Citrini Research, which had a wide impact in the markets in February with its artificial intelligence bubble warning, this time focused on the crypto derivative platform Hyperliquid and the HYPE token. In its report published on Monday, the research company evaluated HYPE as “remarkable” and stated that the token is based on a structure that generates income beyond speculative valuations.
The model highlighted by the report
According to the report section shared on social media, Citrini Research stated that, unlike the majority of crypto assets, HYPE produces “legitimate cash flow” and also has a token buyback mechanism. The company’s full report is available behind paid access.
The report stated that more than 90 percent of the fees generated by the platform are directed to the token buyback tool called Assistance Fund, and this resource is used to regularly purchase HYPE from the open market.
Hyperliquid operates as a blockchain-based exchange that allows users to trade perpetual futures in products such as commodities and private company stocks, as well as crypto assets. HYPE, on the other hand, was among the tokens that performed strongly this year, while most of the digital asset market declined sharply.
Mini glossary: Perpetual futures are derivative contracts traded without a specific maturity date. For these products, a balancing mechanism called the funding rate is often used to keep the price close to the spot market.
Revenue and buyback data
According to DeFiLama data, the platform’s annualized fee income reached $1.06 billion, and its continuous futures trading volume in the last 30 days reached approximately $220 billion. Citrini Research emphasized that in addition to the attractiveness of the structure, the scale of the buyback fund also attracted attention.
The report noted that cumulative purchases made through the fund launched in January 2025 exceeded $2 billion. In the same evaluation, it was stated that these buybacks constituted almost half of the total token buyback activities in the crypto industry last year.
Market position and risks
Hyperliquid stands out as one of the dominant players in the decentralized perpetual futures space, capturing the bulk of on-chain derivatives volume. Therefore, the investment thesis for HYPE is increasingly tied to the commercial performance of the platform.
However, some analysts point out that the buyback pattern is significantly dependent on high trading activity. There are also assessments that this structure may be under pressure if there is a decline in derivative volumes.
A new era in the US market
Another striking element in the news was the regulatory developments on the US side. The U.S. Commodity Futures Trading Commission (CFTC) last month cleared the way for certain crypto perpetual futures products to be offered under U.S. supervision. CFTC is known as the federal agency that oversees the US derivatives markets.
This step started a new competition between exchanges in the market that accounts for a significant part of the global crypto transaction volume. While Coinbase is constantly expanding its futures products in the USA, it is reported that Kraken is expected to launch a similar product this month.
