Hyperliquid Burns $1.53 Million in HYPE Tokens in 24 Hours Amid Price Dip

LocalCryptoNews rails-and-venues note (2026-11-12): As HYPE dips below $70, Hyperliquid buys back 21,200 tokens and pushes total lifetime burns past 5% of supply. Primary source: original at U.Today (u.today).

November 12, 2026 3:24 PM GMT · U.Today 3 min read

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Decentralized exchange Hyperliquid has bought back and burned 21,200 HYPE over the past 24 hours, spending $1.53 million on the purchase at an average price of $72.31, according to Onchain Lens.

The on-chain analytics platform also reported that Hyperliquid has permanently removed a total of 50.47 million HYPE from circulation since the launch of the token. That is 5.05% of the max supply of 1 billion HYPE, and at the current price, the burned tokens are worth around $3.51 billion.

The latest buyback comes amid the decline in the price of the cryptocurrency. On Nov. 12, the price of HYPE went down by 3.45%, and at press time, the token stands at $69.52, according to TradingView. Earlier this autumn, the price of HYPE was above $90.

Hyperliquid pays for the buybacks in dollars, so the decentralized exchange is able to buy more HYPE with the same amount of money when the price of the token goes down.

Hyperliquid revenue tops $1.4 billion since late 2024

DeFiLlama data shows that Hyperliquid has earned $1.41 billion for HYPE holders since December 2024. Over the past 30 days, the decentralized exchange earned $68.82 million, and its earnings for the past week stand at $15.04 million.

Over the last day, the platform collected about $1.46 million in fees, slightly less than the amount it spent on the buyback. Besides, DeFiLlama data shows that Hyperliquid currently earns more in fees than Ethereum, Tron and Base.

The largest part of the burned tokens, 48.85 million HYPE, was bought back by the Assistance Fund. The fund automatically receives between 97% and 99% of the fees from perpetual and spot trading on Hyperliquid, and the rest of the fees go to the HLP liquidity pool and to the builders of individual markets.

The Assistance Fund buys HYPE on the open market and sends the tokens to the "0xfefe...fefe" address. It is a system address that does not have a private key. In December 2025, Hyperliquid validators formally recognized the tokens held at this address as burned.

AQAv2 upgrade sends USDC yield to buybacks

In August 2026, Hyperliquid also introduced the AQAv2 upgrade. Under the upgrade, around 90% of the yield generated by the USDC reserves on the platform now goes to the Assistance Fund. Each of these transfers brings between $14 million and $16 million to the fund.

Besides the Assistance Fund, HYPE is also burned through network fees. Around 1.24 million HYPE has been burned through fees and slashing on HyperCore, the base layer of Hyperliquid. Another 376,060 HYPE has been burned as gas fees on HyperEVM, the smart contract layer of the network.