Hyperliquid, a decentralised derivatives exchange, said its next network upgrade will direct 99% of trading-fee revenue to buy back its native HYPE token, leaving just 1% for the platform’s liquidity-provider pool. The move sharply increases the proportion of cash flows supporting the token compared with the current structure, which allocates a bigger share to liquidity incentives. Data from market-tracker CryptoRank show Hyperliquid’s assistance fund has already repurchased about $106 million of HYPE over the past month at an average price of $42.8, using existing fee income. Channeling almost all future fees to the fund would accelerate those purchases and could further reduce the circulating supply of the token. Investors welcomed the change, sending HYPE up roughly 12% on Tuesday to just under $50, its highest level in months. The rally outpaced broader digital-asset markets, underscoring optimism that the new buyback policy will strengthen token economics and deepen user loyalty to the exchange.