Hyperliquid’s $1.16B Buybacks Lift HYPE Above $62

Hyperliquid routed $1.16 billion of trading revenue into repurchases of its HYPE token. The token traded above $62 after the protocol repurchased $316.8 million of HYPE in the third quarter of 2025. U.S. spot HYPE ETFs, which began trading in May 2025, have recorded about $75 million in net inflows since launch.

The protocol directs nearly all fees from its perpetual futures and spot markets into an Assistance Fund that automatically converts revenue into open-market HYPE purchases. Approximately 99% of fee income is routed into the program, and purchases are executed block by block rather than at discretionary intervals.

Since launch, Hyperliquid has deployed more than $1.16 billion in cumulative revenue toward repurchases. Hyperliquid Strategies, a Nasdaq-listed vehicle trading under the ticker PURR, holds roughly 20 million HYPE tokens and reported a quarterly profit of $152.5 million, driven largely by unrealized gains on those holdings. The platform redirects up to 90% of yield from USDC reserves toward buybacks and ecosystem incentives.

Trading volume on the exchange generates the fees that fund the Assistance Fund. On-chain data show a correlation between total value locked on the platform and movements in HYPE’s price.

Repurchase activity has declined in recent quarters, falling from $316.8 million in Q3 2025 to $192.3 million in Q1 2026, a drop of roughly 40%. Tokens currently held in lock-up will enter circulation according to their unlocking schedules, increasing available supply when those schedules complete.

Latest reports show HYPE ranked among the top 10 cryptocurrencies by market capitalization. Continued buyback volumes are tied to future trading activity on the platform and yields on platform reserves.