Why did Citrini Research highlight Hyperliquid as a top crypto investment idea?

Citrini Research argued that Hyperliquid stands out because it generates substantial revenue and uses a large portion of its fees to buy back HYPE tokens. The firm believes this creates a stronger fundamental investment case than many crypto projects that rely primarily on speculation.

Hyperliquid is a blockchain-based trading platform focused on perpetual futures contracts. Users can trade cryptocurrencies and other assets through a decentralised derivatives marketplace.

What is the HYPE token and how does it work?

HYPE is the native token of the Hyperliquid ecosystem. Its value is increasingly linked to the exchange's trading activity because platform fees are used to purchase HYPE tokens through an ongoing buyback programme.

How much revenue is Hyperliquid generating?

According to the report, Hyperliquid has generated approximately $1.06 billion in annualised fees. The platform has also processed around $220 billion in perpetual futures trading volume over the past 30 days.

Why is Hyperliquid’s buyback programme attracting attention?

More than 90% of platform fees are directed into an assistance fund that purchases HYPE tokens on the open market. Citrini Research noted that cumulative buybacks have exceeded $2 billion since January 2025, making it one of the largest token repurchase programmes in crypto.

How does Hyperliquid differ from many other crypto projects?

Many crypto tokens derive value primarily from market sentiment and speculation. Hyperliquid generates recurring revenue from trading activity, giving investors a clearer connection between business performance and token demand.

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Citrini Research backs Hyperliquid as top pick

Written by Heidi Cuthbert Published Jun. 9 2026Last Updated Jun. 9 2026

Citrini Research, the investment research firm that drew attention earlier this year for warning about an artificial intelligence stock bubble, has highlighted Hyperliquid and its HYPE token as a compelling opportunity within the cryptocurrency sector.

The firm argued that Hyperliquid stands apart from many crypto assets because it generates substantial revenue and channels the majority of its fees into a token buyback programme that supports demand for HYPE.

“Unlike the memetic majority of crypto (bitcoin included), HYPE generates legitimate cash flow,”

Citrini Research said in a report released on Monday.

Hyperliquid operates a decentralised perpetual futures exchange that allows users to trade cryptocurrency derivatives and other assets, including commodities and private company shares.

According to data cited in the report, the platform has generated approximately $1.06 billion in annualised fees and processed around $220 billion in perpetual futures trading volume over the past 30 days.

The report noted that more than 90% of fees generated by the platform are directed into an assistance fund that systematically purchases HYPE tokens on the open market, with cumulative buybacks exceeding $2 billion since January 2025.

Hyperliquid's growing influence comes as US regulators begin opening the door to regulated crypto perpetual futures products, prompting exchanges including Coinbase and Kraken to expand their offerings in a market that accounts for the majority of global cryptocurrency trading activity.

While some analysts caution that Hyperliquid’s buyback model depends heavily on maintaining strong trading volumes, supporters argue that the platform’s ability to generate significant revenue distinguishes it from many crypto projects whose valuations remain largely driven by speculation.

At the time of reporting, Hyperliquid price was $61.92.