Hyperliquid’s Massive Buybacks and Strong Cash Flow Fuel Growing Bullish Momentum

Hyperliquid’s token has drawn a bullish endorsement from Citrini Research, the firm whose earlier call helped trigger a sell-off in artificial-intelligence stocks, which framed the derivatives protocol as a rare crypto asset backed by genuine revenue.

“Unlike the memetic majority of crypto (bitcoin included), HYPE generates legitimate cash flow,” Citrini stated. 

The firm pointed to roughly US$1.06 billion (AU$1.51 billion) in annualised fees, more than 90% of which is funnelled into an on-market buyback fund, a mechanism that has absorbed over US$2 billion (AU$2.84 billion) of HYPE since January 2025.

A Buyback at Scale

By some measures, Hyperliquid’s repurchases have accounted for nearly half of all token-buyback activity across the crypto market.

Fees from perpetual-futures trading are recycled into buying HYPE, linking price support to revenue rather than speculation. It is that cash-generative profile, Citrini argued, that separates the token from assets whose prices rest mainly on narrative, the basis for treating HYPE more like an operating business than a speculative coin.

The scale of that revenue has grown sharply. Cumulative protocol revenue has crossed roughly US$1.19 billion (AU$1.69 billion), with total trading volume above US$4.15 trillion (AU$5.89 trillion) and open interest near US$3.5 billion (AU$4.97 billion) as the venue expands into commodities, indices and institutional products.

Hyperliquid exchange-traded funds from 21Shares and Bitwise have together logged close to US$600 million (AU$852 million) in trading volume and more than US$136 million (AU$193.1 million) in net inflows over three weeks.

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