Hyperliquid is crushing the competition with 46% of all token redemptions in 2025

Hyperliquide spent $644 million to buy back HYPE, representing 46% of all 2025 buybacks.

Hyperliquide leads in token buyback in 2025, according to CoinGecko. The platform has allocated over $644.64 million in revenue to repurchase its HYPE tokens through its support fund, which accounts for 46% of all token repurchase spending this year.

In fact, Hyperliquide’s buyback efforts are equivalent to the combined spending of the next nine largest buybacks.

HYPE buyouts 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 redemptions averaged $65.50 million, fluctuating from $39.14 million in March to a high of $110.62 million in August, with an average redemption price of $30.18 per HYPE.

To put that into perspective, LayerZero ranks as the second largest token buyback, having spent $150 million in September to buy back 5% of its ZRO supply, with an average price of $3.00. However, this is a one-time discretionary buyback and CoinGecko expects Hyperliquide’s ongoing program to maintain its dominance.

Meanwhile, Pump.fun was in third place, spending $138.17 million on buybacks since July, an average of $40.47 million per month, and capturing 3% of its total supply. While Pump.fun’s average buyback price of $0.0046 places its repurchased tokens at a paper loss following the October 10 crypto crash, the program demonstrates a strategic approach to supply management.

Raydium, the Solana-based DEX, is leading in token repurchase and burning activity having spent $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 the exchange WOO ($1.68 million).

Overall, CoinGecko identified 28 projects implementing significant buybacks in 2025, amid a growing trend in the sector, with projects exploring buybacks as a mechanism to return value to holders and encourage long-term engagement.

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Token buyback boom

Zooming out, token redemptions have reached over $1.40 billion so far in 2025. The trend has been largely fueled by hyperliquid. On average, crypto projects have spent around $146 million per month buying back their tokens this year. A significant rise in September’s numbers was linked to LayerZero’s one-time $150 million buyout, although CoinGecko clarified that this announcement likely distorted monthly comparisons.

Excluding that, September’s total buyout spending was $168.45 million. Interestingly, the pace of buybacks accelerated in the second half of 2025, with spending jumping 85% month-over-month 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 more than $99 million.