$100M: Hyperliquid Strategies Expands Buyback as HYPE Trades 21% Below Peak

• $100 million is Hyperliquid Strategies’ new share buyback authorisation. Raised from $30 million, it leaves approximately $72 million available for repurchases.
• $2.9 billion in daily Bitcoin futures turnover came from Hyperliquid and Lighter, representing 7.5% of total Bitcoin futures volume.
• 26% was Hyperliquid’s share of RWA perpetual futures trading, down from 80% in July, as centralised exchanges took 64%.

$100 million is the revised buyback authorisation approved by Hyperliquid Strategies’ (PURR) board. Announced on Friday, the increase from $30 million leaves approximately $72 million available for further repurchases.

$100 million buyback authorisation approved at Hyperliquid Strategies

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

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

Following a business combination involving Sonnet BioTherapeutics and Rorschach I LLC in late 2025, the company started buying HYPE. That transaction created an initial treasury of approximately $880 million: 12.5 million HYPE tokens worth $580.5 million, alongside nearly $300 million in cash.

26% RWA share leaves Hyperliquid facing stronger centralised competition

At around $77 on Friday, HYPE stood approximately 21% below its record high of $97.96, set on 23 September.

Increasing competition in real-world asset (RWA) perpetual futures forms the backdrop to the price decline. Yet Hyperliquid’s order-book liquidity and selection of tradable assets point to a widening market presence for the platform.

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

Between 1 and 24 September, the median value of Bitcoin perpetual futures orders at Hyperliquid’s best bid and ask was $856,000, according to the joint report. Binance ranked above it at $1.03 million, while OKX was lower at $786,000.

On quoted spreads, however, Hyperliquid’s 0.127 basis points was nearly 10 times Binance’s 0.013 basis points. Part of that gap, the report said, reflected Bitcoin quotation increments: whole dollars on Hyperliquid versus $0.10 on Binance.

Combined daily Bitcoin futures turnover at Hyperliquid and Lighter was approximately $2.9 billion, or 7.5% of the total, the report found. Their aggregate share has expanded nearly tenfold from below 1% in late 2024. Over the same period, daily turnover across the wider Bitcoin futures market contracted from $81 billion to $38.5 billion.

Markets for equities, indices and commodities have also been made possible by Hyperliquid’s HIP-3 infrastructure, extending its reach beyond crypto derivatives. Turnover in these traditional-asset perpetuals was roughly 85% of the platform’s Bitcoin perpetual volume, highlighting the increasing significance of non-crypto markets to Hyperliquid.

Competitive pressure is nevertheless mounting. As earlier reports observed, Hyperliquid’s share of RWA perpetual trading volume declined to 26% from approximately 80% in July.

Centralised exchanges, by contrast, secured a combined 64% of the market. Within that group, Binance increased its share to 30% from 3%, and OKX reached 14%.