Sam Daodu
5 min read
Quick Read
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HYPE hit an all-time high of $94.46, outpacing Bitcoin’s 5% weekly gain because only 26% of its maximum supply is currently circulating.
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Kraken’s parent plans to debut regulated HYPE perpetual futures on Bitnomial, a CFTC-regulated US exchange, pulling the trigger on this week’s move.
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The same 26%-circulating float that drove HYPE’s record will amplify losses just as fast when flows reverse.
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As of September 19, 2026, Hyperliquid (CRYPTO:HYPE) is trading at $92.31, marking an impressive 18% increase from $78.48 just a week prior. On the same day, the HYPE price hit a record high of $94.46, according to Coinbase. Bitcoin (CRYPTO:BTC), however, closed at $81,214, reflecting a more modest 5.11% rise for the week and still leaving it a notable 36% shy of its all-time high of $126,198 from October 2025.
While both cryptocurrencies gained momentum, only Hyperliquid had a specific catalyst behind its significant move. Bitcoin’s rise reflects the broader bullish trend in the crypto market, while Hyperliquid surged on an announcement from Kraken’s parent company. Additionally, HYPE’s relatively low circulation means buying pressure has a more pronounced impact on its price. So what’s driving this gap, and how much of it can be attributed to Hyperliquid’s individual strengths?
Kraken’s Parent Company Unveils New Catalyst for Hyperliquid
On September 16, Payward, the parent company of Kraken, revealed plans to launch perpetual futures markets on Hyperliquid’s blockchain specifically for U.S. clients. Perpetual futures are popular among crypto traders because they have no expiration date, making them a favored choice in offshore markets. Until Kraken launched its CFTC-regulated versions in June 2026, these products had been largely unavailable on regulated exchanges in the U.S.
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The initiative stems from permits Payward acquired with Bitnomial in May. Under this arrangement, Bitnomial Exchange will establish and manage the markets while Bitnomial Clearinghouse will handle settlements. NinjaTrader Clearing will oversee the customer accounts. Participation is restricted to traders who meet the approval of both Bitnomial and NinjaTrader to maintain compliance. Rather than opening existing markets to U.S. traders, Payward is working to create new markets on Hyperliquid’s chain.
