Decentralized exchange Hyperliquid bought back and burned 21,200 $HYPE over the past 24 hours, spending $1.53 million at an average price of $72.31, according to Onchain Lens.
The on-chain analytics platform also reported that Hyperliquid has permanently removed a total of 50.47 million $HYPE from circulation since the token launched. This represents 5.05% of the maximum supply of 1 billion $HYPE. At the current price, the burned tokens are worth around $3.51 billion.
The latest buyback comes as the cryptocurrency's price declines. On Nov. 12, $HYPE fell by 3.45%, and the token was trading at $69.52 at press time, according to TradingView. Earlier this autumn, $HYPE was priced above $90.
Hyperliquid pays for buybacks in dollars, allowing the decentralized exchange to buy more $HYPE with the same amount of money when the token's price falls.
Hyperliquid revenue surpasses $1.4 billion since late 2024
DeFiLlama data shows that Hyperliquid has generated $1.41 billion for $HYPE holders since December 2024. The decentralized exchange earned $68.82 million over the past 30 days and $15.04 million over the past week.
The platform collected about $1.46 million in fees over the past day, slightly less than it spent on the buyback. DeFiLlama data also shows that Hyperliquid currently earns more in fees than Ethereum, Tron and Base.
The Assistance Fund bought back the largest share of the burned tokens, 48.85 million $HYPE. The fund automatically receives between 97% and 99% of fees from perpetual and spot trading on Hyperliquid. The remaining fees go to the HLP liquidity pool and the builders of individual markets.
The Assistance Fund buys $HYPE on the open market and sends the tokens to the "0xfefe...fefe" address, a system address with no private key. In December 2025, Hyperliquid validators formally recognized the tokens held at this address as burned.
AQAv2 upgrade directs $USDC yield to buybacks
In August 2026, Hyperliquid also introduced the AQAv2 upgrade. Under the upgrade, around 90% of the yield generated by the platform's $USDC reserves now goes to the Assistance Fund. Each transfer adds between $14 million and $16 million to the fund.
In addition to the Assistance Fund, $HYPE is burned through network fees. Around 1.24 million $HYPE has been burned through fees and slashing on HyperCore, Hyperliquid's base layer. Another 376,060 $HYPE has been burned as gas fees on HyperEVM, the network's smart contract layer.
