Skew raises $33M in HYPE tokens from Hyperion DeFi to launch new derivative markets on Hyperliquid.
DeFi & Yields ·
Skew has raised 500,000 HYPE tokens, valued at $33 million, from Hyperion DeFi to fund the development of new derivative markets on Hyperliquid. The funding underscores growing institutional and trader interest in Hyperliquid's native token, which powers an on-chain perpetual futures exchange launched in late 2024 without venture capital backing.
HYPE operates as both a utility and economic claim on protocol revenue through a structured buyback mechanism that directs more than 90% of platform trading fees into open-market token repurchases. This architecture creates a direct link between exchange volume and token value accrual, distinct from traditional altcoin models. The Hyperliquid Assistance Fund, the on-chain treasury managing these buybacks, has become one of crypto's largest token repurchase programs, with the protocol accounting for nearly half of all crypto buybacks in 2025.
The transaction demonstrates continued developer confidence in building markets atop Hyperliquid's infrastructure. What remains unclear is the timeline for Skew's new market launches, the specific derivative instruments planned, or whether additional funding rounds are expected as the platform expands its product suite.