The price of HYPE dipped 0.7% over a 24-hour period to $93.37 after hitting an all-time high of $95.99 on Sept. 21, putting Hyperliquid’s native token within 7% of the $100 milestone.
According to CoinGecko figures, HYPE maintains a roughly 16% gain across the past seven days and is up nearly 18% over the trailing month.
During the seven-day timeframe, the asset traded near $77 before jumping past $90 on Sept. 18 and pushing its rally to a record peak three days later.
These recent gains arrived as Payward, the parent company behind Kraken, revealed plans to introduce onchain perpetual futures to American clients utilizing Hyperliquid’s HIP 3 markets.
Payward made this announcement on Sept. 16, with its CFTC-regulated Bitnomial entities slated to create, administer, clear, and settle the contracts.
Under the proposed structure, which still requires regulatory approval, NinjaTrader Clearing would carry client accounts.
Hyperliquid stands as the initial protocol designated for this upcoming rollout.
Although Payward intends to apply the framework to additional products and markets down the road, it has not yet revealed a launch date, projected trading volume, fee schedule, or economic arrangement with Hyperliquid.
While Payward is rolling out new regulated perpetual contracts via HIP 3 for US users, the existing Hyperliquid perpetual markets will operate separately.
HYPE acquired additional utility on Sept. 18 when Hyperliquid launched manual borrowing capabilities, permitting users to deposit HYPE or Bitcoin as collateral to borrow USDC or USDT.
Within this system, HYPE was assigned a 65% loan-to-value ratio, whereas Bitcoin received 50%.
On the first day alone, roughly $269 million was borrowed via the underlying infrastructure, and HYPE notched another record high shortly after the feature debuted.
Trading activity stayed robust as HYPE approached $100, with open interest in its perpetual contracts hitting approximately $2.04 billion early on Sept. 22. Roughly 21.83 million HYPE tokens were locked in outstanding contracts.
Over the preceding 24 hours, base unit open interest ticked up 0.49%, signaling that traders continued opening new positions while HYPE hovered close to its record peak.
By Aug. 23, Hyperliquid had secured about 63% of decentralized perpetuals open interest.
By June 30, its portion of global perpetual futures volume—incorporating centralized exchanges—reached approximately 9.4%.
In this context, protocol revenue continues supporting HYPE purchases executed through the Hyperliquid Assistance Fund.
A recent supply evaluation estimated that the Assistance Fund picked up roughly 1.98 million HYPE over the past 90 days.
HYPE price analysis
HYPE’s daily chart shows the token changing hands at roughly $93.51 after climbing to $95.99 on Sept. 21. Its price trades comfortably above the Ichimoku cloud, with the Tenkan-sen and Kijun-sen lines both positioned near $85.65.
HYPE/USDT 1-day price chart. Source: TradingView.
The forward cloud remains green, featuring its lower boundary close to $73.63 and an upper boundary climbing toward the mid-$80s.
Consequently, HYPE would need to decline roughly 8% from current valuations to test the Tenkan-sen and Kijun-sen region around $85.65, which marks the initial major daily support area.
Pointing upward once more, the Coppock Curve rests at 13.75. The indicator stays above zero following its recovery from September lows, demonstrating that longer-term momentum is strengthening again while HYPE trades near record territory.
Surpassing $95.99 would push HYPE back into unchartered price discovery mode with no immediate historical resistance overhead.
The psychological $100 barrier would serve as the initial objective, necessitating an advance of about 7% from the present price.
On the 4-hour timeframe, HYPE has been consolidating between roughly $92 and $96 following its most recent surge, as illustrated below.
HYPE/USDT 4-hour price chart. Source: TradingView.
The Parabolic SAR remains positioned below the price at $92.16, preserving the short-term uptrend and providing the current movement with a distinct support level.
A 4-hour breakdown beneath $92.16 would flip the SAR above the price, potentially exposing the $90 threshold.
Should selling pressure push past $90, the daily Ichimoku lines near $85.65 represent the subsequent major support zone.
During the consolidation phase, buying momentum has subsided. The 4-hour Elder Force Index dropped from a September high near 20,000 down to roughly negative 37, bringing it close to the zero line while HYPE sustains values above $93.
To mount an upside continuation, HYPE must first clear the $95.99 peak.
A confirmed breakout would clear a path toward $100, whereas a rejection accompanied by a loss of the $92.16 mark would heighten the probability of a correction toward $90 and potentially $85.65.
FAQs
What is the current price of HYPE?
HYPE is trading at approximately $93.37 to $93.51, sitting within 7% of the $100 level.
What caused HYPE’s recent gains?
Recent gains were driven by Kraken parent company Payward’s plans to bring US onchain perpetual futures to Hyperliquid via HIP 3, along with the launch of manual borrowing and steady protocol revenue purchases.
What is the next major resistance for HYPE?
The primary resistance is its all-time high of $95.99, clearing which would open the door to the psychological $100 target.
What are the key support levels to watch?
Immediate 4-hour support sits at the Parabolic SAR level of $92.16, with deeper daily support found around $90 and the Ichimoku lines near $85.65.
