- Hyperliquid Strategies expands its share buyback from $30M to $100M, with $72M remaining.
- HYPE drops 23% from its all-time high as Binance and OKX gain RWA futures market share.
- Bearish positioning adds pressure on HYPE, with $75 support and $80 resistance in focus.
Hyperliquid Strategies has increased its share buyback program from $30 million to $100 million as HYPE faces selling pressure and competition in the real-world asset (RWA) futures market.
The company announced Friday that about $72 million remains available for buybacks. It also extended the program’s deadline from December 5, 2026, to October 31, 2027.
However, HYPE continued to fall. According to CoinMarketCap, the token traded at $75.46 on October 24, down 2.46% in 24 hours and about 23% below its September 23 all-time high of $97.96.
The move raises questions about whether the company’s buyback strategy can help restore market confidence as competition increases.
Hyperliquid Strategies Expands $100M Buyback
Hyperliquid Strategies (PURR) said the larger buyback reflects its board’s confidence in the company’s long-term plans. The program allows the company to repurchase its own PURR shares through open-market purchases and other approved methods.
The move follows a late-2025 business deal involving Sonnet BioTherapeutics and Rorschach I LLC, which created an initial treasury worth about $880 million. This included 12.5 million HYPE tokens valued at $580.5 million and nearly $300 million in cash.
Importantly, the buyback targets PURR shares, not HYPE tokens. This means the company is not committing to buying more HYPE, and the program does not guarantee increased demand for the token.
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Hyperliquid Loses Ground in RWA Futures
Hyperliquid is facing competition in perpetual futures tied to traditional assets such as stocks, market indexes, and commodities. Its share of RWA perpetual futures trading reportedly dropped from about 80% in July to 26%.
Meanwhile, centralized exchanges captured 64% of the market. Binance increased its market share from 3% to 30%, while OKX reached 14%. This puts more pressure on Hyperliquid’s HIP-3 system, which supports these types of markets.
Despite the competition, traditional-asset futures remain important to Hyperliquid. A report by Glassnode and Fasanara Digital found that trading volume in these markets reached about 85% of the platform’s Bitcoin perpetual futures volume.
Hyperliquid also showed strong liquidity in Bitcoin futures. Between September 1 and 24, it had $856,000 in median orders at the best buying and selling prices. This was higher than OKX’s $786,000 but lower than Binance’s $1.03 million.
However, Hyperliquid’s Bitcoin trading spreads were wider than Binance’s. Its spread was 0.127 basis points, compared with Binance’s 0.013 basis points, partly because Hyperliquid uses larger price increments.
Hyperliquid and Lighter also handled about $2.9 billion in daily Bitcoin futures trading combined, accounting for 7.5% of the total market. Their combined market share has grown nearly tenfold since late 2024, even as the overall Bitcoin futures market has shrunk.
Can HYPE Recover?
HYPE’s next price movements depend on a few key levels:
- $75 support: This is the key price level to watch, as a drop below it could push HYPE toward $70–$72.
- $78–$80 resistance: A move above $80 would signal a short-term recovery.
- October 28: The Federal Reserve’s interest-rate decision could influence the broader crypto market.
Overall, Hyperliquid Strategies’ expanded buyback program demonstrates confidence in its business strategy, but it does not directly reduce selling pressure on HYPE or reverse Hyperliquid’s declining share of RWA futures trading.
HYPE’s recovery will depend on broader market conditions, traders’ positioning, and Hyperliquid’s ability to compete more effectively with exchanges such as Binance and OKX.
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Related: Hyperliquid Confirms Singapore Registration Without MAS License
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
