Hyperliquid crushes the competition with 46% of all token buybacks by 2025

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

According to CoinGecko, Hyperliquid is leading the token buybacks in 2025. The platform has allocated more than $644.64 million in revenue to buy back its HYPE tokens through its Assistance Fund, which represents 46% of all token buybacks this year.

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

HYPE buybacks overshadow the market

To date, at least 21.36 million HYPE tokens have been redeemed. This figure represented approximately 2.1% of the total supply. Monthly repurchases averaged $65.50 million, ranging 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 in perspective, LayerZero is the second largest token buyback, having spent $150 million to buy back 5% of its ZRO offering in September, with an average price of $3.00. However, this was a one-time discretionary buyback, and CoinGecko expected Hyperliquid’s ongoing program to maintain its dominance.

Meanwhile, Pump.fun occupies the third spot as it has spent $138.17 million on buybacks since July, an average of $40.47 million per month, and captured 3% of the total supply. While Pump.fun’s average buyback price of $0.0046 puts the repurchased tokens at paper loss after the October 10 crypto crash, the program demonstrates a strategic approach to inventory management.

Raydium, Solana-based DEX, is leading 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).

In total, CoinGecko identified 28 projects implementing meaningful buybacks by 2025, amid a growing industry trend of projects exploring buybacks as a mechanism to return value to holders and drive long-term engagement.

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Token buybacks are booming

Zooming out, token buybacks have soared to over $1.40 billion by 2025. The trend was largely fueled by Hyperliquid. On average, crypto projects have spent around $146 million per month on buying back their tokens this year. A significant spike in September’s numbers was related to the one-time $150 million buyback of LayerZero, although CoinGecko clarified that this announcement would likely distort month-to-month comparisons.

Excluding that, total buyback expenses in September were $168.45 million. Interestingly, the pace of buybacks has accelerated in the second half of 2025, as spending saw an 85% month-on-month jump in July. As of mid-October, projects have already spent nearly $89 million, putting the month on track to record a fourth consecutive period above the first half average of over $99 million.