Hyperliquid’s RWA perpetual market share structure is being repriced. Artemis (via FXStreet, 2026-10-23): HL’s RWA perp share fell from ~80% around July to ~26%; CEXs combined account for ~64%. Over the same period, weekly sector trading volume expanded from ~$20B to ~$40–60B—the pie got bigger, but centralized exchanges took market share. Binance’s RWA share rose from ~3% to ~30% in about 2 weeks; OKX’s is ~14%. HL’s 30-day perpetual trading volume remains around ~$208.07B; HYPE is currently around ~$77.8, holding near the 100-day EMA / ~$75.6.

A supporting signal on capital structure: Hyperliquid Strategies (NASDAQ:PURR) raised its board-authorized buyback limit to up to $100M, with about ~$72M remaining, and extended the program through 2027-10-31. Period comparison: PURR fell from an October high of about ~$13.05 to around ~$8.80 (about -33%); HYPE fell from about ~$95 to around ~$77 (about -18%). Buybacks signal secondary-market liquidity management; they do not directly equate to a recovery in protocol market share.

Next points to watch: whether weekly RWA trading volume remains in the $40B+ range, and whether HL’s share can stop falling—not just whether HYPE can defend its technical levels.

Sources: FXStreet https://www.fxstreet.com/cryptocurrencies/news/why-hyperliquid-is-losing-rwa-market-share-to-centralized-exchanges-202610230400 ; PR Newswire https://www.prnewswire.com/news-releases/hyperliquid-strategies-inc-announces-increase-of-stock-repurchase-program-to-100-million-302918312.html ; Crypto Briefing https://cryptobriefing.com/hyperliquid-strategies-expands-stock-buyback-program-to-100m-as-purr-shares-fall-over-30/
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For informational purposes only; not investment advice / NFA