HYPE Hits $93 as Hyperliquid Launches Manual Borrowing
Hyperliquid’s HYPE token reached a record $93.04 on September 19, 2026, after the network introduced manual borrowing against HYPE and Bitcoin collateral and its Layer 1 total value locked (TVL) reached parity with Arbitrum.
HYPE was up 17.7% over seven days, according to CoinGecko data. The token traded between $87.44 and $94.48 over the previous 24 hours, while its market capitalization climbed above $20.687 billion.
The move marked a reversal from the previous week, when concerns over regulatory risks had contributed to a decline in HYPE.
HYPE Rally Follows Hyperliquid Borrowing Launch
The latest HYPE price advance coincided with the introduction of manual borrowing on Hyperliquid.
The feature allows users to borrow USDC and USDT directly against HYPE or Bitcoin collateral. It expands the borrowing capabilities associated with Hyperliquid’s portfolio margin system, which has been introduced progressively during the year.
Crypto trader MartiniGuyYT highlighted the development in a post on X, noting that HYPE’s move above $90 occurred around the same time as the borrowing rollout.
The new functionality gives users another way to access liquidity while retaining exposure to collateral assets. The source material does not establish that the borrowing launch was solely responsible for HYPE’s price increase.
HYPE’s latest market figures showed a 24-hour trading volume of $1.724 billion. Circulating supply stood at 222.446 million tokens, against a maximum supply of 1 billion.
Hyperliquid Layer 1 TVL Reaches Arbitrum Level
Hyperliquid also recorded a separate milestone in its blockchain ecosystem as its Layer 1 TVL reached roughly the same level as Arbitrum.
Analyst MSBIntel reported that the two networks each had approximately $1.39 billion in Layer 1 TVL. The figure moved Hyperliquid to seventh place from eighth among blockchains ranked by TVL.
Platform-wide TVL was higher, at approximately $7.095 billion. That figure includes activity across Hyperliquid’s broader trading and lending infrastructure, while the roughly $1.39 billion figure refers specifically to the Layer 1 portion.
The distinction is significant because Hyperliquid operates both an on-chain DeFi layer and a wider trading infrastructure. DeFiLlama tracks those components separately.
The platform-wide figure had increased from approximately $6.76 billion reported over the preceding 30-day period.
Payward Discussions Remain Unresolved
Another development being discussed alongside the HYPE rally involves Hyperliquid Labs and Payward, the parent company of Kraken.
MartiniGuyYT linked the recent price move to reports of discussions involving the potential routing of perpetual futures for U.S. traders through Payward’s CFTC-regulated Bitnomial exchange.
The proposal was first reported by Bloomberg in late August. However, the arrangement remains subject to regulatory approval and has not been presented as a finalized product launch.
That distinction leaves the reported discussions separate from the borrowing rollout and the TVL milestone, both of which are developments directly reflected in the latest Hyperliquid data.
Hyperliquid Market Metrics
As of September 19, 2026, HYPE had a market capitalization of approximately $20.687 billion, while platform-wide TVL stood at $7.095 billion.
The Layer 1 TVL figure of about $1.39 billion placed Hyperliquid alongside Arbitrum and moved the network into seventh position among blockchains by that measure.
The combination of new borrowing functionality and higher TVL provides two distinct areas for the market to monitor. Borrowing activity could affect liquidity and lending usage, while the TVL ranking will show whether Hyperliquid can maintain or extend its position relative to other major networks.
For now, the reported Payward discussions remain subject to regulatory approval, while traders will be watching borrowing volumes and whether Hyperliquid’s TVL continues to hold above or alongside Arbitrum.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.