Hyperliquid Buys Back $1.16B HYPE as Token Price Hits Record Highs

Hyperliquid routes about 99% of trading fees from perpetual futures and spot markets into continuous HYPE purchases through the Assistance Fund. The protocol converts fees into HYPE block by block regardless of market conditions, creating a permanent bid under the token. Cumulative revenue since launch exceeds $1.16 billion, with nearly all deployed into buying HYPE. In Q3 2025, repurchases reached $316.8 million, far larger than recent spot ETF net inflows. Spot Hyperliquid ETFs launched in May attracted about $75 million in cumulative total net inflows. The HYPE rally increasingly depends on perpetual futures trading volumes and the buyback mechanism rather than ETF-driven demand.

"Hyperliquid directs nearly all of its trading revenue into continuously buying HYPE on the open market through a mechanism known as the Assistance Fund. Data from Defillama show roughly 99% of fees generated from the platform's perpetual futures and spot markets are routed into the program. Hyperlink data shows strong correlation between total value locked and price rise. Source: Defillama"

"Unlike corporate buybacks, the purchases are not discretionary. The protocol automatically converts trading fees into HYPE purchases block by block, regardless of market conditions. Since launch, Hyperliquid has generated more than $1.16 billion in cumulative revenue, with almost all of it deployed toward buying its own token. In the third quarter of 2025 alone, the protocol reportedly repurchased $316.8 million worth of HYPE."

"The scale dwarfs recent ETF inflows. Spot Hyperliquid ETFs launched in May and have attracted $75 million in cumulative total net inflows, a meaningful milestone for a relatively young asset. But compared with a buyback engine spending hundreds of millions of dollars per quarter, the ETF flows remain modest. The structure effectively creates a permanent bid underneath the token."

"Hyperliquid's HYPE rally now depends heavily on perpetual futures trading volumes. Hyperliquid's HYPE token has become one of crypto's strongest-performing assets this year, climbing above $62 and sitting in the top 10 cryptocurrencies by market cap."

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