Hyperliquid Crushes Competition with 46% of All Token Buybacks in 2025

Hyperliquid spent $644 million repurchasing HYPE, which accounted for 46% of all 2025 buybacks.

Hyperliquid is leading the token buyback in 2025, according to CoinGecko. The platform has allocated over $644.64 million in revenue to repurchase its HYPE tokens through its Assistance Fund, which represents 46% of all token buyback spending this year.

In fact, Hyperliquid’s buyback efforts are equivalent to the combined spending of the next nine largest buybacks.

HYPE Buybacks Overshadow Market

To date, at least 21.36 million HYPE tokens have been repurchased. This figure accounted for roughly 2.1% of the total supply. Monthly buybacks have averaged $65.50 million, fluctuating from $39.14 million in March to a peak of $110.62 million in August, with an average repurchase price of $30.18 per HYPE.

To put this into perspective, LayerZero ranks as the second largest token buyback, having spent $150 million in September to repurchase 5% of its ZRO supply, with an average price of $3.00. However, this was a one-off discretionary buyback, and CoinGecko expects Hyperliquid’s ongoing program to maintain its dominance.

Meanwhile, Pump.fun occupied the third spot as it spent $138.17 million on repurchases since July, averaging $40.47 million per month, and capturing 3% of its total supply. While Pump.fun’s average buyback price of $0.0046 places its repurchased tokens at a paper loss following the October 10 crypto crash, the program demonstrates a strategic approach to supply management.

Raydium, the Solana-based DEX, leads in token buyback-and-burn activity after spending $100.35 million since 2022. Other notable projects include Rollbit ($27.93 million), Bonk via Bonk.fun ($27.30 million), Tron’s Sun platform ($3.03 million), and exchange WOO ($1.68 million).

Overall, CoinGecko identified 28 projects implementing meaningful buybacks in 2025, amidst a growing trend in the industry as projects explore buybacks as a mechanism to return value to holders and incentivize long-term engagement.

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Token Buybacks Boom

Zooming out, token buybacks have surged to over $1.40 billion so far in 2025. The trend was largely fueled by Hyperliquid. On average, crypto projects have spent roughly $146 million per month repurchasing their tokens this year. A significant spike in September’s figures was linked to LayerZero’s one-off $150 million repurchase, though CoinGecko clarified that this announcement likely distorted month-to-month comparisons.

Excluding that, September’s total buyback spending stood at $168.45 million. Interestingly, the pace of buybacks has accelerated in the second half of 2025 as spending saw a jump of 85% month-on-month in July. As of mid-October, projects have already spent almost $89 million, putting the month on course to log a fourth straight period above the first-half average of over $99 million.