Citrini, the research firm that caused AI stocks meltdown lays out Hyperliquid as new 'compelling' idea

The research firm says that, unlike most crypto, Hyperliquid actually generates cash flow and has a token buyback mechanism.

Citrini, the research firm that caused AI stocks meltdown lays out Hyperliquid as new 'compelling' idea

Finance

Influential research firm that caused AI stock meltdown lays out Hyperliquid as 'compelling' idea

Unlike most crypto, Hyperliquid actually generates cash flow and has a token buyback mechanism, says Citrini Research

By

Aoyon Ashraf

,

Helene Braun

|

Edited by

Stephen Alpher

Jun 8, 2026, 6:41 p.m.

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Hype hyped by Citrini (Getty images)

Summary

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Citrini Research, the firm that helped spark February’s AI-driven market scare, has named crypto exchange Hyperliquid and its HYPE token as a new “compelling” investment idea.

Hyperliquid, a leading decentralized platform for perpetual futures, has generated about $1.06 billion in annualized fees, with more than 90% of fees funneled into a buyback fund that has purchased over $2 billion of HYPE since January 2025.

HYPE’s value is increasingly tied to Hyperliquid’s trading volumes and revenue, even as U.S. regulators such as the CFTC begin opening the door to crypto perpetual futures products that major exchanges like Coinbase and Kraken are racing to offer.

Citrini Research, the firm that

sparked massive fear

of an artificial intelligence bubble in February and triggered a brief market meltdown, has listed crypto exchange Hyperliquid and its token as a new "compelling" idea.

The research firm said in its report on Monday that "unlike the memetic majority of crypto (bitcoin included), HYPE generates legitimate cash flow. On top of that, there is even a buyback mechanism," according to an

excerpt shared

on social media, which is gated by a paywalled version of the report.

Hyperliquid is a blockchain-based exchange that allows users to trade perpetual futures of crypto and other assets, such as commodities and private stocks. Its associated token, HYPE, has been one of the biggest outperformers this year, even as the rest of the digital asset sector was caught in a freefall.

The platform has generated $1.06 billion in annualized fees and about $220 billion in 30-day perp volume, according to

DeFiLama data

"Over 90% of the fees generated by the platform are redirected into the Assistance Fund [token buyback vehicle], which are then systematically used to purchase HYPE on the open market," the Citrini Report said.

"The structure in itself is attractive, but what's more astonishing is the pure scale of the Fund. Since its launch in January 2025, cumulative purchases have surpassed $2 billion," the report added, noting that the buyback accounted for nearly half of all token-buyback activbities across crypto sector last year.

Hyperliquid has emerged as the dominant player in decentralized perpetual futures trading, accounting for the majority of on-chain derivatives volume. HYPE’s investment thesis is increasingly tied to the underlying business performance of the exchange, however, some analysts have argued that the buyback model relies heavily on sustained trading activity and could come under pressure if derivatives volumes decline. Nevertheless, the company’s ability to generate substantial revenue sets it apart from much of the crypto sector where many token valuations are simply a result of speculation.

Beyond the company’s business model, its dominance in global markets has helped fuel a broader push into perpetual futures - which have historically been banned for American traders due to regulatory constraints - in the U.S.

The Commodity and Futures Trading Commission (CFTC) last month opened the door for certain crypto perpetual futures products to be offered under U.S. oversight. The move has triggered a race among exchanges, including Kraken and Coinbase (COIN), seeking to capture demand for a market that accounts for the majority of global crypto trading activity. While Coinbase has already expanded its perp offerings in the U.S., Kraken is likely launching its product later this month.

Hyperliquid

Derivatives

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Latest Research

CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High

CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High

In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.

By

CoinDesk Research

Jun 15, 2026

In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.

Why it matters

:

In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.

View Full Report

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