The move marks the first time the platform has used perps trading fee revenue for HYPE purchases, after earlier buys for HIP-3 pairs were mainly funded by spot fee income.
TradeXYZ has for the first time used revenue from perpetual futures (crypto derivatives with no expiry) trading fees to purchase HYPE, expanding a funding source that had previously been centered on spot trading fees. MLM monitoring said the platform moved 250,000 USDC from its perpetual futures fee wallet to a spot wallet two days ago and bought about 2,000 HYPE worth roughly $110,000, then used that HYPE to buy a HIP-3 trading pair. The latest data shows TradeXYZ transferred another 500,000 USDC to its spot wallet and began steadily buying about 9,000 HYPE worth around $500,000 through a TWAP (time-weighted average price) strategy. Earlier HYPE used to acquire new HIP-3 pairs mainly came from spot fee income, making this the first reported use of perpetual futures fee revenue for such purchases.