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Citrini Research has named Hyperliquid’s HYPE token a compelling crypto idea, citing the protocol’s fee revenue and token buybacks.
The call gives HYPE a new institutional research spotlight as traders look for crypto assets with clearer links to cash flow. Citrini drew market attention earlier this year after publishing research that helped fuel concerns about an AI-stock bubble.
Hyperliquid Generates $1.06B in Annualized Fees
Citrini’s case rests on Hyperliquid’s trading activity. DefiLlama data shows the protocol generating about $1.06 billion in annualized fees, with roughly $884.8 million in annualized revenue.
That makes Hyperliquid stand out from many crypto projects because it is tied to a derivatives venue that earns fees when users trade perpetual futures and spot markets on its own chain.
Assistance Fund Has Bought Over $2B of HYPE
The HYPE token is supported by Hyperliquid’s Assistance Fund, which uses most platform fees to buy HYPE on the open market. More than 90% of fees are directed to the buyback fund, which has purchased over $2 billion worth of HYPE since January 2025.
DefiLlama’s holder-revenue data says 99% of Hyperliquid perps and spot orderbook fees go to the Assistance Fund, excluding builder and protocol-specific fees.
Buybacks Link HYPE Demand to Trading Volume
The buyback structure links HYPE’s support to exchange activity and fee capture. When Hyperliquid volume rises, more fees can flow into the Assistance Fund.
That gives Citrini’s thesis a cleaner link between protocol usage and token demand than tokens that rely mainly on narrative or scarcity. The link still depends on Hyperliquid keeping trading activity high enough to support the buyback story.
Regulated Perps Add Competition Risk
The timing also comes as U.S. regulators open a path for regulated crypto perpetual contracts. The CFTC recently approved KalshiEX’s Bitcoin perpetual contract and issued guidance for 24/7 trading.
Coinbase is also building a regulated route for perpetual crypto futures. That could bring more competition from larger exchanges, including Coinbase, Kraken and other venues targeting the same derivatives traders.
HYPE Trades Between $60.92 and $65.58
HYPE was recently trading near $62.52, with an intraday range between $60.92 and $65.58.
Traders are now tracking whether Hyperliquid can defend its perpetuals market share while keeping fee revenue and buybacks strong enough to support Citrini’s HYPE thesis.
