Hyperliquid Surges 10% as $1.16 Billion Buybacks Fuel HYPE Flippening Speculation

Hyperliquid (HYPE) climbed nearly 10% to levels above $63, with a $1.16 billion buyback program meeting rising ETF inflows and renewed Binance flippening talk.

The move pushed Hyperliquid’s market cap above $15 billion and the token to 11th in global rankings, with HYPE outpacing most majors over a seven-day window.

Hyperliquid Buyback Engine Anchors the HYPE Bid

The Assistance Fund sits at the center of HYPE’s bid, with Hyperliquid using nearly all trading fee revenue, over $1.16 billion, to buy back HYPE.

“HYPE’s recent rally is driven less by ETF expectations than by Hyperliquid’s built-in buyback mechanism. Since launch, Hyperliquid has funneled nearly all its trading fee revenue, over $1.16 billion, into open-market HYPE buybacks via its Assistance Fund,” WuBlockchain reported, citing Forbes contributor Zennon Kapron.

The protocol routes most perpetual and spot fee revenue into open-market HYPE purchases. The mechanism has absorbed sell pressure during unlocks and sits behind the recent HYPE rally catalysts flagged by traders.

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Bloomberg ETF analyst James Seyffart added a second leg, reporting roughly $53 million in cumulative inflows across 21Shares’ THYP and Bitwise’s BHYP since their May launches.

The flows arrive alongside growing institutional ETF demand for HYPE exposure. Kapron noted the model is volume-sensitive, and a sustained downturn in trading would weaken the buyback floor.

Analyst Floats a Binance Flippening Scenario

Blockchain analyst Simon Dedic framed Hyperliquid as a structural challenger rather than a price story, highlighting a scenario where the DEX dethrones Binance as the “most powerful and most extractive institution.”

The day HYPE flips BNB is the day this industry proves it can replace the things that are holding it back. And it might be closer than most people think,” he said.

Dedic argued that Hyperliquid’s transparent trading model distinguishes it from Binance’s BNB. The framing echoes broader coverage of its challenging exchange hierarchy in derivatives volume.

According to Artemis, Hyperliquid recorded roughly $2.6 trillion in notional trading volume earlier in the year, compared with $1.4 trillion for Coinbase, meaning nearly double the activity.

This milestone fuels debate over whether decentralized trading venues are beginning to rival centralized exchanges in scale and influence.

“Hyperliquid is quietly outgrowing Coinbase. Trading Volume (Notional): Coinbase: $1.4T Hyperliquid: $2.6T That’s nearly 2x Coinbase’s volume… from an on-chain exchange. And the market is noticing,” Artemis stated.

Why Buybacks Worked for HYPE Where PUMP Stalled

The HYPE buyback narrative draws an unflattering comparison with Pump.fun (PUMP), which trades near $0.0018, down roughly 80% from its September high despite more than $350 million spent on repurchases.

BeInCrypto previously reported on the Pump.fun buyback shortfall, where dilution and whale selling have offset the buy pressure.

The contrast turns on revenue quality. Hyperliquid’s perpetual trading fees, anchored to a trillion-dollar perps milestone, are recurring and tied to a professional user base.

Pump.fun’s revenue scales with meme coin cycles, leaving its buyback program short of fuel when interest fades.

The structure holding through a wider crypto drawdown remains the open question, with on-chain revenue, ETF flows, and a credible flippening narrative all pointing in the same direction.

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