Hyperliquid Filing Confirms Fee-Funded Buyback Program as Market Debates Reported Wallet Activity

Hyperliquid has formally disclosed in a recent Securities and Exchange Commission filing that its Assistance Fund uses protocol trading fees to execute open-market repurchases of its native HYPE token.

According to the official 10-Q filing submitted by Hyperion DeFi—the corporate entity responsible for Hyperliquid’s regulatory compliance—the protocol routes approximately 97% of its fee revenue into a structured buyback and burn pipeline.

The document confirms that the Assistance Fund conducts continuous open-market purchases rather than relying on periodic or discretionary interventions. The filing reports cumulative repurchases of roughly 26.6 million HYPE, with approximately 579,603 tokens permanently retired from circulation through the burn mechanism. This confirmed filing clarifies how Hyperliquid structurally channels fee generation into token liquidity management.

Operating independently of this institutional framework, separate market activity has drawn attention due to independent on-chain tracker reports. These reports link a recent $2.09 million token withdrawal to a wallet associated with BitMEX co-founder Arthur Hayes, though Hayes has publicly denied executing the transaction.

Specifically, independent on-chain monitor Lookonchain reported that a wallet it attributes to Hayes withdrew 33,978 HYPE from the Bybit exchange on June 8. The withdrawal occurred after Hayes publicly disclosed he had sold his entire position of 247,334 HYPE, valued at roughly $18 million, when the token traded above $72 on June 4. Following that exit, HYPE declined approximately 23% to a low near $55.50 before recovering into the $60–$62 range.

Tracker analysis places the repurchase timing shortly before Hayes addressed the circulation online, but wallet attribution remains unverified by exchange records. Hayes responded directly to the reports by stating he had not executed any new purchases. Exchange withdrawal data confirms fund movement but does not publicly establish beneficial ownership or confirm whether the tokens were deployed for trading, staking, or custodial transfer.

HYPE currently trades in the $61 range following recent volatility, with the official buyback framework active and the disputed on-chain reports remaining unresolved until exchange settlement data or further public statements provide additional verification.