- 21Shares launched THYP, the first US ETF tied to Hyperliquid’s HYPE token
- The fund recorded roughly $1.8 million in trading volume and $1.2 million in inflows on day one
- Hyperliquid now controls more than half of decentralized perpetual futures open interest
The first US ETF tied to Hyperliquid’s HYPE token officially began trading on Nasdaq this week, giving traditional investors direct exposure to one of crypto’s fastest-growing decentralized trading platforms.
Launched by 21Shares under the ticker THYP, the fund generated roughly $1.8 million in first-day trading volume alongside about $1.2 million in net inflows. Bloomberg ETF analyst James Seyffart described the debut as “very, very solid,” especially for a relatively new and still niche crypto asset.
The ETF Is Physically Backed By HYPE
Unlike synthetic exposure products, THYP is physically backed by actual HYPE tokens and can stake a portion of its holdings directly on the network. The ETF carries a 0.30% management fee, which 21Shares says is currently the lowest fee structure available for a Hyperliquid-focused ETF product.
The company also launched a leveraged companion fund called TXXH for traders seeking amplified exposure to HYPE price movements.
While the debut numbers may look modest compared to massive Bitcoin ETF launches, analysts say context matters. Hyperliquid remains far smaller than assets like Bitcoin or XRP, meaning attracting real inflows immediately after launch is still viewed as a positive signal.
Hyperliquid Is Becoming Serious Infrastructure
Part of the excitement around HYPE comes from Hyperliquid’s rapid growth within decentralized derivatives markets. The protocol reportedly now accounts for more than 50% of decentralized perpetual futures open interest while processing around $8 billion in daily trading volume.
That scale is turning Hyperliquid from a niche DeFi platform into something many traders increasingly view as major trading infrastructure.
For ETF issuers like 21Shares, the thesis is fairly straightforward: if decentralized perpetual futures continue growing, institutional investors may eventually want regulated exposure to the ecosystems powering that activity.
More HYPE ETFs Could Be Coming Soon
THYP may only be the beginning. Bitwise is reportedly preparing its own Hyperliquid ETF product, while Grayscale is also rumored to be exploring similar offerings.
That growing competition suggests asset managers increasingly believe investor demand exists for exposure beyond traditional large-cap crypto assets like Bitcoin and Ethereum.
Wall Street Is Slowly Expanding Beyond Bitcoin
The launch also reflects a broader shift happening across crypto ETFs. Early institutional products focused almost entirely on Bitcoin exposure, but firms are now rapidly moving into altcoins, staking products, tokenized assets, and decentralized finance infrastructure.
And honestly, THYP probably didn’t need a record-breaking launch to matter. The important part is proving traditional markets are willing to package and trade decentralized exchange infrastructure as a legitimate investment category.
On day one, Hyperliquid’s ETF did exactly that.
