Is Hyperliquid adding nearly $500,000 in daily HYPE buyback funds? According to on-chain calculations by Arete Capital managing partner McKenna, the USDC associated with AQA v2 currently totals approximately $6.211 billion. Of this, about $5.888 billion is held in the Coinbase Treasury wallet, while another $623 million is in Circle’s affiliated contracts. Using a 30-day SOFR rate of approximately 3.64586% as the basis, and applying an 85% conversion factor based on AQA’s historical implementation, the indicative yield for AQA v2 is around 3.10%. Multiplying $6.211 billion by 3.10% gives an annualized yield of roughly $192.5 million. On average, this equates to about $527,000 per day. Based on the current USDC scale and static interest rate calculations, AQA v2 could generate an average daily yield of approximately $527,000. If 90% of this flows into the Assistance Fund, that corresponds to about $475,000 per day. This is still a significant potential buy-side force. At $475,000 per day, that’s roughly $173 million annually. If the Assistance Fund continues to use this income to purchase HYPE, then AQA v2 essentially creates a new buyback funding source for HYPE, separate from transaction fees. The more active the trading, the more fee revenue Hyperliquid can generate. The larger the USDC scale associated with AQA v2 and the higher the short-term interest rates, the more reserve income it could potentially generate. Both revenue streams ultimately have the opportunity to flow into the Assistance Fund and be converted into HYPE buybacks. However, these figures are still based on on-chain balances and interest rate assumptions, not official revenue guidance released by Hyperliquid. USDC balances fluctuate, SOFR rates change, and the actual amount received by the Assistance Fund, when it’s received, and whether the funds are immediately used to purchase HYPE all depend on ongoing on-chain fund flows. Additionally, the “suspected a16z-linked” address continues to accumulate HYPE. On-chain data shows that this address purchased approximately $66.4 million worth of HYPE last week, totaling about 816,000 tokens at an average price of $81.3. Subsequently, it used TWAP to invest another $13.05 million into Hyperliquid for additional purchases. The address now holds and stakes approximately 5.201 million HYPE tokens, valued at around $445 million, with an overall average cost of $67.2 and unrealized gains of about $95.18 million. Although Robinhood has been making aggressive moves recently, you still need to know: No matter what the market is hyping, Hyperliquid is always raking it in. #HYPE #Hyperliquid #AQA