TradeXYZ has made its first HYPE token purchase using revenue from perpetual futures trading fees, according to MLM monitoring. Two days ago, the platform moved 250,000 USDC from its perps fee wallet to a spot wallet and bought roughly 2,000 HYPE worth about $110,000, which was then used to buy into a HIP-3 trading pair. New data shows TradeXYZ transferred another 500,000 USDC to the spot wallet and began buying about 9,000 HYPE, valued at roughly $500,000, through a time-weighted average price (TWAP) strategy. Previously, HYPE used to acquire new HIP-3 trading pairs came mainly from spot trading fee income; this is the first time perpetual futures fee income has been used for such purchases. The combined outlay across the two transactions is approximately $610,000.

Bearish sentiment around HYPE has picked up, but the concerns being discussed in the market are not really separate issues. They revolve around three visible pressure points: ongoing team token unlocks, direct selling pressure tied to unstaking and ETF outflows, and Hyperliquid’s growing reliance on a single HIP-3 deployer, trade.xyz. The ChainCatcher article argues that these threads converge on the same structural question. Buybacks meant to support HYPE are funded by protocol fees, a large share of those fees now comes from HIP-3 activity, and that activity is increasingly concentrated in trade.xyz. That makes the token’s value capture story more dependent on one deployer than many investors may have assumed. The article traces how that concentration emerged and why it may not be accidental. Data cited from DefiLlama, Dune, hl.eco, Arrakis, and other sources shows HIP-3 has become a major driver of Hyperliquid volume, while trade.xyz has come to dominate HIP-3 almost entirely. The same market structure may also be appearing in HIP-4, Hyperliquid’s push into prediction markets. In the short run, protocol fee income and buybacks still offer support. Over the medium term, though, the market is watching whether value continues to accrue at the protocol layer or shifts toward the deployer layer, especially after reports that trade.xyz may be seeking funding at a roughly $1.5 billion valuation, a claim that has not been officially confirmed.

Hyperliquid’s token HYPE has remained under pressure since peaking around mid-June, but the platform’s ecosystem has kept expanding, with RWA-linked trading through HIP-3 becoming a larger part of overall activity. Data cited in the report shows Hyperliquid’s share of the global perpetual futures market reached 10.1% on a 14-day rolling average of open interest by Aug. 3, up from 7.1% six months earlier. As of Aug. 1, HIP-3-related RWA names accounted for 41% of perpetual trading volume on the platform, and that figure had recently climbed as high as 74%. The report says Trade.xyz remains the dominant gateway in the HIP-3 ecosystem, backed by first-mover advantage and large trading volumes, while new entrants such as Paragon are trying to gain ground by bidding for tickers and targeting assets with stronger thematic appeal. At the same time, HYPE has fallen 26.8% over the past 30 days, with ETF flow cooling, large on-chain unstaking and exchange transfers by institutional wallets, and weaker buybacks all cited as near-term pressure points. The article also argues that team token unlocks have not become the main source of selling pressure, pointing instead to demand-side changes as the bigger issue for HYPE in the current market.

MLM data shows that since HYPE team token unlocks began in December 2025, 4.93 million HYPE have been allocated to team members, worth about $270 million at current prices and representing 0.493% of total supply. Of that amount, 1.19 million HYPE were sold on the open market for $32.5 million, while another 3.14 million HYPE were transferred to over-the-counter trading venues, with a transfer-time value of about $132 million. In total, roughly 4.33 million HYPE have been sold for around $165 million. MLM said that works out to an average monthly sale pace of about 540,000 HYPE, valued at about $20.6 million. Over the same period, the assistance fund repurchased about 9.8 million HYPE for roughly $364 million, averaging 1.23 million tokens and about $46 million per month. According to the monitoring data, the buyback pace was more than twice the selling pace of current and former team members.

A whale address that had accumulated 2.94 million HYPE between September and October last year has recently staked 2.785 million HYPE through 20 wallets, according to monitoring data from MLM cited by BlockBeats on July 25. The staked holdings are currently valued at about $164 million, while the earlier accumulated position was worth roughly $172 million at the time. On-chain analysts have speculated that the address may belong to Andreessen Horowitz, or a16z, but there has been no official confirmation so far. The move shifts a large amount of HYPE into staking and points to a sizable commitment within the Hyperliquid ecosystem. BlockBeats said the staking activity may signal confidence in Hyperliquid’s longer-term development, though that interpretation remains a market reading rather than a confirmed statement from the holder.

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