HYPE Trades 21% Below Peak as Hyperliquid Strategies Raises Buyback to $100M

• An expanded share buyback authorisation leaves Hyperliquid Strategies with approximately $72 million available, after the limit was raised from $30 million to $100 million.
• Together, Hyperliquid and Lighter accounted for 7.5% of total Bitcoin futures volume, with daily trading of $2.9 billion.
• Centralised exchanges secured 64% of the RWA perpetual futures market as Hyperliquid’s share declined to 26% from 80% in July.

A larger buyback authorisation has left Hyperliquid Strategies (PURR) with approximately $72 million still available for repurchases. The company said on Friday that its board had raised the limit from $30 million to $100 million.

What changes with Hyperliquid Strategies’ $100 million buyback authorisation?

An extension of the programme’s expiry from 5 December 2026 to 31 October 2027 was also disclosed in the company’s Friday announcement.

Under the programme, Hyperliquid Strategies can buy back its PURR shares in the open market and through other permitted methods. While repurchases remain discretionary, the company said the expanded authorisation reflects the board’s confidence in its long-term capital strategy.

Purchases of HYPE began after a business combination in late 2025 involving Sonnet BioTherapeutics and Rorschach I LLC. That transaction created an initial treasury of approximately $880 million, consisting of 12.5 million HYPE tokens worth $580.5 million and nearly $300 million in cash.

How is centralised exchange competition affecting Hyperliquid?

At around $77 on Friday, HYPE was trading approximately 21% below the all-time high of $97.96 reached on 23 September.

The price decline coincides with stronger competition for Hyperliquid in real-world asset (RWA) perpetual futures. At the same time, the platform’s order-book liquidity and breadth of tradable assets point to its growing market presence.

Published on Friday, a study by Glassnode and Fasanara Digital examined Hyperliquid’s standing in Bitcoin derivatives and highlighted the increasing role of traditional financial assets on crypto trading platforms.

Between 1 and 24 September, the joint report recorded a median of $856,000 in Bitcoin perpetual futures orders resting at Hyperliquid’s best bid and ask. Hyperliquid therefore ranked above OKX, at $786,000, but below Binance, at $1.03 million.

Quoted spreads told a different story: Hyperliquid’s 0.127 basis points was nearly 10 times Binance’s 0.013 basis points. According to the report, part of this gap arose because Hyperliquid quotes Bitcoin in whole-dollar increments, whereas Binance uses price increments of $0.10.

Daily Bitcoin futures trading on Hyperliquid and Lighter together totalled approximately $2.9 billion, or 7.5% of the overall market, the report also found. Since late 2024, when their combined share stood below 1%, it has expanded nearly tenfold. Over the same period, daily volume across the wider Bitcoin futures market contracted from $81 billion to $38.5 billion.

Hyperliquid’s HIP-3 infrastructure has broadened trading beyond crypto derivatives to include equities, indices and commodities. Volume in these traditional-asset perpetuals amounted to roughly 85% of the platform’s Bitcoin perpetual volume, highlighting the increasing significance of non-crypto markets for Hyperliquid.

Competitive pressure, however, continues to build. Earlier reports highlighted a drop in Hyperliquid’s share of RWA perpetual trading volume, from approximately 80% in July to 26%.

Centralised exchanges, by comparison, took a combined 64% market share. Within that group, Binance advanced from 3% to 30%, while OKX’s share reached 14%.