Hyperliquid’s HYPE token reached a new record high above $90 as several ecosystem developments strengthened market activity.
The token gained momentum after regulatory, lending, and distribution updates arrived within a short period. Market attention has shifted toward Hyperliquid’s growing role in decentralized derivatives infrastructure.
The recent moves highlight expanding use cases beyond traditional decentralized exchange activity.
HYPE surpassed its previous all-time high recorded on September 6, rising more than 15% over two days.
The token has gained over 250% year to date, making it one of the strongest performers among the top ten cryptocurrencies by market capitalization.
Three major developments contributed to the latest momentum around HYPE. The U.S. Securities and Exchange Commission issued a tokenized securities exemption, Hyperliquid launched manual borrowing features, and NEAR connected its perpetual futures platform to Hyperliquid’s order book.
SEC exemption opens new path for tokenized stock trading
The SEC announced an Innovation Exemption on September 17, creating a temporary five-year conditional exemption for tokenized securities venues. The order allows eligible platforms to trade tokenized National Market System stocks through permissioned automated market makers and liquidity pools.
The exemption applies to tokenized stocks where holders maintain traditional shareholder rights. These rights include voting privileges and dividend payments. However, synthetic products such as tokenized security swaps remain outside the exemption’s scope.
Hyperliquid has positioned its HIP-3 framework around new perpetual markets built by external developers. The framework allows builders to stake HYPE and create markets on Hyperliquid’s order book.
Trade.xyz has already used HIP-3 to list tokenized equity perpetual contracts. Hyperliquid data showed that real-world asset markets have expanded rapidly. RWA markets accounted for about 2% of platform volume in January. That share has now grown to around half of overall volume.
The SEC decision does not directly approve equity perpetual products. However, it provides a regulatory signal around blockchain-based stock trading. Hyperliquid has already developed infrastructure supporting similar market activity.
Borrowing launch and new distribution deals boost HYPE demand
Hyperliquid introduced manual borrowing on HyperCore, allowing users to supply HYPE or Bitcoin as collateral. Users can borrow USDC or USDT against their assets through the new feature.
The platform set HYPE collateral at a 65% loan-to-value ratio and Bitcoin collateral at 50%. Hyperliquid reported that users borrowed about $269 million on the first day.
The borrowing system could affect large HYPE holders by offering liquidity without requiring asset sales. Users can keep their HYPE positions while accessing stablecoins through collateralized loans.
Meanwhile, NEAR integrated its perpetual futures platform with Hyperliquid’s infrastructure. The partnership uses Hyperliquid’s order book, matching system, and more than 50 markets.
NEAR provides the user interface while allowing traders to access markets across more than 30 chains. The integration directs trading activity into Hyperliquid’s liquidity system.
Payward, Kraken’s parent company, also announced plans to bring onchain perpetual futures to U.S. clients. The company identified Hyperliquid and HIP-3 markets as part of its planned route, pending regulatory approval.
The latest developments have strengthened Hyperliquid’s position as a derivatives infrastructure provider. The combination of lending features, external integrations, and regulatory developments has increased attention around HYPE’s expanding ecosystem.
