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Following
BTC 
ETH 
HYPE 
SOL 
XRP 核心要点
- 新的借贷功能推动需求增长
- 扩展至美国交易市场
HYPE价格动态与市场表现
2026年9月21日，HYPE创下95.17美元的新鲜历史新高，这是其在七天内第三次触及峰值。此前，该代币于9月19日达到94.46美元的峰值。
HYPE在当周表现强劲，涨幅达18.5%，超越了同期Solana的13%、比特币的8.2%、以太坊的7.6%以及XRP的4.6%。加密货币分析师Crypto Patel在X平台上指出，一个基本面的催化剂是Hyperliquid的月活跃地址数达到了前所未有的291,900个，这证明了网络正在真实扩张，而非仅仅是投机性动能。
新借贷功能驱动需求
2026年9月18日，Hyperliquid推出了手动借贷机制。该功能允许参与者使用HYPE或比特币作为抵押品，以获取USDC或USDT稳定币贷款。在系统上线后的24小时内，参与者通过该系统借入了2.69亿美元的资金。
根据规则，以HYPE为抵押品的借款额度可达代币价值的65%，当贷款价值比（LTV）达到82.5%时会自动触发清算；而以比特币为抵押品的贷款上限为50%，清算阈值为75%。这一机制使代币持有者能够在保持HYPE头寸的同时释放稳定币流动性，从而减少了抛压并增加了生态内的代币留存率。
Hyperliquid clarified that loan funds come from network providers rather than platform-generated credit. The lending system runs based on HyperCore infrastructure, which is the same underlying technology that underpins its portfolio margin functions.
Expand to the U.S. trading market
On September 16, 2026, Kraken's parent company Payward revealed that it plans to launch HYPE perpetual contracts to U.S. customers through its subsidiary Bitnomial, which is regulated by the Commodity Futures Trading Commission (CFTC). Although Hyperliquid currently has an average daily trading volume of more than $4 billion, it is not yet open to U.S. customers.
According to Hyperliquid's HIP-3 governance structure, implementing the plan requires a U.S. based entity to acquire and pledge HYPE tokens. Payward has submitted a regulatory proposal to the CFTC, but the authorization is still pending. Ashley Ebersole, a former legal adviser to the Securities and Exchange Commission, predicts that the approval process could take 10 to 12 months.
Supply scarcity and market background
Currently, only about 26%(or 251.5 million) of HYPE's maximum supply is in circulation, and the remaining nearly 700 million tokens are still in ownership and locked. This restricted supply structure amplifies the response effect of purchasing activity on price.
In addition, the broader cryptocurrency market provided additional support on September 21, when short positions faced liquidation of $262 million within an hour due to falling oil prices. As of September 20, 2026, HYPE's market value was close to US$20.2 billion, and its 24-hour trading volume reached US$228 million.
