On Tuesday, 21Shares launched the first ETF on Hyperliquid. Trading started actively, and on the very first day, the volume reached $1.8 million. Additionally, the fund recorded about $1.2 million in net inflows.
ETF is traded on NASDAQ under the ticker THYP and gives investors access to the native token Hyperliquid (HYPE) without the need to purchase cryptocurrency directly.
At the same time, the company launched another product, the 2x Long HYPE ETF under the ticker TXXH. It offers leveraged daily exposure to the movement of the HYPE token.
Bloomberg ETF analyst James Seyffart noted the launch, calling the start confident and better than average for new funds, while adding that there is nothing extraordinary in the initial results.
How THYP Compares With Other ETFs
For comparison: the first spot ETF on XRP in November attracted about $58 million on the first day of trading. A similar fund on Solana from Bitwise showed about $57 million in initial volume.
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Against this background, the result of THYP at $1.8 million looks more modest compared to major altcoin ETFs. At the same time, it is worth noting that the HYPE market is significantly smaller in liquidity and capitalization than XRP and Solana.
THYP is structured as an exchange-traded product under the 33 Act. This means it has fewer investor protections compared to funds registered under the Investment Company Act of 1940, including the absence of an independent board of directors.
At the same time, the related product TXXH is already structured as an ETF under the 40 Act, which implies stricter regulatory and investor protection requirements, according to the 21Shares press release.
Fees, Fund Structure, and Staking Plans
The management fee for THYP is 0.30%. 21Shares notes that this is the lowest level among existing ETFs on Hyperliquid. The fund is backed by real HYPE assets and tracks the FTSE Hyperliquid index.
The company also stated that it plans to partially allocate fund assets to staking if conditions allow. The release indicates a staking yield distribution benchmark starting June 30, 2026, after which payments are planned to be made quarterly until the end of the year.
Executive Vice President of Investments 21Shares Andres Valencia said the company is confident in the fundamental strength of Hyperliquid. He noted more than $4 trillion in total network trading volume since launch and a share of more than 50% of the open interest market in perpetual contracts among decentralized exchanges.
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Hyperliquid currently operates as the largest on-chain platform for perpetual futures. The daily trading volume remains around $8 billion. The protocol is fully built on on-chain architecture with a real-time order book and does not rely on external intermediaries.
According to 21Shares, the platform also generates more than $56 million in fees per month. At the same time, over 95% of the income is directed to the daily buyback of the HYPE token from the market.
ETF Competitors Are Closing in on 21Shares
According to Bloomberg analyst James Seyffart, the next to enter the market could be the ETF from Bitwise. The company was the first to file for a fund based on HYPE in the U.S. and recently submitted a second amendment to the document, expanding the list of approved trading counterparties before trading begins.
Bitwise has already launched the Hyperliquid Staking ETP in Europe, which is traded on Deutsche Börse Xetra in Germany.
Another participant in the race is Grayscale, which is also working on launching an ETF on HYPE and increasing competition among major issuers.
At the time of publication, HYPE was trading around $40.20 and had fallen by about 4% over the past 24 hours, according to CoinMarketCap.
