Hyperliquid posts $6.84M daily revenue as HYPE faces price pullback
Hyperliquid generated a record $6.84 million in daily revenue on 5 February, driven by a late-January comeback and strong volumes in real-world assets (RWA) such as silver and gold. TradFi assets now represent over 30% of Hyperliquid’s trading volume; silver contracts alone reached $2.2 billion in January. The platform allocated $5.25 million of the February 5 revenue to its HYPE buyback program, purchasing 160.75k HYPE—the largest single-day buyback in 2026. Since late 2024, Hyperliquid has bought back 40.5 million HYPE for burning. These buybacks and RWA demand raised Hyperliquid’s share of perpetual DEX market volume to a record 6.7%, pressuring centralized exchanges. Despite strong fundamentals and deflationary token flows, HYPE’s price cooled after an 84% rally (from $20 to $38), falling below the 200-day SMA and showing bearish RSI divergence. Technicals indicate a likely consolidation or pullback in the $27–$38 range if broader market sentiment remains weak. Key takeaways for traders: record platform revenue and aggressive buybacks support long-term token scarcity, but near-term price risk exists due to technical divergence and market-wide weakness.
Neutral
The news presents a mixed signal for traders. Positives: record daily revenue ($6.84M), a large portion ($5.25M) allocated to HYPE buybacks, and a sustained shift toward RWA (over 30% of volumes) which lifted Hyperliquid’s perpetual market share to 6.7%. These factors support fundamental value accrual, token scarcity through burns, and competitive platform growth—bullish for mid-to-long-term fundamentals. Negatives: HYPE’s price retraced after an 84% rally, broke below the 200-day SMA, and RSI shows bearish divergence, signaling technical weakness and risk of further short-term pullbacks. Market-wide weakness or a broader crypto rout could exacerbate downside. For traders: consider the timeframe—swing/position traders may view revenue and buybacks as a medium-term bullish thesis, but short-term momentum traders should respect the technical resistance and potential consolidation in the $27–$38 range. Historical parallels: exchanges or platforms that reported sudden revenue spikes plus buybacks (e.g., past DEXs during commodity or volatility-driven volume surges) often saw token outperformance after sustained buyback programs, but immediate price reactions frequently included pullbacks when technical indicators diverged or broader markets weakened. Overall impact is balanced—strong fundamentals offset by near-term technical risk.