Hyperliquid, Pump.fun Drive Record $638 Million Crypto Buybacks
Token buybacks are emerging as a key way for Web3 protocols to return revenue to holders, typically by purchasing their own tokens in the market to reduce circulating supply and reinforce token economics. The dominance of decentralized trading platform Hyperliquid and memecoin launchpad Pump.fun also underscores how transaction-driven protocols have built cash flows substantial enough to fund large repurchase programs.
Crypto projects carried out a record $638 million of token buybacks in 2026, according to the Financial Times. Hyperliquid and Pump.fun together accounted for nearly 90% of the total, concentrating most repurchase activity in two platforms. The figures suggest the latest surge has been powered primarily by a small group of high-revenue protocols rather than a broad-based increase across the crypto industry.
All Coverage
1 original reportsThe Backstory
The history behind this eventHyperliquid Volume Hits Record as Revenue Slides 43%, Weakening HYPE Buybacks
Hyperliquid is a decentralized exchange best known for onchain perpetual futures, with HYPE deriving part of its value proposition from protocol fees routed to an Assistance Fund that buys back and burns the token. Demand for real-world asset, or RWA, perpetuals has recently pushed trading volume to a record, but the surge in activity has not translated into a comparable increase in protocol revenue.
Hyperliquid’s total revenue has fallen 43% from its peak, according to the latest figures cited in the report. The decline followed the introduction of a mechanism allowing users to stake HYPE and deploy their own markets, with nearly half of associated fees flowing away from the protocol. That diversion reduces funding available for HYPE repurchases and burns. The report did not specify the measurement date, revenue amount or dollar value of buybacks.
Subscribe to Mark Radar Weekly
Every Friday, the week's strongest signals in your inbox. Unsubscribe anytime.
If you search news on Google, you can set Mark Radar as a preferred source—our coverage will show up more often in your results. Set as preferred source on Google →