Puddles.
So *scratchhead* just to clarify, the Radiator Fan is meant to be dynamic and not run at a constant speed?
I've owned this card since December and the Rad fan has been the loudest fan in my case since day one, annoyingly so, but just accepted that this is the norm for the Hybrid.
are you 100% sure its not the blower fan you are hearing. set the blower fan speed to like 20-30% fixed and see if the noise is any better.
with my 980ti hybrid SLI setup i noticed the back of my cards, the tubes, the radiator and reservoir were getting extremely hot to the touch, especially the top card (along with the radiators fan noise). it made me think the rad fans weren't doing a good enough job. i dont think they were fast/powerful enough.
i know its not the answer or solution you want to hear but...
i changed them with noctua fans. i used a fan header adapter to use them with the cards fan port. this did fix the noise issue, but they still seemed very under powered. one of them wouldn't even spin at times. maybe the stock fans are made to run at lower voltages?
so i connected them to a single motherboard header (using a splitter) and control them with fan expert 3 (asus fan controller software). they are now way more quite then stock fans. and the heat issue is much better as well. i still think my 295x2 ran cooler even though it was a dual gpu setup using a single 120mm rad (vs each of my 980ti's having their own 120mm rad). but its not as bad as before.