Hyperliquid (HYPE) Price: Token Holds Near $90 As Regulators Review Derivatives

TLDR

• HYPE traded near $88.45-$89.87, down from a $97.88 peak reached in late September.
• Hyperliquid Policy Center asked European regulators to treat perpetual futures as standard derivatives under MiFID II.
• Daily RSI sits at 52.58, showing cooled momentum after the recent rally.
• Hyperliquid’s RWA trading volumes dropped from $37.5 billion to $8 billion in a week, though fees keep rising.
• A Grayscale ETF reportedly bought $4.96 million worth of HYPE, according to an analyst on X.

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Hyperliquid’s HYPE token traded near $88.45 on October 1, down 2.74% for the day. The price sat about 9.6% below its recent peak of $97.88.

The pullback came as the Hyperliquid Policy Center, known as HPC, submitted a request to European regulators. The group wants perpetual futures classified under existing derivatives rules rather than treated as a new category of crypto product.

HPC argued that a financial instrument should keep its usual legal treatment even when it trades on a public blockchain. The submission was part of the European Commission’s review of the Markets in Crypto-Assets Regulation.

Technical Levels Show Resistance Near $91

TradingView data placed HYPE’s daily high at $91.10 and its low at $88.12. The token sat near the bottom of that range.

The 4-hour Bollinger Bands showed an upper boundary of $90.95 and a lower boundary of $84.84. This put the first resistance zone close to where the daily high formed.

A move above $91 could reopen the path toward the $92 to $95 area, and eventually back to the $97.88 peak. A drop below the $87.89 midpoint could send the price toward $84.84 or further down to $81.29.

Daily RSI measured 52.58, above the neutral 50 mark but below its moving average of 61.17. This points to slower momentum following the advance seen in August and September.

One analyst flagged fresh buying interest tied to institutional products. Whale Insider, posting on X, wrote that Grayscale ETF clients bought $4.96 million worth of HYPE, adding a fresh demand signal to the token’s recent price action.

JUST IN: Grayscale ETF clients buy 4.96 million worth of $HYPE. pic.twitter.com/EhrZG3R0dI

— Whale Insider (@WhaleInsider) October 2, 2026

Borrowing And US Market Access Expand

Hyperliquid launched manual borrowing on September 18. Users can now borrow USDC and USDT against supported collateral, with $269 million borrowed so far.

Manual borrows are live on Hyperliquid
Portfolio margin and manual borrows use the same underlying HyperCore infrastructure, with $269M in assets borrowed today.

Users can supply HYPE and BTC as collateral to borrow quote assets (USDC and USDT). Borrowed quote assets pay… pic.twitter.com/C3crESxaM0

— Hyperliquid (@HyperliquidX) September 18, 2026

Kraken’s parent company, Payward, said on September 16 that it plans to deploy Hyperliquid perpetual markets for US clients. The plan depends on regulatory approval and would use Bitnomial for market operation and NinjaTrader Clearing for client accounts.

Separately, Hyperliquid’s real-world asset trading saw volumes fall from $37.5 billion in late July to $8 billion last week, according to HyperScreener. Open interest remained high at $3.9 billion, just 9.3% below its all-time peak.

DeFi Llama data showed Hyperliquid’s network fees rose to $72 million last month, a 7.5% increase from the prior month.

A cooler US inflation report released September 30 helped lift crypto markets broadly. The Core PCE Price Index rose 0.2% in August, below the forecasted figure, which lowered the odds of an October rate hike from near 50% to 37%.

Hyperliquid remains the top-performing token among the ten largest cryptocurrencies by market cap, with a 270% gain so far this year.