Hyperliquid [HYPE] leads the perpetual DEX market with $5 billion in TVL and over 60% market share, while its strong fundamentals include a P/E ratio of 2 and a buyback program that has repurchased 15.26 million tokens worth $521.85 million since March 2025. With daily revenue of $4 million and a token price of $35.37, it would take only 1.94 years to buy back all liquid supply, suggesting a potential supply squeeze and price recovery as demand outstrips supply.