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

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.