Citrini Research Calls Hyperliquid a Compelling Crypto Idea

Citrini Research, the firm linked to a February market scare over artificial intelligence stocks, has named Hyperliquid and its HYPE token as a new “compelling” idea, according to CoinDesk. The firm highlighted Hyperliquid’s cash-flow profile and buyback mechanism as features that distinguish it from much of the crypto market.

The development matters because Hyperliquid has become a major venue in decentralized perpetual futures trading, a market segment that accounts for a large share of global crypto activity. CoinDesk reported that HYPE’s thesis is increasingly tied to the exchange’s volumes and revenue, rather than only broader speculative demand.

Hyperliquid is a blockchain-based exchange for perpetual futures tied to crypto and other assets, including commodities and private stocks. According to DeFiLlama data cited by CoinDesk, the platform has generated about $1.06 billion in annualized fees and roughly $220 billion in 30-day perpetual futures volume.

Citrini’s report said more than 90% of platform fees are directed into Hyperliiquid’s Assistance Fund, a buyback vehicle used to purchase HYPE in the open market. Since its January 2025 launch, cumulative purchases have exceeded $2 billion, CoinDesk reported, making the fund a major part of the token’s market structure.

The model also carries a clear dependency: sustained trading activity. CoinDesk noted that some analysts argue the buyback framework could face pressure if derivatives volumes decline. At the same time, U.S. regulatory movement around crypto perpetual futures has drawn interest from major exchanges including Coinbase and Kraken, adding a broader market backdrop to Hyperliquid’s rise.