HYPE Hits $94.43 All-Time High Amid Payward's On-Chain Futures Plan

Hyperliquid (HYPE) has reached an all-time high of $94.43, marking a 9.1% increase over 24 hours. The rise is attributed to Payward's planned on-chain perpetual futures offering and potential regulatory easing for tokenized stock trading, though the actual impact requires further verification. BlockBeats reported that HYPE surpassed $94 based on HTX market data, noting that prices may vary by exchange and timing.

Payward plans to offer an on-chain perpetual futures service for U.S. customers using Hyperliquid's infrastructure. Payward subsidiary BitNominal will act as a HIP-3 distributor, managing market creation, operations, settlement, and clearing through NinjaTrader Clearing for customer accounts. The service leverages Hyperliquid's HIP-3 structure, which allows external businesses to build and operate separate perpetual futures markets on top of Hyperliquid.

BlockBeats noted that HIP-3 markets accounted for approximately 50% of Hyperliquid's total perpetual futures trading volume by summer 2026, up from around 2% at the start of the year. The Trade.xyz market, focusing on stocks and indices, has driven HIP-3 trading. RWA perpetual futures volume grew from $8.5 billion monthly in January to $47 billion monthly in June, per BlockBeats' monthly data.

U.S. regulatory developments also played a role, with the SEC approving a five-year conditional innovation exemption on July 17 for certain on-chain venues to trade tokenized U.S. listed stocks. The exemption is limited to licensed exchanges and automated liquidity provision structures. Tokenized stock rights and trading conditions must be verified based on each product's issuance and trading structure, and the SEC exemption does not apply universally to all on-chain derivatives.

Hyperliquid has recently added collateral and lending features, allowing users to borrow USDC or USDT against HYPE or Bitcoin (BTC) using 'Manual Borrows.' This expands collateral usage options within the platform. However, actual utilization scale and market impact require separate metrics for confirmation.

Hyperliquid's recent 30-day perpetual futures volume stood at approximately $24 billion, with ARB at around $47.2 billion and SOL at about $46 billion. Hyperliquid's Pufferdex market holds a 36% share of the total. Cumulative perpetual futures volume exceeds $5.3 trillion (approximately 735.1 trillion won), though this metric does not reflect net asset inflows or investor returns as it counts repeated trades.