Hyperliquid, the decentralized perpetual trading platform, has intensified its HYPE buyback-and-burn program, permanently removing another 21,200 HYPE from circulation in the past 24 hours. According to on-chain data from Onchain Lens, the buyback cost approximately $1.53 million at an average price of $72.31 per token.
The latest burn occurred while HYPE has been sliding. On Nov. 12, the token fell below $72—roughly 3.45% to 3.65% on the day—after trading above $90 earlier in the autumn. The ongoing token removals have now reached 50.47 million HYPE, representing 5.05% of the maximum supply of one billion tokens. At current market prices, the total burned supply is worth around $3.51 billion to $3.55 billion.
Hyperliquid’s buyback mechanism is funded primarily through the Assistance Fund, which automatically receives between 97% and 99% of fees from perpetual and spot trading. The largest portion of cumulative burns, 48.85 million HYPE, was bought back by the Assistance Fund. Instead of distributing those fees, the fund purchases HYPE on the open market and transfers the tokens to the system address “0xfefe...fefe”, which has no private key. In December 2025, Hyperliquid validators formally recognized tokens held at that address as burned.
DeFiLlama data shows Hyperliquid has generated $1.41 billion in revenue for HYPE holders since December 2024. In the past 30 days, the platform earned $68.82 million, with $15.04 million over the last week and about $1.46 million in fees over the previous day—slightly less than the amount spent on the latest buyback. Hyperliquid currently earns more in fees than Ethereum, Tron, and Base, according to DeFiLlama.
The burn pipeline also expanded through the AQAv2 upgrade introduced in August 2026. That upgrade directs roughly 90% of yield generated by the platform’s USDC reserves into the Assistance Fund, adding between $14 million and $16 million per transfer. In addition to Assistance Fund burns, about 1.24 million HYPE has been burned through HyperCore fees and slashing, while another 376,060 HYPE has been removed through HyperEVM gas fees.
