TradeXYZ diverted $750K in perp fees to acquire ~11K HYPE tokens, marking a shift from spot fee-funded HYPE purchases for HIP-3 ticker purchases.
DeFi & Yields ·
TradeXYZ's fee recipient wallet has shifted its funding strategy for HYPE token acquisitions, now drawing from perpetuals fee revenue instead of spot trading fees. Two days ago, the wallet transferred $250K USDC from its perps fee accumulation address to spot markets and deployed roughly $110K to purchase 2K HYPE tokens, which were subsequently used to buy HIP-3 tickers. The wallet has since moved an additional $500K to spot and begun a time-weighted average price acquisition of approximately 9K HYPE tokens.
This marks a departure from prior practice. Until now, HYPE purchases supporting new HIP-3 ticker issuance were funded exclusively through spot fee revenue. The switch to perps fee revenue suggests either a change in capital allocation priorities or a response to fee flow dynamics between the two revenue streams.
The total value of HYPE acquired across both tranches—approximately $610K at current levels—signals a material reallocation of cash flow. What remains unclear is whether this represents a one-time tactical shift or a lasting change in how fee revenue is deployed, and whether similar movements are occurring across other protocol participants.