Hyperliquid (HYPE) climbed nearly 10% to levels above $63, with a $1.16 billion buyback program meeting rising ETF inflows and renewed Binance flippening talk. According to reports from WuBlockchain, citing Forbes contributor Zennon Kapron, the move pushed Hyperliquid's market cap above $15 billion and the token to 11th in global rankings, with HYPE outpacing most majors over a seven-day window. The protocol's Assistance Fund sits at the center of the rally, with Hyperliquid using nearly all trading fee revenue to buy back HYPE through open-market purchases. The token has now reached all-time highs with a 44% weekly gain, fueling speculation it could surpass Binance Coin (BNB) as the leading crypto token.
Bloomberg ETF analyst James Seyffart reported roughly $53 million in cumulative inflows across 21Shares' THYP and Bitwise's BHYP since their May launches, as reported by WuBlockchain. The flows arrive alongside growing institutional ETF demand for HYPE exposure, with Kapron noting the model is volume-sensitive and a sustained downturn in trading would weaken the buyback floor. The ETF inflows provide additional support to the buyback program, which has absorbed sell pressure during unlocks and sits behind the recent HYPE rally catalysts flagged by traders. The launch of spot ETFs in the US has further amplified institutional interest and momentum.
According to Artemis, Hyperliquid recorded roughly $2.6 trillion in notional trading volume earlier in the year, compared with $1.4 trillion for Coinbase, meaning nearly double the activity from the centralized exchange. This milestone fuels debate over whether decentralized trading venues are beginning to rival centralized exchanges in scale and influence. Blockchain analyst Simon Dedic framed Hyperliquid as a structural challenger, highlighting a scenario where the DEX dethrones Binance as the most powerful and most extractive institution. The non-custodial exchange reinvests 99% of transaction fees to fuel the buyback program and support the token's growth trajectory.
The HYPE buyback narrative draws contrast with Pump.fun (PUMP), which trades near $0.0018, down roughly 80% from its September high despite more than $350 million spent on repurchases. As reported by BeInCrypto, the contrast turns on revenue quality, with Hyperliquid's perpetual trading fees anchored to a trillion-dollar perps milestone being recurring and tied to a professional user base, while Pump.fun's revenue scales with meme coin cycles. The structure holding through a wider crypto drawdown remains the open question, with on-chain revenue, ETF flows, and a credible flippening narrative all pointing in the same direction. The sustained buybacks and ETF demand underpin optimism about Hyperliquid's long-term growth and potential to challenge Binance's dominance.
