Buyback Radar

Hyperliquid HYPE

Fairly pricedRank#39▼3Score33

20.2× vs 20.7× for its peers: in line with the median.

Derivatives, Hyperliquid L1, 192 days of data

Active signals 1

  • Multiple below mediansince Nov 7

    Multiple 20.2×, below the 20.7× median of Derivatives (6 tokens).

Market cap

$16.94B

price $69.85 · 7d −16.8% · 30d −13.7%

FDV $66.6B (3.9× market cap)

source defillama

Buyback revenue / year

$837.4M

holders revenue of the last 30 days, $68.8M, × 365 ÷ 30

Buyback + burnbuyback share 100%

Buys back 4.9% of its market cap a year, using 100¢ of every $1 it earns.

Multiple

20.2×

peer median 20.7× (Derivatives, 6 tokens), against 20.2× here

Run-rate

21.7×

last 7 days $15.0M × 52 = $782.1M a year

last week's payout in line with the 30-day pace

What we checked

  1. Valuation

    Multiple 20.2×, in line with its Derivatives peers (median 20.7×, 6 tokens). It is itself the largest earner in the group. On total revenue: 20.2×, 1.7× dearer than the revenue peer median.

  2. Distribution

    Buyback + burn: Revenue buys the token on the market and the bought tokens are burned. Holders got $68.8M of $68.8M revenue in 30 days → buyback share 100%. DefiLlama: “Token Buy Back: 99% of outcome fees net of builder-code fees, used to buy back HYPE.”

  3. Sustainability

    Holders were paid on 30 of 30 days (100%); largest single day 7% of the month's holders revenue; paid to holders this week: 52% of the best week in 90 days. Revenue −22% over 7 days and −3% over 30 days, price −14% over 30 days.

What this does not tell you

The figures come from DefiLlama's adapter for each child protocol. Only a few tokens have an on-chain check (see How the buyback really works); for the rest, whether the tokens were really bought, burned or parked in a treasury wallet is not checked here. Unlocks count where DefiLlama or our research has a vesting schedule; team discretion and liquidity depth only once researched.

Flags

No flags today: no active sell signal, and nothing in the data of this token needs a caveat.

How the buyback really works

Researched Nov 1, 2026 · 1 wallet: 1 high confidence

  1. The moneyPaid from ongoing revenue
  2. The buyerA contract buys back automatically
  3. The tokensBought tokens are burned

The project says 99% goes to buybacks, without saying of what, so we do not compare it with DefiLlama.

On-chain: $69.4M bought back over 30 days = 101% of what DefiLlama reports for the same days.

Method: Hyperliquid info API userFillsByTime: HYPE bought by the Assistance Fund 0xfefe…fefe (spot @107 buys), valued at the daily close. Checked November 12, 2026.

Red flags 4

  • The 'burn' is an accounting treatment. HYPE stays on the system address (no private key) and was recognized as burned after a validator vote in Dec 2025 (about 37M HYPE). There is no transfer to a burn address.
  • The 99% share (previously 97%, until about 2025-08-30) appears only in DefiLlama's calculation. The docs give no exact percentage and say fees go to 'HLP, the assistance fund, and deployers'.
  • HIP-3 and spot deployers may keep up to 50% of the fees from their markets. The buyback share per dollar of volume therefore falls as HIP-3 grows.
  • Since 2026-08-27 DefiLlama includes 90% of the AQAv2 stablecoin reserve yield. That yield only reaches the AF after a 30-day plus 8-day interval, so DefiLlama figures and API fills are not aligned in time.
Buyback wallets 1
Sources 6

Open the buyback wallets in their explorer and look for regular purchases of the token.

Check it yourself (technical)

Hyperliquid info API (POST https://api.hyperliquid.xyz/info), type 'userFillsByTime' with user=0xfefe...fefe, startTime=now-30d (ms), aggregateByTime=true. Paginate in chunks (max 2000 fills per call; only the most recent ~10,000 fills can be retrieved, so fetch and store daily). Count fills with coin '@107' (HYPE/USDC spot) and side 'B': sum(sz) = HYPE bought, sum(sz*px) = USD. Rechecked on 2026-10-31: 212 fills in the last 24 hours, all @107/B, about 8,499 HYPE (roughly $749k). Cross-check: 'spotClearinghouseState' for the same address. On 2026-10-31 the balance was 48,402,760 HYPE, alongside small amounts of USDC, USDT0 and USDH (about 43k). So fees in other quote tokens also come in. Include HYPE purchases against other quote tokens (USDH/USDT0) once such fills appear.

Holders revenue / revenue (30d)
$68.8M / $68.8M
last 30 closed days
To holders
Buys back 4.9% of its market cap a year
FDV / dilution
$66.6B / 3.9×
FDV ÷ market cap
Price 7d / 30d
−16.8% / −13.7%
Revenue growth 7d / 30d
−22% / −3%
versus the period before
Divergence
0.00
revenue growth minus price growth, 30d
DEX liquidity
—
trades mainly on exchanges
24h volume
$811.2M
all markets, CoinGecko
Unlocks 30d
—
DefiLlama's schedule does not cover the next 30 days while tokens are still locked
Revenue multiple
20.2×
market cap ÷ revenue per year
Fee multiple
15.5×
market cap ÷ fees per year
Distance to peak
52%
this week ÷ best week of 90 days
Data since
May 4
first day with holders revenue

Holders revenue and price

Holders revenue per day7-day averagePrice (right axis)▲ ▼ signal days (history below)

Multiple over time

today 20.2× (scored) · peer median 20.7×

Market cap at close ÷ (holders revenue of the previous 30 days × 365 ÷ 30), with holders revenue capped at revenue and × the type factor: the same effective multiple as the peer median. Values above 100× are drawn at the top. Bands as on the meter; dashed line = peer median today.

Signal history

Signal history of this token: date, type, price at the signal, price after 7 and 30 days, change since the signal and the outcome
DateSignalPrice thenAfter 7dAfter 30dSinceOutcome
November 8, 2026Multiple below medianactive$76.72——−9%30-day check: day 3
October 30, 2026Multiple below medianclosed Nov 1: the condition no longer holds$88.17−15%—−21%not counted

Versus peers

Derivatives · 6 tokens · median multiple 20.7×

Main-ranking peers only. Multiples count holders revenue capped at revenue, × the type factor (buyback 1 · buyback + burn 1 · burn 0.75 · mixed 0.75 · distribution 0.5 · unclear 0.5 · ve-distribution 0.25).

This token against its main-ranking peers: multiple, revenue multiple, buyback share, holders revenue, market cap and revenue growth
TokenDistributionMultipleRevenue multipleBuyback shareTo holders 30dMarket capRev. growth 30d
LighterBuyback14.6×11.8×81%$4.4M$775.1M+14%
edgeXBuyback16.0×7.0×44%$622k$120.8M−43%
Hyperliquidleaderthis tokenBuyback + burn20.2×20.2×100%$68.8M$16.94B−3%
ApeX ProtocolMixed21.2×15.9×100%$145k$28.2M−21%
GMXDistribution37.0×13.5×73%$354k$79.6M+15%
dYdXDistribution51.6×25.8×100%$240k$75.2M−15%
Score build-up33 of 100

Total score = 35% valuation + 25% momentum + 20% divergence + 20% quality − penalties, clamped to 0–100. Every number here can be recomputed from the figures on this page.

33of 100#39▼3top 76%
Valuation 12.4Momentum 9.8Divergence 0.0Quality 16.1penalties −5= 33.3
Valuation35%
36Valuation 35.6: HR half 45.6 (multiple 20.23×; 100 at ≤3×, 0 at ≥100×, log scale), revenue half 25.6 (revenue peer value 0.58×; 0 at ≤0.33×, 50 at 1×, 100 at ≥3×, log scale).Average of two halves. HR half: linear in log(multiple), 100 at ≤ 3×, 0 at ≥ 100×, 0 without effective HR. Revenue half: linear in log(revenue peer value), 0 at ≤ 0.33×, 50 at 1×, 100 at ≥ 3×; neutral 50 when the peer group falls back to the universe.
Momentum25%
39Momentum 39.2: m = 0.5·g7 −0.245 + 0.3·(ln(day jump 0.93) clamped ±1.5 = −0.075) + 0.2·g30 −0.032 = −0.151; 0 at ≤−0.7, 50 at 0, 100 at ≥1.1.m = 0.5·g7 + 0.3·ln(day jump, clamped ±1.5) + 0.2·g30; 0 at m ≤ −0.7, 50 at 0, 100 at ≥ 1.1. Neutral 50 when g7 or g30 is missing; a missing day jump counts as 0.
Divergence20%
0Divergence 0.0: d = g30 − p30 = 0.000; 0 at ≤0, 100 at ≥1.5.d = max(0, g30 − p30) when g30 > 0; 0 at d ≤ 0, 100 at d ≥ 1.5, linear.
Quality20%
80Quality 80.3: mean of days HR>0 100% → 100.0 (0 at ≤30%, 100 at ≥90%), largest day 7% of HR30 → 100.0 (0 at ≥60%, 100 at ≤15%), distance to peak 0.52 → 41.0 (0 at ≤0.25, 100 at ≥0.9).Average of: share of days with HR > 0 (0 at ≤ 30%, 100 at ≥ 90%), 1 − largest day ÷ HR30 (0 at ≥ 60%, 100 at ≤ 15%) and distance to peak (0 at ≤ 0.25, 100 at ≥ 0.9).
  • Penalty −5 (dilution_above_2): dilution ratio 3.93 above 2.

Penalties−5

−5Dilution ratio above 2dilution ratio 3.93 above 2

9 rules not applied, 3 wait for research data.

Where the numbers come from
Revenue source
4 active children
DefiLlama adapter per child
Price and market cap
defillama / defillama
latest fetch
Scored on
November 11, 2026
as-of date of the last compute run
On-chain verified
yes
checked Nov 12
Protocols behind this token4 at DefiLlama

Per protocol: DefiLlama's methodology text, the distribution type we read from it and the sentence that decided it. The token takes the type of the protocol that returns the most to holders.

  • Hyperliquid Outcomes
    Prediction Market · Hyperliquid L1
    type buyback · source label
    “Token Buy Back: 99% of outcome fees net of builder-code fees, used to buy back HYPE.”

    99% of outcome fees net of builder-code fees, used by the Assistance Fund to buy back HYPE.

    Token Buy Back
    99% of outcome fees net of builder-code fees, used to buy back HYPE.
    adapter on GitHub ↗
  • Hyperliquid Spot Orderbook
    Dexs · Hyperliquid L1
    type buyback-burn · source label
    “Token Buy Back: 97% of spot trade fees before 30 Aug 2025 and 99% thereafter, after builder code fees and maker rebates, excluding perp fees and unit protocol fees, for buying back HYPE tokens.”

    97% of spot trading fees before 30 Aug 2025 and 99% thereafter, after builder code fees and maker rebates, go to Assistance Fund for buying HYPE tokens, excluding unit protocol fees; HYPE paid in successful HIP-1 token-deployment auctions is permanently burned.

    Token Buy Back
    97% of spot trade fees before 30 Aug 2025 and 99% thereafter, after builder code fees and maker rebates, excluding perp fees and unit protocol fees, for buying back HYPE tokens.
    Spot Deployment Auction Burns
    HYPE permanently removed from supply through successful HIP-1 token-deployment auctions.
    adapter on GitHub ↗
  • Hyperliquid Perps
    Derivatives · Hyperliquid L1
    type buyback-burn · source label
    “Token Buy Back: 99% of perp trade fees (excluding spot fees and builders fees) for buy back HYPE tokens.”

    99% of fees go to Assistance Fund for buying HYPE tokens, excluding builders fees, plus Hyperliquid's 90% share of AQAv2 stablecoin reserve yield since 27 Aug 2026.

    Token Buy Back
    99% of perp trade fees (excluding spot fees and builders fees) for buy back HYPE tokens.
    AQAv2 - USDC Yields
    Hyperliquid gets 90% of cost-adjusted reserve yield revenue from stablecoin deployers
    HYPE Burn From Priority Fees
    All prioroty fees will be used to buy and burn HYPE.
    adapter on GitHub ↗
  • Hyperliquid HLP
    Derivatives · Hyperliquid L1
    type unclear · source text
    “Fees going to governance token holders”

    Fees going to governance token holders

    adapter on GitHub ↗