Hyperliquid (HYPE) has jumped to a new all-time high today at $92 per token, following the launch of a new feature that allows users to borrow stablecoins by using the network’s native asset as collateral.
The price of HYPE had been rallying strongly for two days in a row after the Federal Reserve raised rates by 25 basis points on Wednesday.
The crypto market apparently shook off the announcement as analysts had been expecting this move for months.
Following an 8% gain on Thursday, HYPE is rising by nearly 7% during today’s session, pushing the token’s year-to-date (YTD) gain to 272%. This makes the native asset of Hyperliquid the most profitable token within the top 20 in 2026.
Manual Borrows Create a New Source of Demand and Use Case for HYPE
Manual borrows, as the new feature launched by Hyperliquid just hours ago is called, will allow users to put down BTC or HYPE to get USDT or USDC in return. The applicable interest rate for these assets will be defined by the utilization rate of each of their pools.
This opens up a new stream of demand for HYPE and increases liquidity within the Hyperliquid ecosystem. In addition, it demonstrates the developing team’s commitment to keep growing the platform’s scope.
Trading volumes for HYPE jumped by 46% following the launch of Manual Borrows. At $1.5 billion, they are accounting for nearly 7% of the asset’s circulating market cap and have matched the levels seen on August 21.
Looking at on-chain metrics, open interest (OI) within Hyperliquid rose to $8 billion last week, resulting in an 11% jump compared to the prior week. However, this appears to be the result of higher prices across the crypto market and not necessarily an indication of increasing demand for perps.
This is confirmed by metrics like new users and number of trades, both of which have been on a downtrend since the late August rally. Now that the Clarity Act has been shelved and interest rates have increased, the market needs a new catalyst to attract traders.
HYPE Eyes $100 as Bears Are About to Get Squeezed
For the time being, the latest price action for HYPE indicates that the token is still on track to hit our mid-term target of $100.
Looking at the daily chart, the price bounced strongly off the $75 mark. This was our baseline scenario in case the token’s bull flag pattern was invalidated, which was the case on September 10.
However, this support area held up quite well, indicating persistent buying interest. Now that we have broken past HYPE’s $90 ceiling, the odds of another 10% rally toward $100 are as high as they can get.
Higher volumes today confirm an ongoing short squeeze that could accelerate in the next 24 hours if the price keeps rising. Bears may have been drawn to the market by the Clarity Act’s failed vote and could have eaten the bait during the downturn that took place between September 7 and 15.
Hence, if the $90 level gets crushed and the New York session pushes HYPE past $91, we could hit three digits pretty soon.
