Hyperliquid's growing perp share feeds fees into HYPE buybacks even as the market shrinks. Its share among the top 12 perp DEXs rose from 25% in January to 43% in September, below August's 47% peak. Its trailing buyback yield is 3.52% versus 1.51% for the S&P 500, but depends on trading volume and shrinks on fully diluted supply as tokens unlock. Watcher Guru reported plans by the NYSE owner to bring HYPE perps to regulated US markets; $100 remains the chart target. x.com  x.com  x.com  x.com  x.com  … Show more

Hyperliquid's buybacks return value to HYPE holders as its trading business grows. Its 2025 token buybacks totaled $817.79 million, more than Robinhood's $653 million in stock repurchases. Traditional finance moving onchain could bring hundreds of trillions in digital assets and quadrillions in derivatives volume; even at today's price, HYPE still has 100x potential. x.com  x.com 

ICE's planned US perps access could grow Hyperliquid's users, volume and revenue, but that growth may already be priced into HYPE. CFTC approval, a launch and actual US adoption are still needed; even then, extra fees and buybacks must beat expectations. ICE backing, Druckenmiller investing and Elon tweeting have made the story widespread. The easy HYPE trade looks over for average retail investors, though this call could be early. x.com  x.com 

All HYPE bears have been liquidated while sidelined bulls remain, leaving Hyperliquid's token headed higher. Everyone called it the most crowded trade. An attached chart pairs the move with trade[XYZ]'s announcement that it and ICE are bringing 24/7 perpetual futures on Hyperliquid to the US. x.com 

Hyperliquid is taking share as infrastructure underpinning financial markets, supporting a long view on HYPE. Stan Druckenmiller said trade(xyz) is partnering with ICE to bring 24/7 perpetual futures on Hyperliquid to the US; that is welcome progress. x.com 

Hyperliquid's valuation looks stretched against what serious markets pay for exchanges, and perpetual futures have been, and always will be, a niche product with no real moat. x.com 

Hyperliquid is attractive because live protocols with oracle and liquidation risk can charge for ongoing risk management, giving them a potential moat. Easily copied protocols may see margins competed away. Crypto revenue continues to rise while total market cap is down nearly 40%, making good revenue-backed coins a generational long-term opportunity. Not every protocol has a moat. x.com  x.com  x.com 

Hyperliquid, the top decentralized perpetuals exchange, generates more fees than most centralized exchanges, which is driving HYPE toward $100 and showing DeFi is not dying. HYPE is up 69% from its $57 base. x.com 

Aster remains one of the most undervalued DEX and privacy coins, with a bottomed-out chart ready to run back to previous all-time highs. It still generates over $200K a day in revenue, which should grow in a good market. Its dark pools make it the only DEX where traders can size perps without getting hunted, it is backed by Binance, and it lists attention tokens faster than anyone. x.com 

Beyond Bitcoin, BNB and HYPE are the only two crypto assets with relatively high certainty. HYPE has gone into beast mode even in a bear market, rising from $20-plus to $60-plus, and it remains a top pick. Glassnode said HYPE is the most requested asset for new on-chain metrics. Rival Aster, by contrast, is retreating to small-cap, high-volatility assets after HYPE took the TradFi and RWA opportunity, which limits its ceiling. x.com