Hyperliquid has retired 462 million HYPE worth approximately $1.27 billion from circulation since November 2024, representing about 4.6% of the maximum supply, by allocating 99% of fees to buybacks. Monthly purchases have decreased from $111 million to $37.1 million recently, while daily repurchases still range between $1.1 million and $1.7 million. Hyperion unstaked 519,480 HYPE worth approximately $28.56 million, with these newly liquid tokens not yet flowing significantly to exchanges. AQAv2 is set to redirect roughly 90% of reserve yield from USDC balances into the Assistance Fund, adding another recurring revenue stream. The protocol’s annualized revenue is estimated between $600 million and $950 million, which could allow it to absorb future increases in liquid supply.
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