perpetual futures trading on Hyperliquid’s on-chain rails, starting with HIP-3 markets. Clearing would be handled by the CFTC-regulated Bitnomial exchange and client accounts by broker NinjaTrader, pending regulatory approval.

A day later the team activated Manual borrows, allowing traders to post HYPE or Bitcoin as collateral and borrow USDC or USDT directly from liquidity providers. First-day volume topped $260 million. Lead developer Jeff Yan noted that tying each loan to a specific supplier limits platform-wide risk.

The groundwork was laid in mid-August when President Trump stated that the CFTC was preparing to bring Hyperliquid into the U.S. market, triggering an immediate 30 % jump in the token.

Based on information from https://cryptonews.net