Hyperliquid's digital asset rose 13.5% over a 24 hour period ending September 18. The token hit a record peak of $90 after institutional purchases including a $2.4 million buy from 21Shares and a $1.9 million purchase by Bitwise, marking the first inflow for 21Shares in 20 days. The HYPE to Bitcoin trading pair also reached a new all-time high during the rally.

The increase follows the launch of manual borrowing and lending on the HyperCore infrastructure, which saw $269 million in assets borrowed on its first day. Users can supply HYPE and BTC as collateral to borrow USDC and USDT, with interest rates determined by utilization. Co-founder Jeff Yan stated that the platform's modular architecture isolates lending risks and allows idle stablecoin collateral to earn interest.