Hyperliquid Strategies Lifts Buyback to $100M as HYPE Trades 21% Off Peak

• Hyperliquid Strategies increased its stock repurchase authorization from $30 million to $100 million, with approximately $72 million remaining available.
• Hyperliquid and Lighter traded $2.9 billion in Bitcoin futures daily, accounting for 7.5% of total Bitcoin futures volume.
• Hyperliquid’s RWA perpetual futures market share fell from 80% in July to 26%, while centralized exchanges captured 64%.

Hyperliquid Strategies (PURR) announced Friday that its board had increased the buyback authorization from $30 million to $100 million, with approximately $72 million remaining available.

Hyperliquid Strategies raises repurchase authorization to $100 million

The company also extended the program’s expiration date from December 5, 2026, to October 31, 2027, according to a Friday statement.

The program allows Hyperliquid Strategies to repurchase its own PURR shares through open-market transactions and other permitted methods. The company said the expansion reflects its board’s confidence in its long-term capital strategy, although purchases remain discretionary.

The company began purchasing HYPE following a late 2025 business combination involving Sonnet BioTherapeutics and Rorschach I LLC. The deal established an initial treasury of approximately $880 million, comprising 12.5 million HYPE tokens valued at $580.5 million and nearly $300 million in cash.

Hyperliquid faces rising competition from centralized exchanges

HYPE traded near $77 on Friday, down approximately 21% from its all-time high of $97.96 recorded on September 23.

The decline comes as Hyperliquid faces increasing competition in real-world asset (RWA) perpetual futures, even as its order-book liquidity and range of tradable assets demonstrate the platform’s expanding market presence.

In a Friday report from Glassnode and Fasanara Digital, the firms highlighted Hyperliquid’s position in Bitcoin derivatives and the growing importance of traditional financial assets on crypto trading platforms.

The joint report found that Hyperliquid had a median of $856,000 in Bitcoin perpetual futures orders resting at its best bid and ask between September 1 and 24. This placed it ahead of OKX at $786,000 and behind Binance at $1.03 million.

However, Hyperliquid’s quoted spread was 0.127 basis points, nearly 10 times Binance’s 0.013 basis points. The report attributed the difference partly to Hyperliquid quoting Bitcoin in whole-dollar increments, compared with Binance’s $0.10 price increments.

The report also found that Hyperliquid and Lighter together traded approximately $2.9 billion in Bitcoin futures daily, representing 7.5% of total Bitcoin futures volume. Their combined share has risen nearly tenfold since late 2024, when it was below 1%, even as the broader Bitcoin futures market shrank from $81 billion to $38.5 billion in daily volume.

Beyond crypto derivatives, Hyperliquid’s HIP-3 infrastructure has enabled markets for equities, indices and commodities. These traditional-asset perpetuals traded at roughly 85% of Hyperliquid’s Bitcoin perpetual volume, underscoring the growing importance of non-crypto markets to the platform.

However, competition is intensifying. Earlier reports noted that Hyperliquid’s share of RWA perpetual trading volume fell from approximately 80% in July to 26%.

Meanwhile, centralized exchanges collectively captured 64% of the market. Binance’s share rose from 3% to 30%, while OKX reached 14%.