Hyperliquid (HYPE) users have spent the last few days debating a change that would slightly reshape how the system handles its revenue. A proposal called HIP-5 recommends taking a slice of daily fees and redirecting them to support new ecosystem projects like PURR and Kinetiq.
Right now, almost every dollar earned goes toward buying HYPE off the market. If HIP-5 is approved, buybacks would slow down a bit, which could soften price strength in the near term.
Supporters believe it creates a healthier economy around Hyperliquid, while critics argue that the buyback engine should remain fully focused on HYPE itself.
#Hyperliquid continues leading the buyback programs with more than 6x buback value compared to 2nd place Pump. 👀 pic.twitter.com/rE3b3KNbek
— Rand (@cryptorand) November 6, 2025
Moreover, Hyperliquid has become the go-to venue for large futures positions. That was clear again when a single trader opened a leveraged short worth $136M across BTC and XRP. Moves like that only happen on platforms with serious liquidity and execution reliability.
Read Also: Here’s Why Zcash (ZEC) Is Pumping as Monero Dips Again
At the same time, decentralized perpetual exchanges as a category have been climbing toward mainstream dominance – and Hyperliquid still sits at the front of that shift.
Even if competition grows, its current lead reinforces HYPE’s role as the core token behind a critical and heavily used market.
HYPE Buybacks Tell the Real Story
While traders argue over governance and market share, the chart that keeps investors excited is the buyback leaderboard. Hyperliquid has spent around $916M buying back HYPE – more than six times what Pump.fun has managed.
That’s not a small edge. Every day, supply tightens as the protocol uses real trading revenue to refill its treasury with its own token.
When supply shrinks while demand continues to rise, price pressure builds naturally. That’s why people look at HYPE differently than hype-driven meme assets – there’s a functioning machine underneath it.
Where Hyperliquid Price Could Go If This Pace Continues
The HYPE price trades around $37.89 today, but nothing about this setup suggests a finished trend. If the protocol keeps capturing futures volume and buybacks remain this aggressive, $50 becomes a reasonable short-term checkpoint rather than a dream.
And if Hyperliquid keeps growing in a market swinging toward decentralized trading, triple-digit pricing starts to enter the conversation without feeling ridiculous.
As long as Hyperliquid keeps eating liquidity and buying back supply at this pace, time may be doing most of the heavy lifting for HYPE holders.
Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.
