Hyperliquid Leads Crypto Buybacks with Fee-Funded Token Purchases

Hyperliquid, a decentralized exchange, has executed nearly half of all token buybacks in the cryptocurrency market in 2025, according to a new report from Citrini Research. The firm highlighted Hyperliquid’s revenue model as one of the strongest in the sector.

In a Substack publication released Monday, Citrini stated that more than 90% of the fees generated by Hyperliquid go into the protocol’s Assistance Fund. This fund uses the proceeds to buy $HYPE tokens on the open market. The research firm said the scale of this program sets Hyperliquid apart from most crypto projects and has turned $HYPE into a token backed by meaningful cash flow generation.

Citrini noted that unlike most cryptocurrencies, including Bitcoin, $HYPE generates legitimate cash flow. The buyback mechanism is attractive on its own, but the size of the Assistance Fund makes the model stand out. The firm estimated that Hyperliquid’s repurchases represent close to half of all token buybacks recorded across the digital asset industry this year.

Price Performance and Treasury Growth

Meanwhile, Hyperliquid ($HYPE) has continued to outperform much of the market. Data from crypto.news showed the token recently reached an all-time high near $75 and was trading more than 8% higher over the previous 24 hours during Thursday’s Asian trading session.

Recent developments around Hyperliquid’s treasury infrastructure could further strengthen the buyback program. As reported earlier by crypto.news, $HYPE climbed more than 12% on June 8 after Coinbase activated its role as the official $USDC treasury deployer on Hyperliquid. Coinbase said it had enabled the AQAv2 framework through two designated treasury wallet addresses and assumed responsibility for deploying the decentralized exchange’s $USDC reserves.

According to Coinbase, the framework routes most of the yield generated from Hyperliquid’s $USDC treasury back into the protocol ecosystem. The exchange previously estimated that the arrangement could increase Hyperliquid’s annual revenue by as much as $200 million. Since Hyperliquid directs up to 99% of protocol revenue toward $HYPE repurchases through its Assistance Fund, any increase in treasury income could expand the amount available for future token buybacks.

Additional interest has also come from prominent industry figures. BitMEX co-founder Arthur Hayes has once again been linked to $HYPE after a wallet associated with him reportedly withdrew tokens from Bybit, following his earlier exit during a market correction.

Institutional Interest Keeps Building

Beyond protocol revenue, Citrini pointed to growing investor participation through exchange-traded products linked to Hyperliquid. The research firm highlighted recently launched Hyperliquid ETFs from Bitwise and 21Shares as another source of market attention. Data from SoSoValue shows the two products generated nearly $600 million in trading volume and attracted more than $136 million in net inflows during their first three weeks of trading.

Despite Hyperliquid recently overtaking Solana on a per-token price basis, Citrini noted that Solana’s market capitalization remains more than twice the size of $HYPE’s. Even so, the firm argued that Hyperliquid still has room to capture additional market share within the decentralized derivatives sector. Citrini wrote that there is still significant market share to be captured, suggesting the runway for Hyperliquid is wide.

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