Hyperliquid Buys Back Its Own Token Daily—Is This Why HYPE Stays Close to Its High?

Hyperliquid spends nearly all of its trading fees buying back HYPE every single day, and the token sits remarkably close to its all-time high while Bitcoin, Ethereum, and Solana bleed out. The question is whether that buyback machine can keep…

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Hyperliquid (CRYPTO: HYPE) uses about 97% to 99% of its trading fees to buy back its own HYPE token every day. By September 26, 2026, this daily buyback had removed roughly 47.5 million HYPE tokens from circulation, costing about $1.32 billion in total. As of October 10, HYPE is trading around $84, about 14% below its all-time high of nearly $98.

This small gap stands out compared with the broader cryptocurrency market. Bitcoin (CRYPTO: BTC) is currently trading about 34% below its peak, Ethereum (CRYPTO: ETH) is down about 50%, XRP (CRYPTO: XRP) has dipped roughly 61%, Solana (CRYPTO: SOL) is down about 63%, and Cardano (CRYPTO: ADA) is facing a staggering 92% decline from its high.

So, is Hyperliquid’s daily buyback keeping HYPE steady near its peak while Bitcoin struggles?

Hyperliquid Spends Nearly All Its Fees Buying Back HYPE