HYPE achieved a new all-time high of $92.56 on September 18, rising 10.5% in 24 hours following the launch of Hyperliquid's manual borrowing feature. The token has since rebounded over 11% to $87.95 after recording three consecutive days of gains, with the recovery beginning after HYPE rebounded from its 50-day EMA near $74.94. According to AMBCrypto, the token has now approached its previous all-time high near $89.70, with trading volume reaching approximately $1.44 billion over 24 hours and revenue climbing to $1.75 million as activity across the protocol expanded. The advance has cleared the former $87–$90 liquidity area identified in earlier technical reports, demonstrating strong institutional and retail demand for the new lending capabilities.
Whale positioning has strengthened the bullish narrative as HYPE approaches its previous all-time high. Trader "watershedpath" held a $119.66 million HYPE long using 5x leverage, with the position showing substantial exposure as HYPE approached its previous peak. The whale's average entry price stood at $38.68, leaving the position deeply profitable at current prices and signaling continued conviction, though the 5x leverage could amplify returns while increasing liquidation pressure during any sharp reversal. This substantial whale positioning, combined with the token's approach to previous resistance levels, has provided additional support for the current price momentum and suggests potential for further upside if the $89.70 level is confirmed as a breakthrough. The elevated leverage positions also introduce risk of profit-taking if the rally faces rejection.
Hyperliquid's manual borrowing feature, which went live on September 18, allows users to borrow USDC and USDT against supplied HYPE or Bitcoin collateral through HyperCore infrastructure. HYPE carries a 65% loan-to-value ratio, meaning $1,000 worth of HYPE provides up to $650 in borrowing capacity at applicable oracle prices, compared to Bitcoin's lower 50% LTV offering the same collateral value up to $500. The platform retains 10% of borrower interest as reserve for future liquidations, with borrowed stablecoins accruing interest continuously and balances indexed every hour. Total borrowed assets reached approximately $269 million following the rollout, demonstrating early adoption of the lending feature. Partial liquidation begins when borrowed value exceeds collateral value after applying designated thresholds, with HYPE having an 82.5% threshold and Bitcoin at 75%.
Open Interest reached $7.29 billion, showing that derivatives positioning remained elevated near HYPE's previous peak, with the elevated open interest indicating that leverage could amplify any rejection from the $89.70 level. A confirmed break above that level could push HYPE into price discovery, while rejection could return attention toward the 20-day EMA at $80.84 and the 50-day EMA near $74.94 would provide the next major support if selling deepened. The combination of rising Token Volume, Revenue, and Open Interest has supported HYPE's price momentum, though the elevated open interest also means leverage could amplify any rejection from key resistance levels. The $80 psychological level represents the first barrier for buyers, with a sustained move above it potentially allowing HYPE to test the $82.18–$82.30 area where the daily Bollinger Band midpoint and 4-hour Supertrend resistance converge.
As reported by Onchain Lens, Hyperliquid bought and burned 36,720 HYPE worth approximately $2.84 million during a 24-hour period, at a volume-weighted average price of $77.31. The account reported that lifetime burns had reached 48.67 million HYPE, valued at approximately $3.78 billion and equal to 4.87% of the token's maximum supply. The protocol also generated $2.14 million in rolling 24-hour fees and $2.07 million in HYPE-directed revenue. These token burns have successfully reduced available supply for immediate selling, improving investor perception of the project despite ongoing institutional selling pressure and the recent legal challenges.
