Citrini Research Names Hyperliquid a 'Compelling' Investment Idea

Citrini Research has named Hyperliquid, a blockchain-based exchange for trading perpetual futures of crypto and other assets, as a 'compelling' investment idea. This comes from the same firm that sparked fear of an AI bubble in February, causing a brief market meltdown.

The research firm highlights that $HYPE generates legitimate cash flow through fees, with over 90% redirected into the Assistance Fund for token buyback. Since its launch in January 2025, cumulative purchases have surpassed $2 billion, accounting for nearly half of all token-buyback activities across the crypto sector last year.

Hyperliquid has generated $1.06 billion in annualized fees and about $220 billion in 30-day perp volume, according to DeFiLama data. The company's dominance in global markets has helped fuel a broader push into perpetual futures - which have historically been banned for American traders due to regulatory constraints.

The Commodity and Futures Trading Commission (CFTC) last month opened the door for certain crypto perpetual futures products to be offered under U.S. oversight, triggering a race among exchanges seeking to capture demand for a market that accounts for the majority of global crypto trading activity.