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We know that Unit has been periodically running buybacks from their spot fees, and have basically converted 100% of it into HYPE. Just given all the noise around clarity between the relationship between Hyperliquid and Trade[XYZ], or, rather fear of a lack of alignment between two symbiotic key components of the entire Hyperliquid engine, it feels like Trade[XYZ] is sending a message. Now, unlike with unit's proceeds, I do not expect 100% of TradeXYZ fees to go to hyperliquid:native buybacks (given the operating costs of running the perps business) and will be curious to see how regular a thing this is. If it is anywhere near Unit's consistency, with even 10%-20% of the total fees going towards hyperliquid:native buybacks, it is meaty. Currently, they are in the process of buying ~$3.5M in HYPE off the open market. This amounts to ~93% of their July revenue, and ~16% of their total cumulative revenue. hyperliquid#AIMemoryBullTest #FedHawksVsWeakJobs #SpaceXUnlockRebound