What this calculates
Buyback yield is the shareholder-yield analog for tokens: Buyback Yield % = (Revenue × Buyback%) / Market Cap × 100. But a buyback program only shrinks supply if the tokens burned outpace new tokens entering circulation. So this tool also nets the buyback against emissions/unlocks:
Net Supply Change = Tokens Bought Back − Tokens Emitted
A protocol can run a large, well-marketed buyback and still be net inflationary once vesting cliffs and staking emissions are counted — the "payback years" figure (market cap ÷ annual buyback budget) shows how long the current pace would take to retire the entire float, all else equal.
Related: DeFi Real Yield Calculator · DAO Treasury Runway · Token Vesting / Unlock · Hyperliquid HLP Vault
Frequently asked questions
What is token buyback yield?
Buyback yield is the annual buyback-and-burn spend as a percentage of market cap — the crypto analog of shareholder yield in stocks. Hyperliquid routes 97% of protocol fees into HYPE buybacks, giving it a buyback yield around 5-7% of market cap per year, roughly 4-5x more aggressive than Ethereum's fee burn.
Does a buyback always make a token deflationary?
No. A buyback only shrinks net supply if tokens bought back and burned exceed new tokens entering circulation from emissions, unlocks, or staking rewards. Many protocols advertise buybacks while still being net inflationary once vesting unlocks are counted — this calculator nets the two against each other.
How is buyback yield different from staking APY?
Staking APY is paid to you in new tokens, which dilutes everyone else. Buyback yield removes tokens from circulation entirely, so it benefits every holder proportionally without diluting supply — closer to a stock buyback than a dividend.
What is a good buyback yield in crypto?
Above 3-5% of market cap annually is considered aggressive (HYPE runs near 6%). But yield alone doesn't guarantee price support — check the net supply change, not just the buyback yield, since heavy unlocks can offset even a large buyback program.