Key Takeaways
- • Hyperliquid Strategies raised its share buyback program from $30 million to $100 million, with about $72 million still available for repurchases, and extended the program deadline from December 5, 2026 to October 31, 2027.
- • The buyback targets the company's own $PURR shares, not $HYPE tokens, so it does not commit the company to purchasing more $HYPE or guarantee added demand for the token.
- • $HYPE traded at $75.46 on October 24, 2026, about 23% below its September 23 all-time high of $97.96, according to CoinMarketCap.
- • Hyperliquid's share of real-world asset (RWA) perpetual futures trading reportedly fell from about 80% in July to 26%, while Binance rose from 3% to 30% and OKX reached 14%.
- • Analysts cited $75 as key support for $HYPE and $78-$80 as resistance, with the Federal Reserve's October 28 rate decision as a near-term market catalyst.
Summary
Hyperliquid Strategies has expanded its share buyback program from $30 million to $100 million, according to a company announcement made on Friday. The company said about $72 million remains available for repurchases and extended the program's deadline from December 5, 2026 to October 31, 2027. The company's board cited confidence in its long-term plans. The buyback covers $PURR shares, which Hyperliquid Strategies may repurchase through open-market purchases and other approved methods. It does not cover $HYPE tokens, so the program does not commit the company to buying more $HYPE or guarantee increased token demand.
The expansion comes as $HYPE continues to decline. According to CoinMarketCap, the token traded at $75.46 on October 24, down 2.46% over 24 hours and roughly 23% below its September 23 all-time high of $97.96. The buyback follows a late-2025 transaction involving Sonnet BioTherapeutics and Rorschach I LLC that created an initial treasury valued at about $880 million, including 12.5 million $HYPE tokens worth $580.5 million and nearly $300 million in cash.
Hyperliquid is also facing growing competition in perpetual futures tied to traditional assets such as equities, market indexes and commodities. According to a report cited by the article, its share of RWA perpetual futures trading fell from about 80% in July to 26%. Centralized exchanges now hold 64% of the market, with Binance rising from 3% to 30% and OKX reaching 14%. These markets still matter to Hyperliquid: a Glassnode and Fasanara Digital report found RWA trading volume reached about 85% of the platform's Bitcoin perpetual futures volume. Between September 1 and 24, Hyperliquid showed median order-book depth of $856,000 at the best bid and ask in Bitcoin futures, above OKX's $786,000 but below Binance's $1.03 million. Its Bitcoin spreads, however, averaged 0.127 basis points versus Binance's 0.013, partly due to larger price increments. Hyperliquid and Lighter together handled about $2.9 billion in daily Bitcoin futures volume, or 7.5% of the total market, a share that has grown nearly tenfold since late 2024.
For $HYPE, the article identifies $75 as key support, with a break potentially pushing the token toward $70-$72, and $78-$80 as resistance, where a move above $80 would signal short-term recovery. The Federal Reserve's interest-rate decision on October 28 could also influence broader crypto markets. The article concludes that the expanded buyback signals confidence in the business but does not directly reduce selling pressure on $HYPE or reverse the decline in Hyperliquid's RWA futures share.
The expansion comes as $HYPE continues to decline. According to CoinMarketCap, the token traded at $75.46 on October 24, down 2.46% over 24 hours and roughly 23% below its September 23 all-time high of $97.96. The buyback follows a late-2025 transaction involving Sonnet BioTherapeutics and Rorschach I LLC that created an initial treasury valued at about $880 million, including 12.5 million $HYPE tokens worth $580.5 million and nearly $300 million in cash.
Hyperliquid is also facing growing competition in perpetual futures tied to traditional assets such as equities, market indexes and commodities. According to a report cited by the article, its share of RWA perpetual futures trading fell from about 80% in July to 26%. Centralized exchanges now hold 64% of the market, with Binance rising from 3% to 30% and OKX reaching 14%. These markets still matter to Hyperliquid: a Glassnode and Fasanara Digital report found RWA trading volume reached about 85% of the platform's Bitcoin perpetual futures volume. Between September 1 and 24, Hyperliquid showed median order-book depth of $856,000 at the best bid and ask in Bitcoin futures, above OKX's $786,000 but below Binance's $1.03 million. Its Bitcoin spreads, however, averaged 0.127 basis points versus Binance's 0.013, partly due to larger price increments. Hyperliquid and Lighter together handled about $2.9 billion in daily Bitcoin futures volume, or 7.5% of the total market, a share that has grown nearly tenfold since late 2024.
For $HYPE, the article identifies $75 as key support, with a break potentially pushing the token toward $70-$72, and $78-$80 as resistance, where a move above $80 would signal short-term recovery. The Federal Reserve's interest-rate decision on October 28 could also influence broader crypto markets. The article concludes that the expanded buyback signals confidence in the business but does not directly reduce selling pressure on $HYPE or reverse the decline in Hyperliquid's RWA futures share.
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