Hyperliquid.

The buyback-versus-unlock desk. Is the Assistance Fund soaking up more HYPE than the monthly contributor unlock releases — and where does the richest funding-and-basis carry sit across venues.


§ I ·

The read

Where the supply flywheel and the cross-venue carry desk agree — and where that agreement pays.

ACCUMULATEHYPERLIQUID
The buyback flywheel structurally absorbs the monthly unlock

About 99% of protocol fees route to open-market HYPE buybacks (~$2M a day); the Assistance Fund holds on the order of a full monthly unlock. The unlock overhang that kept HYPE on monitor is now absorbed by the flywheel.

Top carry (net)
Lockup
Supply buffer

Tools only; not financial advice.

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