Hyperliquid repurchased and burned approximately 9,730 HYPE tokens during the 24 hours ending Sept. 6, according to blockchain data published by Onchain Lens.

The transactions were worth about $829,500 at an average purchase price of $85.27 per token. The latest activity increased the amount of HYPE classified as burned to approximately 48.42 million tokens.

That total represents about 4.84% of HYPE’s original maximum supply of 1 billion tokens. At a price of roughly $85.50, the cumulative balance would be valued near $4.14 billion.

The $4.14 billion figure is a mark-to-market calculation. It does not represent the amount Hyperliquid spent acquiring the tokens. The Assistance Fund purchased HYPE at different prices over time, and Onchain Lens did not publish a cumulative acquisition cost in its latest update.

Hyperliquid burns HYPE through its Assistance Fund

Hyperliquid uses an automated mechanism called the Assistance Fund to direct most eligible protocol fee revenue toward open-market HYPE purchases. The tokens are then removed from circulating and total supply under the network’s burn framework.

The protocol’s current documentation states that HYPE held by the Assistance Fund is burned permanently. Hyperliquid’s validators formally recognized the fund’s accumulated HYPE as burned following a governance process in December 2025.

Before that decision, the Assistance Fund accumulated tokens at a system address that lacked a conventional private key. Although market observers often treated those tokens as removed from circulation, the governance decision formally committed validators against approving an upgrade that could restore access.

The mechanism links token purchases directly to activity on Hyperliquid. Greater trading volume and fee generation provide more resources for HYPE purchases. Lower activity reduces the amount available. The program therefore has no fixed daily repurchase level.

An earlier examination of Hyperliquid’s fee-funded buyback mechanism found that roughly 97% to 99% of applicable protocol fees were directed to the Assistance Fund, depending on the market and fee category.

Priority fees follow a different process and are burned directly. The Assistance Fund should also not be confused with HLP, the protocol’s separate market-making vault.

The 48.42 million HYPE figure needs context

Multiplying 48.42 million HYPE by the reported $85.27 average produces approximately $4.13 billion. However, $85.27 was the average price for the latest 9,730-token purchase, not the historical average cost of all burned tokens.

The reported $4.14 billion total instead reflects what the cumulative tokens would be worth at current market prices. It can rise or fall without additional burns because HYPE’s market value changes continuously.

The supply calculation is more direct. Dividing 48.42 million by the original 1 billion maximum supply produces 4.842%, matching the approximately 4.84% reported by Onchain Lens.

Current data providers may display a maximum or total supply below 1 billion because previously burned tokens have already been deducted. CoinGecko, for example, listed HYPE’s fully diluted supply near 955 million tokens on Sept. 6 rather than the original maximum.

Those differences do not mean additional tokens disappeared without explanation. They reflect whether a data provider uses the original authorized maximum or a burn-adjusted supply figure. Writers comparing burn percentages should specify which denominator they use.

The burn also does not transfer cash directly to HYPE holders. HYPE is not company stock, and token ownership does not provide a legal claim on Hyperliquid Labs’ revenue. The mechanism reduces token supply and creates open-market demand, but it does not guarantee a higher price.

HYPE traded near its record after the burn

HYPE traded around $86 on Sept. 6, according to market data from CoinGecko. It gained approximately 2.6% over 24 hours and remained less than 2% below its reported record of $88.06.

CoinGecko recorded about $865 million in 24-hour trading volume and placed HYPE’s circulating market capitalization near $19.2 billion. Other platforms showed prices between approximately $85 and $87 during the same period, reflecting normal differences between venues and collection times.

The price increase occurred alongside the latest burn, but the timing alone does not prove that the 9,730-token purchase caused the movement. HYPE also responds to derivatives activity, broader market conditions, token unlocks, demand for network staking and expectations surrounding protocol revenue.

At an average price of $85.27, the latest $829,500 purchase represented a small fraction of HYPE’s daily trading volume. Its immediate price effect therefore cannot be isolated from other orders without more detailed market data.

The broader buyback program is more material because it operates repeatedly. Research published in May found that the Assistance Fund had been buying approximately $1 million in HYPE per day on average, although the amount varied with protocol revenue and token prices.

Crypto projects collectively spent a record amount on repurchases during 2026, with Hyperliquid and Pump.fun accounting for most tracked buybacks. The programs differ in funding sources, implementation and treatment of repurchased tokens.

Additional revenue could fund future HYPE burns

Hyperliquid added another potential source of Assistance Fund revenue through its aligned quote asset framework in August. AQAv2 directs most cost-adjusted reserve yield from eligible stablecoins toward the protocol.

For USDC, approximately 90% of cost-adjusted reserve income is expected to reach the Assistance Fund. Coinbase acts as the treasury deployer, while Circle provides the stablecoin’s issuance and cross-chain infrastructure.

The USDC reserve-yield arrangement began operating in August, but the first payment is scheduled for Oct. 3 because of an initial grace period and the framework’s settlement schedule.

The payment amount remains unknown. It will depend on the USDC supply deployed on Hyperliquid, prevailing reserve yields, operating costs and other terms. Any estimate before the first transfer would be forward-looking.

Until then, trading fees remain the main observable driver of Assistance Fund purchases. Daily burn totals will continue to change with platform activity and HYPE’s market price. A higher token price allows the same dollar amount to purchase fewer HYPE tokens, while a lower price increases the number removed for an equal expenditure.

Future burn reports should therefore be assessed through three separate measures: the number of HYPE removed, the money spent during the period and the token’s prevailing price. Combining them into a single dollar figure can obscure how the mechanism is performing.

Binance Futures launched two USDT-settled perpetual contracts on Sept. 6, adding markets for Pons (PONS) and the Chinese meme coin 哈基米, commonly rendered as Hajimi.

The PONSUSDT contract opened at 06:45 UTC. HajimiUSDT followed at 07:15 UTC, according to Binance’ announcement. Both products allow eligible traders to take leveraged positions without owning the underlying tokens.

The launches followed sharp price increases for both assets. At the time of the initial report, PONS traded near $0.891 after gaining about 23.9% over 24 hours. Hajimi was quoted near $0.0584 following an approximately 248.5% increase.

Later information on Binance Alpha showed Hajimi near $0.070 and up more than 330% over 24 hours. The difference reflects the token’s rapid movement and the timing of each price snapshot. These figures describe past trading conditions and do not establish a continuing trend.

Binance futures contracts use USDT settlement

PONSUSDT and HajimiUSDT are USDⓈ-margined perpetual contracts settled in USDT. Perpetual contracts have no scheduled expiration date. They use recurring funding payments to help keep their prices aligned with the relevant underlying markets.

Binance set the minimum order at one token for each contract. Each order must have a notional value of at least 5 USDT. The PONSUSDT tick size is 0.0001, while HajimiUSDT uses a smaller 0.00001 tick.

Both markets operate continuously, subject to maintenance and risk controls. Their funding rates are initially capped at positive or negative 2%, with funding settled every four hours. The cap does not mean traders will always pay or receive 2%. The applicable rate changes according to conditions in each market.

Multi-Assets Mode is supported. This feature lets eligible traders use approved assets other than USDT as margin, subject to Binance’s collateral haircuts and account rules. Binance said it would also make the contracts available for Futures Copy Trading within 24 hours of their launch.

Binance’s PONS leverage details contain a conflict

The published material provides inconsistent information about maximum PONSUSDT leverage. Its introductory summary says PONSUSDT offers up to 20x leverage and HajimiUSDT offers up to 3x.

However, the contract specifications table lists 3x as the maximum for both markets. That discrepancy remains material because leverage determines the amount of collateral required and how quickly an adverse price movement can trigger liquidation.

Until Binance corrects or clarifies the notice, traders should check the leverage and margin brackets displayed on the live PONSUSDT trading interface. Those operational settings determine which positions users can actually open.

Binance also reserves the right to change leverage, initial margin, maintenance margin, funding rates and tick sizes in response to market risk. Any later adjustment could therefore replace the limits shown in the launch announcement.

Even 3x leverage can create substantial losses in highly volatile markets. A roughly 33% adverse move can theoretically consume the starting margin of a fully leveraged 3x position before fees and maintenance requirements are considered. Liquidation can occur earlier because exchanges require positions to retain maintenance margin.

PONS futures follow its earlier Binance Alpha addition

Pons describes itself as a non-custodial token launchpad built on Robinhood Chain, an Ethereum Layer 2 network. Its native PONS token was added to Binance Alpha several days before the futures launch.

The Alpha addition gave Binance Wallet users access to the token but did not amount to a regular Binance Spot listing. The new perpetual contract also does not change that status. Binance explicitly says that futures and spot listing decisions are separate.

Pons had already recorded fast growth before the derivatives announcement. The protocol reported $5.95 million in daily fees in early September, while its token reached a then-record price above $0.52. The project also recorded more than $719 million in cumulative decentralized exchange volume at the time.

The figures were covered when Binance Alpha added PONS and FLORK. PONS subsequently climbed above the level reported in that earlier coverage. Crypto.com showed the token near $0.890 with approximately $200 million in daily trading volume on Sept. 6, broadly supporting the price cited around the Binance futures launch.

In related coverage, Uniswap Labs purchased PONS without disclosing the size, price or structure of the purchase. That transaction should not be interpreted as a guarantee of demand or future performance.

Hajimi’s rapid rally raises liquidation risk

Hajimi is a meme coin whose name is written as 哈基米 in Binance’s contract specifications. The announcement describes it simply as a Chinese meme coin and does not identify additional utility, revenue or governance functions.

Binance Alpha data showed Hajimi trading near $0.070 after the derivatives market opened. Its recorded 24-hour range extended from about $0.016 to $0.145. That spread demonstrates the difficulty of relying on a single price when an asset is moving rapidly.

The same data showed approximately $30.3 million in 24-hour volume and an estimated $70 million market capitalization. Those figures are snapshots and can change quickly. Market capitalization is also based on reported supply and token price, rather than cash held by the project.

A futures listing can increase access to an asset by allowing traders to take long or short exposure. It does not show that the exchange has endorsed the token’s value, security or long-term prospects. It may also increase volatility as leveraged positions build and liquidations produce forced orders.

Previous meme coin futures launches have produced similarly abrupt market moves. For example, Fartcoin rose following a Binance futures announcement, although historical reactions cannot predict how PONS or Hajimi will trade.

Funding rates and leverage updates are the next checks

The first operational data to watch are open interest, trading volume and four-hour funding rates. Positive funding generally means long positions pay short positions. Negative funding normally reverses that transfer. Extreme rates can show that positioning has become concentrated on one side.

Binance may alter the funding interval or capped rate during volatile conditions. It may also change position limits and margin tiers. Traders should use the live contract page rather than the original announcement when the two provide different specifications.

Futures Copy Trading support was scheduled to arrive within 24 hours of launch. Binance did not announce conventional Spot listings for either asset. PONS and Hajimi therefore remain separate cases from tokens admitted to Binance’s main spot exchange.

Regional restrictions also apply. Binance said the announced products may not be available in every jurisdiction. Users remain responsible for checking whether derivatives trading is permitted where they live.

Ripple has added former Reserve Bank of India Governor Raghuram Rajan to the opening program for Swell 2026, its annual conference focused on payments, digital assets and financial infrastructure.

The company announced on Sept. 4 that Rajan will participate in the Institutional Summit on Oct. 27. The invitation-only gathering will open Swell week before the wider conference program runs through Oct. 29.

Swell 2026 will take place at The Shed in New York City. Ripple is combining Swell with its developer-focused XRPL Apex conference for the first time, bringing institutional finance and XRP Ledger development into one event.

Ripple has not disclosed Rajan’s discussion topic, session time or appearance format. The event website lists him as a speaker but does not indicate whether he will deliver a keynote, join a panel or participate in a moderated discussion.

Ripple Swell begins with an institutional summit

The Institutional Summit is scheduled for Oct. 27 and requires prospective attendees to request an invitation. Ripple is positioning the program toward representatives of banks, asset managers, payment companies and other financial institutions.

Rajan brings experience spanning central banking, international finance and academic research. He led the Reserve Bank of India from September 2013 until September 2016 and previously served as chief economist of the International Monetary Fund.

He is currently the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. Ripple’s official lineup identifies Rajan by his academic position.

His addition gives the summit a direct central banking perspective as financial institutions examine stablecoins, tokenized assets and blockchain-based settlement. However, Ripple has not said whether Rajan will address any of those specific subjects.

The speaker announcement also does not indicate that Rajan is advising Ripple, endorsing XRP or supporting any company product. His confirmed involvement is limited to participating in the conference program.

Rajan also co-leads a Federal Reserve policy review

Rajan’s appearance comes as he serves as one of three external leaders of the Federal Reserve’s Balance Sheet Policy task force. Harvard professors Karen Dynan and Jeremy Stein are the other leaders.

The Federal Reserve established the group to examine the costs, benefits and institutional consequences of its current balance sheet regime. The central bank said the task force would operate independently with support from Federal Reserve staff.

Its findings are intended for the Federal Open Market Committee. The group is one of five task forces examining areas including monetary policy communication, inflation frameworks, economic data, productivity and employment.

Rajan’s position on the task force does not make him a Federal Reserve official or policymaker. He serves as an external adviser alongside other economists, former central bankers and business leaders.

The task force role nevertheless adds a current U.S. monetary policy connection to his Swell appearance. The Federal Reserve’s balance sheet affects bank reserves and financial-market liquidity, subjects that overlap with institutional discussions about new settlement infrastructure.

No official source has connected Rajan’s Federal Reserve work with his participation at Swell. Any suggestion that his appearance represents Federal Reserve involvement in Ripple’s conference would therefore be unsupported.

Swell 2026 combines institutional and developer programs

Ripple expects more than 1,500 people to attend Swell 2026. The organizer is advertising more than 75 speakers and over 50 sessions across three stages.

Those figures are conference projections and may change before October. Ripple continues to add speakers, while the complete session-by-session schedule has not yet been published.

The 2026 program will combine Swell and XRPL Apex. Swell has traditionally focused on institutional payments, regulation and capital markets. XRPL Apex has centered on developers, researchers and companies building on the XRP Ledger.

Bringing the events together gives institutional participants access to technical sessions while allowing developers to hear directly from banks, exchanges and market-infrastructure providers.

The announced subjects include stablecoins, tokenization, payments, exchange-traded funds, decentralized finance, privacy, artificial intelligence, quantum computing and XRP Ledger development.

The combined Swell and XRPL Apex program will also feature actor and Water.org co-founder Matt Damon. Ripple previously named Damon as a keynote speaker but has not disclosed the subject or timing of his address.

Ripple’s lineup spans banking, markets and technology

Ripple CEO Brad Garlinghouse, President Monica Long and CTO Emeritus David Schwartz are included in the speaker lineup. Their session topics have not all been published.

Other listed speakers include Bullish Chairman and CEO Tom Farley, Tradeweb CEO Billy Hult and Susquehanna Crypto CEO Chase Lax. BNY Global Head of Markets Laide Majiyagbe and Intercontinental Exchange executive Michael Blaugrund are also scheduled to participate.

Robinhood’s crypto business will be represented by Johann Kerbrat. The roster also includes Jenny Just, co-founder of financial technology company PEAK6, and Gary White, CEO and co-founder of Water.org.

The official speaker page lists Nasdaq Chair and CEO Adena Friedman, New York State Department of Financial Services official John Melican and U.S. Representative Ritchie Torres. Patrick Witt, executive director of the White House President’s Council of Advisors for Digital Assets, is also listed.

Participants from the XRP Ledger ecosystem include representatives of the XRPL Foundation, XRPL Commons and related development organizations. Academics from Chicago Booth, Columbia, Cornell, Carnegie Mellon, Wharton and several European universities appear on the roster.

Their inclusion does not indicate endorsement of Ripple or its products. It reflects the range of speakers that Ripple has scheduled for discussions across finance, policy and blockchain development.

The complete Swell agenda remains pending

The next confirmed step is publication of the detailed conference agenda. Ripple still needs to disclose Rajan’s session title, timing and format.

The same uncertainty applies to several other announced speakers. Conference listings confirm their planned participation but do not reveal what they will discuss.

Swell 2026 begins with the Institutional Summit on Oct. 27. The main conference and XRPL Apex sessions will continue through Oct. 29 at The Shed, located in Manhattan’s Hudson Yards district.

Standard registration is listed through Oct. 5, followed by a final registration period ending Oct. 20. Access to the Institutional Summit is handled separately through an invitation request.

Rajan’s participation adds a former central bank governor and current Federal Reserve task force adviser to Ripple’s expanding lineup. The substance of his appearance will become clearer once Ripple publishes the full agenda.