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hyperliquid

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MTRS CRYPTO
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🚨 HYPE Keeps Burning Tokens! Hyperliquid bought back and burned 21,790 HYPE worth about $1.75 million in a 24-hour period, according to CoinNess on October 21. Why it matters: Buybacks and burns reduce token supply, while protocol fee activity helps determine how sustainable they are. Important: Token burns don’t guarantee a price increase. Can HYPE’s fee-driven buybacks support its long-term value? Click the $HYPE widget below and check the latest developments. $HYPE {future}(HYPEUSDT) . . #Hyperliquid #Crypto #write2earn Not financial advice. DYOR.
🚨 HYPE Keeps Burning Tokens!

Hyperliquid bought back and burned 21,790 HYPE worth about $1.75 million in a 24-hour period, according to CoinNess on October 21.

Why it matters: Buybacks and burns reduce token supply, while protocol fee activity helps determine how sustainable they are.

Important: Token burns don’t guarantee a price increase.

Can HYPE’s fee-driven buybacks support its long-term value?

Click the $HYPE widget below and check the latest developments.

$HYPE
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#Hyperliquid #Crypto #write2earn
Not financial advice. DYOR.
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Bearish
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$HYPE clearly bearish After hitting bottom 75, the price is attempting a small bounce but is showing weak momentum, currently hovering around 76. Sellers are still in control, and any upward movement is likely just a temporary correction before the downtrend continues $HYPE Short Setup wait for a bounce into resistance to enter short · Entry Short: 77 - 78 · Stop Loss: above 79 · TP1: 76 · TP2: 75 Support me just Trade here👇#hype #hyperliquid {future}(HYPEUSDT)
$HYPE clearly bearish

After hitting bottom 75, the price is attempting a small bounce but is showing weak momentum, currently hovering around 76.

Sellers are still in control, and any upward movement is likely just a temporary correction before the downtrend continues

$HYPE Short Setup
wait for a bounce into resistance to enter short

· Entry Short: 77 - 78
· Stop Loss: above 79
· TP1: 76
· TP2: 75

Support me just Trade here👇#hype #hyperliquid
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$HYPE is back on the floor of its range and this is the spot I've been waiting on. For about ten days it has been ping-ponging between roughly 76 and 82.6, and the daily lows keep landing in the same place, 76.06, 76.13, 76.16. Right now it's sitting at 76.6. On the NanoTrading Fire chart (4h) there's a thick liquidity band at 75.5-76.5, right under price, and the liquidation map has its brightest blocks stacked in that same 75-76.5 zone. Overhead the next real stuff is around 80.5-81, with the volume POC at about 81.4. So the chart is basically saying 76 is the line and 81 is the magnet. Binance futures don't show much conviction either way. OI is about $321M, down from roughly $332M two days ago and flat since. Funding is near zero (one slightly negative print today). But top traders are still about 73% long by position, so a lot of people are leaning on that floor. My read: hold 76 on the 4h and I'm looking for a rotation back to 80.5-81.4. A 4h close under 75.5 sweeps those clusters and I'd step aside until it reclaims. Not chasing in the middle 🤷 NFA, just my map. Source: NanoTrading Fire chart (nanotradingclub.xyz) $HYPE #HYPE #Hyperliquid #NanoTrading
$HYPE is back on the floor of its range and this is the spot I've been waiting on. For about ten days it has been ping-ponging between roughly 76 and 82.6, and the daily lows keep landing in the same place, 76.06, 76.13, 76.16. Right now it's sitting at 76.6.

On the NanoTrading Fire chart (4h) there's a thick liquidity band at 75.5-76.5, right under price, and the liquidation map has its brightest blocks stacked in that same 75-76.5 zone. Overhead the next real stuff is around 80.5-81, with the volume POC at about 81.4. So the chart is basically saying 76 is the line and 81 is the magnet.

Binance futures don't show much conviction either way. OI is about $321M, down from roughly $332M two days ago and flat since. Funding is near zero (one slightly negative print today). But top traders are still about 73% long by position, so a lot of people are leaning on that floor.

My read: hold 76 on the 4h and I'm looking for a rotation back to 80.5-81.4. A 4h close under 75.5 sweeps those clusters and I'd step aside until it reclaims. Not chasing in the middle 🤷

NFA, just my map.

Source: NanoTrading Fire chart (nanotradingclub.xyz)

$HYPE #HYPE #Hyperliquid #NanoTrading
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🚨NEW: Hyperliquid founder pushes for U.S. access under rules that regulate market operators and not the blockchain. Speaking to Bloomberg, Jeff Yan argued that firms operating markets on Hyperliquid should face regulatory obligations, potentially opening the network to Wall #Hyperliquid $HYPE
🚨NEW: Hyperliquid founder pushes for U.S. access under rules that regulate market operators and not the blockchain.

Speaking to Bloomberg, Jeff Yan argued that firms operating markets on Hyperliquid should face regulatory obligations, potentially opening the network to Wall

#Hyperliquid $HYPE
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Crypto Pulse: $HYPE Tests Stretchy Rally 🌐 Price action – $HYPE is trading at $0.842, up 18.7 % over the past 24 hours with $9.4 M of volume. The token has broken through its recent consolidation zone and is now riding a sharp upward thrust that has drawn attention from neutral‑sentiment traders. Key levels – Immediate support sits at $0.78, a round‑number floor that held during the last two pull‑backs. Resistance lies near $0.90, a prior swing high that could cap the next leg. Mid‑range equilibrium is around $0.84, offering a reference point for short‑term positioning. Outlook – The move looks stretched; caution is warranted as the price approaches the $0.90 barrier. A pullback toward the $0.78 support level could restore balance before any further upside is attempted. Keep an eye on volume and order‑flow for early signs of reversal. #CryptoUpdate #Hyperliquid #MarketAnalysis
Crypto Pulse: $HYPE Tests Stretchy Rally 🌐

Price action – $HYPE is trading at $0.842, up 18.7 % over the past 24 hours with $9.4 M of volume. The token has broken through its recent consolidation zone and is now riding a sharp upward thrust that has drawn attention from neutral‑sentiment traders.

Key levels – Immediate support sits at $0.78, a round‑number floor that held during the last two pull‑backs. Resistance lies near $0.90, a prior swing high that could cap the next leg. Mid‑range equilibrium is around $0.84, offering a reference point for short‑term positioning.

Outlook – The move looks stretched; caution is warranted as the price approaches the $0.90 barrier. A pullback toward the $0.78 support level could restore balance before any further upside is attempted. Keep an eye on volume and order‑flow for early signs of reversal.

#CryptoUpdate #Hyperliquid #MarketAnalysis
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Abraxas Capital wallet posts record $193M cumulative PnL on Hyperliquid perps A wallet tied to crypto investment firm Abraxas Capital has recorded $193 million in cumulative profit and loss from trading perpetual futures on Hyperliquid, setting a record high. The wallet now has the highest cumulative perpetual futures profit on Hyperliquid. Still, the position is hedged with spot holdings, so the full $193 million should not be viewed as net realized profit. The wallet currently holds about $207.44 million in $USDC, with cumulative trading volume of $5.43 billion and open interest of $725 million. #Hyperliquid $HYPE
Abraxas Capital wallet posts record $193M cumulative PnL on Hyperliquid perps

A wallet tied to crypto investment firm Abraxas Capital has recorded $193 million in cumulative profit and loss from trading perpetual futures on Hyperliquid, setting a record high.

The wallet now has the highest cumulative perpetual futures profit on Hyperliquid. Still, the position is hedged with spot holdings, so the full $193 million should not be viewed as net realized profit.

The wallet currently holds about $207.44 million in $USDC, with cumulative trading volume of $5.43 billion and open interest of $725 million.
#Hyperliquid $HYPE
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#HYPE Short Whale Is Sitting on $6.18M 🐋📉 HYPE has fallen about 22% from its peak, and the largest short address, 0xf02d, is holding a 715,334 HYPE short worth roughly $54.57M. The position has $5.56M in unrealized profit, plus about $620K earned from funding rates. {spot}(HYPEUSDT) That brings the whale’s combined gains to around $6.18M. A position this large can add downside pressure, but it can also fuel a sharp squeeze if HYPE reclaims momentum and the short is forced to cover. Will HYPE continue lower, or squeeze the biggest short in the market? I feel it would fall more. $HYPE #Hyperliquid #CryptoTrading #WhaleAlert #CoinVahini
#HYPE Short Whale Is Sitting on $6.18M 🐋📉

HYPE has fallen about 22% from its peak, and the largest short address, 0xf02d, is holding a 715,334 HYPE short worth roughly $54.57M. The position has $5.56M in unrealized profit, plus about $620K earned from funding rates.


That brings the whale’s combined gains to around $6.18M. A position this large can add downside pressure, but it can also fuel a sharp squeeze if HYPE reclaims momentum and the short is forced to cover.

Will HYPE continue lower, or squeeze the biggest short in the market? I feel it would fall more.

$HYPE #Hyperliquid #CryptoTrading #WhaleAlert #CoinVahini
Verified
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Hyperliquid Strategies (Nasdaq: PURR), a HYPE-focused digital-asset treasury company, says its board raised its common-stock repurchase authorization from $30 million to up to $100 million. About $72 million remains available, and the program has been extended through Oct. 31, 2027. Management will decide whether and when to repurchase shares; the company gives no guarantee that the full authorization will be used. Important distinction: this is a potential buyback of PURR shares—not a HYPE token purchase or buyback. The company identifies HYPE as its core treasury asset, but this announcement alone does not establish new demand for the token. Would you track treasury-company share repurchases separately from direct token accumulation? Source: Hyperliquid Strategies’ company-issued press release: https://www.prnewswire.com/news-releases/hyperliquid-strategies-inc-announces-increase-of-stock-repurchase-program-to-100-million-302918312.html Conclusion This changes the company’s equity authorization, not HYPE token supply. $HYPE chart (Binance spot HYPE/USDT): https://www.binance.com/en/trade/HYPE_USDT?type=spot Check the chart for yourself, do your own research, and trade responsibly. #Hyperliquid #CryptoTreasury #HYPE #MarketUpdate
Hyperliquid Strategies (Nasdaq: PURR), a HYPE-focused digital-asset treasury company, says its board raised its common-stock repurchase authorization from $30 million to up to $100 million. About $72 million remains available, and the program has been extended through Oct. 31, 2027. Management will decide whether and when to repurchase shares; the company gives no guarantee that the full authorization will be used.

Important distinction: this is a potential buyback of PURR shares—not a HYPE token purchase or buyback. The company identifies HYPE as its core treasury asset, but this announcement alone does not establish new demand for the token.

Would you track treasury-company share repurchases separately from direct token accumulation?

Source: Hyperliquid Strategies’ company-issued press release: https://www.prnewswire.com/news-releases/hyperliquid-strategies-inc-announces-increase-of-stock-repurchase-program-to-100-million-302918312.html

Conclusion
This changes the company’s equity authorization, not HYPE token supply. $HYPE chart (Binance spot HYPE/USDT): https://www.binance.com/en/trade/HYPE_USDT?type=spot

Check the chart for yourself, do your own research, and trade responsibly.

#Hyperliquid #CryptoTreasury #HYPE #MarketUpdate
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$HYPE : SpaceX perpetual futures traded about $6 billion after earnings ━━━━━━━━━━━━━━━━━━━━ SpaceX-linked perpetual futures saw a burst of earnings trading across Binance and Hyperliquid, while Binance's dollar open interest fell. SpaceX perpetual futures trading surged around the company’s October 20 earnings release, even as Binance’s outstanding dollar exposure fell, according to market-data provider Talos. Talos’s October 22 report puts SpaceX perpetual turnover across Binance and Hyperliquid at about $6 billion in the post-earnings episode it describes, more than eight times the prior day’s volume. #Hyperliquid #CryptoMarket Source - CryptoSlate
$HYPE : SpaceX perpetual futures traded about $6 billion after earnings
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SpaceX-linked perpetual futures saw a burst of earnings trading across Binance and Hyperliquid, while Binance's dollar open interest fell.

SpaceX perpetual futures trading surged around the company’s October 20 earnings release, even as Binance’s outstanding dollar exposure fell, according to market-data provider Talos. Talos’s October 22 report puts SpaceX perpetual turnover across Binance and Hyperliquid at about $6 billion in the post-earnings episode it describes, more than eight times the prior day’s volume.

#Hyperliquid #CryptoMarket

Source - CryptoSlate
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The $HYPE E unlock on 6 November says 9.92 million tokens. Last month it said the same, and 3.75 million actually moved, sold quietly over the counter. The market barely noticed. What it has noticed is the run-up: HYPE is down about 18% in a month, Bitcoin 5%. That is the usual pre-unlock shape, though a chunk of it is just October's ETF outflows. The number I'd watch instead is the buyback. Hyperliquid earned $66.6 million in the past 30 days, almost all of it spent buying HYPE, roughly 850,000 tokens a month. A 3.75 million release is four and a half months of that. The full 9.92 million would be nearly a year. So November comes down to one figure, usually announced a few days before: how much actually moves, and whether it hits the book. The price is discounting a repeat of October. Anything bigger, it is not. What would make you stop caring about this unlock? #HYPE #Hyperliquid #TokenUnlock #Binance
The $HYPE E unlock on 6 November says 9.92 million tokens. Last month it said the same, and 3.75 million actually moved, sold quietly over the counter. The market barely noticed.

What it has noticed is the run-up: HYPE is down about 18% in a month, Bitcoin 5%. That is the usual pre-unlock shape, though a chunk of it is just October's ETF outflows.

The number I'd watch instead is the buyback. Hyperliquid earned $66.6 million in the past 30 days, almost all of it spent buying HYPE, roughly 850,000 tokens a month. A 3.75 million release is four and a half months of that. The full 9.92 million would be nearly a year.

So November comes down to one figure, usually announced a few days before: how much actually moves, and whether it hits the book. The price is discounting a repeat of October. Anything bigger, it is not.

What would make you stop caring about this unlock?

#HYPE #Hyperliquid #TokenUnlock #Binance
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Bullish
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$HYPE 🚨 #HYPERLIQUID UPDATE: $10.23M HYPE BUY — BUT A BIG UNLOCK IS AHEAD! 🟢 Is smart money accumulating $HYPE while the market prepares for a potential supply shock? 👀 📊 WHAT'S HAPPENING? According to a recent CoinStats report, Hyperliquid Strategies purchased 130,000 HYPE worth approximately $10.23 million during the week leading up to October 22. Meanwhile, Hyperliquid's protocol reportedly burned 21,790 HYPE worth around $1.75 million in 24 hours. 🔥 WHY IT MATTERS ✅ Treasury Accumulation: A large purchase shows continued buying activity from this treasury company. ✅ Token Burns: Permanently removing tokens from circulation may reduce available supply, but it doesn't guarantee a price increase. ⚠️ THE BIG RISK Reports have flagged a potential unlock of approximately 9.92 million HYPE around October 29, valued at roughly $785 million at the reported price. Unlocks don't automatically mean tokens will be sold. However, traders should watch for changes in circulating supply and selling pressure. The schedule and amount should be verified against current token-unlock data. 🎯 MY TAKE HYPE has two forces to watch: treasury demand and potential unlock-related supply pressure. The real question is whether buying demand can absorb any additional supply. 💬 YOUR TURN! What do you think happens next? 🟢 BULLISH — Accumulation wins. 🔴 BEARISH — Unlock pressure takes control. 👇 Comment your analysis. Let's discuss the data, not just the hype! #Hyperliquid #HYPE #CryptoNews #DeFi
$HYPE
🚨 #HYPERLIQUID UPDATE: $10.23M HYPE BUY — BUT A BIG UNLOCK IS AHEAD! 🟢

Is smart money accumulating $HYPE while the market prepares for a potential supply shock? 👀

📊 WHAT'S HAPPENING?
According to a recent CoinStats report, Hyperliquid Strategies purchased 130,000 HYPE worth approximately $10.23 million during the week leading up to October 22.
Meanwhile, Hyperliquid's protocol reportedly burned 21,790 HYPE worth around $1.75 million in 24 hours.

🔥 WHY IT MATTERS
✅ Treasury Accumulation: A large purchase shows continued buying activity from this treasury company.
✅ Token Burns: Permanently removing tokens from circulation may reduce available supply, but it doesn't guarantee a price increase.

⚠️ THE BIG RISK
Reports have flagged a potential unlock of approximately 9.92 million HYPE around October 29, valued at roughly $785 million at the reported price.
Unlocks don't automatically mean tokens will be sold. However, traders should watch for changes in circulating supply and selling pressure. The schedule and amount should be verified against current token-unlock data.

🎯 MY TAKE
HYPE has two forces to watch: treasury demand and potential unlock-related supply pressure.
The real question is whether buying demand can absorb any additional supply.

💬 YOUR TURN!
What do you think happens next?

🟢 BULLISH — Accumulation wins.
🔴 BEARISH — Unlock pressure takes control.

👇 Comment your analysis. Let's discuss the data, not just the hype!
#Hyperliquid #HYPE #CryptoNews #DeFi
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$HYPE has been grinding along the bottom of its range for days now. Topped near 95 in early October, and since then it's just been lower highs into this 76-78 floor. Sitting around 78 right now, basically flat on the day. Pulled up the 4h liquidity + liquidation heatmaps on the Fire chart at NanoTrading and the picture is pretty clear. The thickest resting bids are stacked at 75-77.5, and the brightest liq band on the whole chart is right underneath at 75.5-76. Asks get noticeably heavier at 79-81. So price is literally pinned between a fat bid shelf and a wall of offers. What bugs me is positioning. Binance futures OI is back to ~4.24M HYPE (~$331M), roughly where it was 2 days ago after dipping to ~4.06M, while price went nowhere. Account long/short is ~1.76 and top traders are ~74% long by position. Funding is near flat (~0.004%), so nobody's paying up, but a lot of longs are parked right on top of that 75.5-76 liq band. My read: lose 75.5 on a 4h close and those longs become fuel. Next real bid I see is a $2.2M buy wall at 69.99 that's been sitting there 8h+ on the scanner. Flip side, if bulls reclaim and hold 79-81, the thinner liq bands at 81-82 and then 85 open up fast. I'm not touching it in the middle of 76-79, waiting for one side to break 👀 NFA, just how I'm reading the map. $HYPE #Hyperliquid #NanoTrading
$HYPE has been grinding along the bottom of its range for days now. Topped near 95 in early October, and since then it's just been lower highs into this 76-78 floor. Sitting around 78 right now, basically flat on the day.

Pulled up the 4h liquidity + liquidation heatmaps on the Fire chart at NanoTrading and the picture is pretty clear. The thickest resting bids are stacked at 75-77.5, and the brightest liq band on the whole chart is right underneath at 75.5-76. Asks get noticeably heavier at 79-81. So price is literally pinned between a fat bid shelf and a wall of offers.

What bugs me is positioning. Binance futures OI is back to ~4.24M HYPE (~$331M), roughly where it was 2 days ago after dipping to ~4.06M, while price went nowhere. Account long/short is ~1.76 and top traders are ~74% long by position. Funding is near flat (~0.004%), so nobody's paying up, but a lot of longs are parked right on top of that 75.5-76 liq band.

My read: lose 75.5 on a 4h close and those longs become fuel. Next real bid I see is a $2.2M buy wall at 69.99 that's been sitting there 8h+ on the scanner. Flip side, if bulls reclaim and hold 79-81, the thinner liq bands at 81-82 and then 85 open up fast. I'm not touching it in the middle of 76-79, waiting for one side to break 👀

NFA, just how I'm reading the map.

$HYPE #Hyperliquid #NanoTrading
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Big wallets are not copyable wallets. We profiled 124 of the largest Hyperliquid wallets and mapped 42 transfer families. Most are market makers, vaults or hedged books. Their fills look like trades and are not. Size is not a signal; behaviour is. Question: do you follow the biggest or the most consistent? #copytrading #hyperliquid #tradingjournal If you copy by API like we do, or just want these entries and exits as they happen, we keep a small group on Binance: https://app.binance.com/uni-qr/DpuA7yYD
Big wallets are not copyable wallets.

We profiled 124 of the largest Hyperliquid wallets and mapped 42 transfer families. Most are market makers, vaults or hedged books. Their fills look like trades and are not. Size is not a signal; behaviour is.

Question: do you follow the biggest or the most consistent?

#copytrading #hyperliquid #tradingjournal

If you copy by API like we do, or just want these entries and exits as they happen, we keep a small group on Binance: https://app.binance.com/uni-qr/DpuA7yYD
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Bullish
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🔥 HYPE: More Than Just a Token? Hyperliquid continues to stand out in the DeFi space with its powerful perpetual trading ecosystem. 🚀 $HYPE could benefit from growing adoption, platform revenue, and increased demand. But volatility and market conditions still matter. 👀 Are you bullish on HYPE? What’s your price target? #HYPE #Hyperliquid #Crypto #Crypto $HYPE #BinanceSquare {future}(HYPEUSDT)
🔥 HYPE: More Than Just a Token?

Hyperliquid continues to stand out in the DeFi space with its powerful perpetual trading ecosystem. 🚀

$HYPE could benefit from growing adoption, platform revenue, and increased demand. But volatility and market conditions still matter.

👀 Are you bullish on HYPE? What’s your price target?

#HYPE #Hyperliquid #Crypto #Crypto $HYPE #BinanceSquare
Verified
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🚨 JUST IN: DRAGONFLY MOVES $2.33M IN HYPE TO FALCONX Dragonfly Capital has reportedly transferred 30,000 $HYPE — worth approximately $2.33 MILLION at the time — to FalconX, potentially in preparation for an OTC sale. But this isn't the first transfer. 📌 Latest: 30,000 $HYPE → FalconX 📌 Previous: 41,400 $HYPE → FalconX 📌 Total transferred: 71,400 $HYPE 📌 Remaining holdings: 296,100 $HYPE The previous 41,400-token transfer occurred roughly one month ago and was valued at approximately $3.21M. This makes the latest movement worth monitoring. ⚠️ Important: A transfer to FalconX does NOT prove the tokens have been sold. An OTC transaction remains speculation until further on-chain or institutional evidence confirms it. For HYPE traders, the key question is: Is Dragonfly gradually reducing its position — or simply repositioning assets for institutional liquidity? Watch the wallets. #Hyperliquid #Crypto #Onchain
🚨 JUST IN: DRAGONFLY MOVES $2.33M IN HYPE TO FALCONX

Dragonfly Capital has reportedly transferred 30,000 $HYPE — worth approximately $2.33 MILLION at the time — to FalconX, potentially in preparation for an OTC sale.

But this isn't the first transfer.

📌 Latest: 30,000 $HYPE → FalconX
📌 Previous: 41,400 $HYPE → FalconX
📌 Total transferred: 71,400 $HYPE
📌 Remaining holdings: 296,100 $HYPE

The previous 41,400-token transfer occurred roughly one month ago and was valued at approximately $3.21M.

This makes the latest movement worth monitoring.

⚠️ Important: A transfer to FalconX does NOT prove the tokens have been sold. An OTC transaction remains speculation until further on-chain or institutional evidence confirms it.

For HYPE traders, the key question is:

Is Dragonfly gradually reducing its position — or simply repositioning assets for institutional liquidity?

Watch the wallets.

#Hyperliquid #Crypto #Onchain
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📰 NEAR adds cross margin to confidential perps powered by Hyperliquid NEAR Protocol has rolled out cross-margin on its Hyperliquid-powered perpetuals platform, allowing trading positions to share a single perps balance while re... Source : Coingecko Time : 2026-10-22 18:10:48 Credit : lawrence mondal #near #hyperliquid $USDC $NEAR Share your opinion in the comment section below
📰 NEAR adds cross margin to confidential perps powered by Hyperliquid
NEAR Protocol has rolled out cross-margin on its Hyperliquid-powered perpetuals platform, allowing trading positions to share a single perps balance while re...
Source : Coingecko
Time : 2026-10-22 18:10:48
Credit : lawrence mondal
#near #hyperliquid
$USDC $NEAR
Share your opinion in the comment section below
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Hyperliquid ($HYPE) Hyperliquid has quickly become one of the top platforms for decentralized perpetual trading. High volume and strong user interest give $HYPE exciting growth potential. If on-chain derivatives continue to boom, this token could deliver impressive returns. It represents the new wave of high-performance DeFi. #Hyperliquid #HYPE #DeFi $HYPE {spot}(HYPEUSDT)
Hyperliquid ($HYPE )
Hyperliquid has quickly become one of the top platforms for decentralized perpetual trading. High volume and strong user interest give $HYPE exciting growth potential. If on-chain derivatives continue to boom, this token could deliver impressive returns. It represents the new wave of high-performance DeFi.
#Hyperliquid #HYPE #DeFi $HYPE
The more I break down the Hyperliquid project, the less it looks like a coin and the more it looks like an exchange with its ledger laid out on-chain. It runs decentralized perpetual futures, matching orders directly on its own chain. It launched its token on November 29, 2024: 310 million HYPE, about 31% of the total supply, were airdropped directly to users who had previously traded on the platform, without first selling any to institutions. That’s the part of its origin story it can most proudly point to today. Where the money comes from is easy to track. An October report by Castle Labs said Hyperliquid had generated over $1.4 billion in cumulative protocol revenue, of which more than $1.26 billion went toward buying back HYPE. Its share of open interest in on-chain perpetual futures was over 56%. From January through September 15 this year, the protocol generated $429 million in revenue, ranking first among all crypto projects. Buybacks go through an address called the Assistance Fund: fees come in and are used to buy HYPE. On October 21, the address held 48.17 million tokens, purchased at a cost of about $1.38 billion and worth close to $3.9 billion at market prices. There’s an important distinction here: many people say the tokens were burned, but that’s not quite accurate. On-chain supply that day was still 998.8 million tokens, just 1.2 million below the 1 billion cap. The tokens were collected by a fund address and taken out of circulation, but they weren’t technically destroyed. The buybacks are real; the claim that they were burned needs a caveat. On August 26 this year, another buyback channel was added: AQAv2. Around 90% of the yield on the platform’s roughly $5 billion to $5.5 billion in USDC reserves is allocated to the protocol, goes into the Assistance Fund, and is used to buy more HYPE. The first payment arrived on October 3, and market estimates suggest this channel could generate an additional $135 million to $160 million a year. This revenue isn’t tied to trading volume, so it can keep flowing even when the market is quiet. HIP-3 is another piece of the puzzle. After launching in October 2025, it lets external teams stake 500,000 HYPE to launch their own perpetual futures markets on-chain, including stocks, commodities, and indices. Half the fees go to the team that launches the market. Phantom and MetaMask have earned over $25 million and $10.5 million respectively through Builder Codes. Others come to open shop, and it takes a cut. But no matter how good the buybacks look, they can’t hide what’s happening on the other side. The core team holds about 23.8% of the supply, or roughly 238 million tokens. About 9.92 million tokens unlock on the 6th of every month, continuing through 2027; the batch scheduled for October 6 just unlocked. According to CoinGecko data today, HYPE is at $75.44, down 4.27% over 24 hours, with $798 million in trading volume. Buybacks are a steady trickle of daily purchases; unlocks release a lump sum on the 6th of each month. The two operate on completely different schedules. When you break it all down, there are just two lines in the ledger. One says the protocol is genuinely making money, and that money is genuinely going toward buybacks. The other says that about 9.92 million new tokens become available every month on the 6th. Look only at the first line and it seems as reliable as a money-printing machine; look only at the second and it feels like a monthly flood. You have to look at both to see what it really is. My view is clear: I’m bullish on its business model of generating revenue and buying back tokens, but I won’t assume the price has a floor just because of the buybacks. The monthly unlock date on the 6th is more worth marking on your calendar than any buyback announcement. Do you usually keep an eye on these fixed monthly unlock dates, or do you focus only on the good news about buybacks and revenue? #Hyperliquid #HYPE #去中心化交易所 #ProjectBreakdown —— web3 Leek Xiaokai Disclaimer: These are just my personal views from breaking down the project and do not constitute investment advice. The figures are from public reports and CoinGecko; prices can change at any time, so double-check everything yourself before making a decision.
The more I break down the Hyperliquid project, the less it looks like a coin and the more it looks like an exchange with its ledger laid out on-chain.

It runs decentralized perpetual futures, matching orders directly on its own chain. It launched its token on November 29, 2024: 310 million HYPE, about 31% of the total supply, were airdropped directly to users who had previously traded on the platform, without first selling any to institutions. That’s the part of its origin story it can most proudly point to today.

Where the money comes from is easy to track. An October report by Castle Labs said Hyperliquid had generated over $1.4 billion in cumulative protocol revenue, of which more than $1.26 billion went toward buying back HYPE. Its share of open interest in on-chain perpetual futures was over 56%. From January through September 15 this year, the protocol generated $429 million in revenue, ranking first among all crypto projects.

Buybacks go through an address called the Assistance Fund: fees come in and are used to buy HYPE. On October 21, the address held 48.17 million tokens, purchased at a cost of about $1.38 billion and worth close to $3.9 billion at market prices. There’s an important distinction here: many people say the tokens were burned, but that’s not quite accurate. On-chain supply that day was still 998.8 million tokens, just 1.2 million below the 1 billion cap. The tokens were collected by a fund address and taken out of circulation, but they weren’t technically destroyed. The buybacks are real; the claim that they were burned needs a caveat.

On August 26 this year, another buyback channel was added: AQAv2. Around 90% of the yield on the platform’s roughly $5 billion to $5.5 billion in USDC reserves is allocated to the protocol, goes into the Assistance Fund, and is used to buy more HYPE. The first payment arrived on October 3, and market estimates suggest this channel could generate an additional $135 million to $160 million a year. This revenue isn’t tied to trading volume, so it can keep flowing even when the market is quiet.

HIP-3 is another piece of the puzzle. After launching in October 2025, it lets external teams stake 500,000 HYPE to launch their own perpetual futures markets on-chain, including stocks, commodities, and indices. Half the fees go to the team that launches the market. Phantom and MetaMask have earned over $25 million and $10.5 million respectively through Builder Codes. Others come to open shop, and it takes a cut.

But no matter how good the buybacks look, they can’t hide what’s happening on the other side. The core team holds about 23.8% of the supply, or roughly 238 million tokens. About 9.92 million tokens unlock on the 6th of every month, continuing through 2027; the batch scheduled for October 6 just unlocked. According to CoinGecko data today, HYPE is at $75.44, down 4.27% over 24 hours, with $798 million in trading volume. Buybacks are a steady trickle of daily purchases; unlocks release a lump sum on the 6th of each month. The two operate on completely different schedules.

When you break it all down, there are just two lines in the ledger. One says the protocol is genuinely making money, and that money is genuinely going toward buybacks. The other says that about 9.92 million new tokens become available every month on the 6th. Look only at the first line and it seems as reliable as a money-printing machine; look only at the second and it feels like a monthly flood. You have to look at both to see what it really is.

My view is clear: I’m bullish on its business model of generating revenue and buying back tokens, but I won’t assume the price has a floor just because of the buybacks. The monthly unlock date on the 6th is more worth marking on your calendar than any buyback announcement.

Do you usually keep an eye on these fixed monthly unlock dates, or do you focus only on the good news about buybacks and revenue?

#Hyperliquid #HYPE #去中心化交易所 #ProjectBreakdown

—— web3 Leek Xiaokai
Disclaimer: These are just my personal views from breaking down the project and do not constitute investment advice. The figures are from public reports and CoinGecko; prices can change at any time, so double-check everything yourself before making a decision.
Hyperliquid Strategies has really ramped up its buyback program, increasing it from $30 million to $100 million. There’s still around $72 million left under the plan, and they’ve extended the deadline to 2027. Their HYPE holdings had already reached 38.83 million tokens, so this buyback is definitely noteworthy. $HYPE #Hyperliquid
Hyperliquid Strategies has really ramped up its buyback program, increasing it from $30 million to $100 million.

There’s still around $72 million left under the plan, and they’ve extended the deadline to 2027.

Their HYPE holdings had already reached 38.83 million tokens, so this buyback is definitely noteworthy.

$HYPE

#Hyperliquid
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