by routing deployer fees into TWAPs targeting 59k HYPE, TradeXYZ added a small direct bid equal to 0.0265% of circulating supply. in the trailing 30 days, TradeXYZ markets handled 56.3% of Hyperliquid perp volume, and TradeXYZ can set all-in HIP-3 fees as high as 3x the standard rate. if TradeXYZ raises the rate and trading volume holds, Hyperliquid routes more fees into automatic HYPE buys and burns, and TradeXYZ has more deployer revenue available for repeat HYPE purchases. ...