Why Is Hyperliquid (HYPE) up 9.84% Today, September 18, 2026? U.S. Trading Access and Derivatives Growth Drive the Rally

HYPE rallied ~9.8% as HIP-3 adoption and $1.23B turnover reinforced liquidity and the platform-growth narrative. A proposed Payward/Kraken pathway to offer onchain perpetuals to eligible U.S. clients via regulated entities, alongside expanded CFTC no-action relief for qualifying passive trading software providers, modestly improves the U.S. policy backdrop. Near-term focus is on whether these catalysts translate into sustained permissioned-derivatives activity and durable volume.