Hyperliquid (HYPE): $14.58 Million From USDC Earnings Flows Into the Buybacks, and What to Watch Now

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Since the start of October, Hyperliquid has paid for its HYPE buybacks not only out of trading fees but also out of the earnings on its USDC reserves. The first payment came to around 14.58 million USDC, while the price sits 13 percent below its record.Hyperliquid buys back its own token, and since the start of October 2026 the protocol has no longer paid for those buybacks out of trading fees alone. Under the AQAv2 framework, around 90 percent of the cost-adjusted earnings from the USDC reserves flow into the same fund that collects HYPE on the open market. The first payment from this source came to around 14.58 million USDC. For holders, that does not move the price overnight; what it changes is the question of what demand for the token actually rests on. The price itself offers little at the moment. HYPE trades at around $85.03, a good one percent above where it stood 24 hours earlier, but down 5.6 percent over seven days (price data from the OKX exchange and from CoinPaprika...