Citrini Research has added Hyperliquid to the New Ideas section of its latest State of the Themes: June 2026, giving the decentralized exchange and its HYPE token a fresh nod from a macro and thematic research firm followed closely across equities and crypto.
The firm’s new Hyperliquid call centers on the same themes that have made HYPE one of the strongest large-cap crypto stories of 2026: real protocol cash flow, fee-backed token demand and a growing onchain derivatives platform that looks more like financial infrastructure than a normal altcoin trade.
HYPE was recently trading near $64, up sharply on the day, with live market data still placing Hyperliquid among the largest crypto assets by market value. The token remains below its recent highs after a volatile stretch, but the rebound shows traders are still willing to price Hyperliquid around activity, revenue and buyback mechanics rather than only short-term whale flows.
The new research attention lands shortly after Bitwise CIO Matt Hougan argued that Hyperliquid was still being undervalued as investors focused too narrowly on the platform’s current perp exchange business instead of its larger push toward onchain finance.
HYPE Buybacks Stay At The Center Of The Thesis
Hyperliquid’s token model remains one of the main reasons HYPE keeps drawing attention from research firms, funds and traders. The protocol routes most trading fees toward the community, including HLP, deployers and the Assistance Fund.
The Assistance Fund converts trading fees into HYPE automatically, and HYPE in the fund is burned, removing those tokens from circulating and total supply. That gives traders a direct line between exchange activity, protocol revenue and token demand.
This structure has helped separate HYPE from many exchange-token and DeFi-token stories that depend more heavily on emissions, incentives or insider allocations. The contrast has already been visible in the market, with HYPE and ASTER showing how buybacks can produce very different results when token supply, user distribution and fee capture do not line up the same way.
Citrini’s interest adds another layer because Hyperliquid is increasingly being discussed outside crypto-native circles. The project has become a cleaner way for investors to express a view on 24/7 markets, perpetual futures, onchain liquidity and tokenized financial infrastructure.
Hyperliquid Narrative Broadens Beyond One Token
HYPE’s latest rebound also follows a busy run of Hyperliquid headlines. Arthur Hayes recently denied buying back HYPE after an onchain alert tied a $2.09 million Bybit withdrawal to a linked wallet, keeping whale activity around HYPE in the spotlight.
At the same time, Hyperliquid’s ecosystem is expanding beyond its own trading front end. OpenSea’s planned Hyperliquid-powered perpetuals launch gives the network another distribution path and strengthens the view that Hyperliquid’s core engine can become infrastructure for other apps.
The investment case still carries risk. Perpetual futures are cyclical, trading revenue can fall quickly in weak markets, regulatory pressure remains a live issue and HYPE’s valuation already reflects high expectations. A token built around revenue and buybacks still depends on users continuing to trade, builders continuing to deploy and the protocol defending liquidity against rival venues.
For now, Citrini’s new idea call puts Hyperliquid deeper into the cross-asset investor conversation. HYPE is no longer only a crypto-native momentum trade. It is being framed as a revenue-linked bet on onchain market structure, with buybacks, liquidity and exchange activity driving the next round of investor attention.
