Hyperliquid Commands Nearly Half of Crypto Buybacks in 2025, Says Citrini Research

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• Hyperliquid’s Assistance Fund has purchased more than $2 billion worth of HYPE tokens since January 2025 through its buyback program.
• More than 90% of platform fees are allocated to HYPE buybacks, according to Citrini Research.
• Hyperliquid accounted for nearly half of all crypto-sector token buybacks in 2025, highlighting the scale of its repurchase activity.
• The exchange remains the leading decentralized perpetual futures platform, generating significant trading volume and protocol revenue.
• Citrini Research identified Hyperliquid as a cash flow-generating crypto business whose token economics are increasingly tied to operational performance.

Cryptocurrency derivatives platform Hyperliquid is drawing increased attention from market participants after research firm Citrini Research highlighted the exchange’s revenue-generating business model and large-scale token buyback program in its latest State of the Themes report published in June 2026.

According to excerpts from the report shared publicly, Citrini Research stated that HYPE differs from many crypto assets because it is supported by operating revenue generated by the underlying exchange business. The firm noted that Hyperliquid’s token economics are backed by substantial cash flow and an ongoing buyback mechanism funded through platform activity.

The report stated: “Unlike the memetic majority of crypto (bitcoin included), HYPE generates legitimate cash flow. On top of that, there is even a buyback mechanism.”

Hyperliquid Buyback Program Exceeds $2 Billion

Hyperliquid operates a blockchain-based exchange that enables trading of perpetual futures tied to cryptocurrencies and other assets, including commodities and private-market stocks. Its native token, HYPE, has emerged as one of the strongest-performing digital assets during a period when broader crypto markets experienced significant volatility.

According to Citrini Research, more than 90% of fees generated by the platform are directed to the Assistance Fund, Hyperliquid’s token buyback vehicle. The fund systematically acquires HYPE tokens from the open market using revenue generated by exchange activity.

The research firm reported that cumulative purchases by the Assistance Fund have surpassed $2 billion since its launch in January 2025. It also noted that Hyperliquid accounted for nearly half of all crypto-sector token buyback activity in 2025, underscoring the scale of the exchange’s repurchase program.

Fun to see Hyperliquid and $BHYP in @citrini‘s memo today —

“State of the Themes: June 2026”

Full piece here: https://t.co/uikKcaFCVA pic.twitter.com/LME8xi7WP3

— Hunter Horsley (@HHorsley) June 8, 2026

Bitwise CEO Hunter Horsley highlighted the findings on social media, drawing attention to Citrini Research’s June 2026 report and its assessment of Hyperliquid’s cash flow-driven buyback model. Horsley shared excerpts emphasizing that the Assistance Fund has accumulated more than $2 billion in HYPE purchases since its launch in January 2025.

The scale of the buyback program has become a central component of HYPE’s investment narrative, linking the token’s performance more closely to the exchange’s operational revenue than to purely speculative market activity.

HYPE Remains a Top Cryptocurrency by Market Capitalization

Market data further reflects investor interest in the ecosystem. HYPE was ranked among the top 10 cryptocurrencies by market capitalization at the time of writing (6:22 a.m. UTC), with the token trading around $62–$63 and a market value of approximately $16 billion. While HYPE declined about 0.6% over the previous 24 hours and more than 14% over the past week based on market snapshots, the token remained one of the strongest-performing major digital assets of 2026 despite broader volatility across the crypto sector.

Recently, HYPE extended its rally above $72 on June 1 as strong buying momentum pushed the token toward new highs despite broader market volatility. Just days earlier, on May 29, HYPE surged 9% after buyers successfully defended a key support level, while daily trading volume exceeded $1 billion.

Hyperliquid’s Strong Fundamentals Support the Buyback Thesis

The buyback-driven investment case highlighted by Citrini Research is supported by Hyperliquid’s underlying business performance. According to DefiLlama data, Hyperliquid had approximately $5.94 billion in total value locked (TVL) at the time of writing, while annualized protocol fees exceeded $1.06 billion and annualized revenue stood at nearly $885 million. The platform also recorded roughly $227.4 billion in 30-day perpetual futures volume, underscoring its position as the leading decentralized derivatives exchange.

Exchange Dominance Fuels Interest in Perpetual Futures Market

Hyperliquid has established itself as the dominant participant in decentralized perpetual futures trading, accounting for a majority share of on-chain derivatives volume. As a result, the exchange’s business performance has become increasingly important to the valuation outlook for the HYPE token.

Nevertheless, Hyperliquid’s ability to generate substantial revenue distinguishes it from much of the crypto sector, where many token valuations are largely driven by market speculation rather than underlying business performance.

The company’s rapid growth also coincides with broader developments in the global perpetual futures market. Perpetual futures products have historically faced regulatory restrictions in the United States, limiting their availability to U.S.-based traders.

Last month, the U.S. Commodity Futures Trading Commission (CFTC) signaled a pathway for certain crypto perpetual futures products to be offered under U.S. regulatory oversight. The development has intensified competition among exchanges seeking to expand into the market.

Coinbase has already broadened its perpetual futures offerings for U.S. customers, while Kraken is expected to launch its own product later this month. The regulatory shift reflects growing institutional and retail interest in a trading segment that represents the majority of global cryptocurrency trading activity.

Buybacks and Revenue Generation Drive Hyperliquid’s Growth Narrative

The combination of strong trading activity, substantial protocol revenue, and an ongoing buyback mechanism has become central to Hyperliquid’s growth narrative. Citrini Research noted that more than 90% of platform fees are directed toward the Assistance Fund, which has accumulated more than $2 billion in HYPE purchases since January 2025. The exchange’s ability to generate significant cash flow differentiates it from many crypto projects whose token valuations are primarily driven by market speculation.

Citrini Research Revisits Thematic Investment Outlook

The observations on Hyperliquid were included in Citrini Research’s June 2026 State of the Themes report, the firm’s first edition of the publication since August 2025.

In outlining its broader thematic investment framework, the firm highlighted its focus on long-term market themes and the evolving companies positioned to benefit from them. The report noted that while thematic drivers such as artificial intelligence and government spending remain persistent, the specific beneficiaries can change over time as market conditions evolve.

Within that context, Hyperliquid was identified as an example of a crypto business whose token economics are increasingly tied to measurable operating performance and revenue generation rather than solely market sentiment.