21Shares Launches First Hyperliquid ETP (HYPE) - Institutional DeFi Access Just Got Real

Breaking the traditional finance mold—21Shares drops the first-ever Hyperliquid ETP, giving institutional players direct exposure to HYPE's perpetual trading ecosystem without the regulatory headache.

Why This Matters

This isn't just another crypto fund. Hyperliquid's L1 chain processes over $1B daily volume in perps—now wrapped in a Swiss-compliant wrapper. TradFi meets DeFi with zero self-custody nightmares.

Institutional Gateways Cracking Open

Forget synthetic derivatives or shady offshore vehicles. HYPE ETP delivers pure asset backing. Finally—a real product for funds that want DeFi yields without the degen baggage. Because nothing says 'serious investment' like a structure that lets your compliance team sleep at night.

Swiss Precision Meets DeFi Edge

Listed on SIX Exchange, the ETP leverages 21Shares' notorious product rigor. Full transparency, daily audits, and that sweet, sweet institutional liquidity. Because apparently, the crypto crowd still needs babysitters from traditional finance to play nice.

The Bottom Line

Hyperliquid's infrastructure just got a legitimacy stamp. Whether this pulls real volume or becomes another 'innovative' product collecting dust in a pension fund's alternatives bucket—well, that depends on whether institutions actually want alpha or just want to sound cool at fintech conferences.

Hyperliquid: one of the highest-volume blockchain protocols

Since its launch in 2023, Hyperliquid has enabled a cumulative trading volume of more than USD 2.07 trillion and now processes over USD 8 billion daily, accounting for 80 percent of decentralized perpetuals. Hyperliquid lays the foundation for long-term disruption by vertically integrating trading, blockchain, and development layers – a strategy reminiscent of how leading asset managers redefined ETFs through scale, trust, and infrastructure ownership.

According to the press release, Hyperliquid’s appeal is based on its strong fundamentals and differentiated architecture:

• Robust economic and revenue model: More than 95 percent of protocol revenues are used daily to buy back HYPE tokens, creating constant market demand. To date, over USD 1 billion worth of buybacks have been executed – an unmatched volume in this sector. With monthly revenues exceeding USD 56 million, Hyperliquid is a self-sustaining business that forgoes venture capital and instead allocates 76 percent of token supply to the community. Team tokens are locked until 2028 to ensure long-term alignment.
• A new standard in decentralized trading: Hyperliquid operates fully on-chain without relying on external service providers or infrastructure such as off-chain order matching. This enables faster, more reliable trades and higher liquidity with volumes more than ten times greater than its nearest competitors. One-click, zero-gas execution mirrors the user experience of centralized exchanges. Strategic integrations, such as with the Phantom wallet, have further expanded reach.
• An end-to-end DeFi ecosystem: Powered by the Hyperliquid Chain and HyperEVM, the platform enables external developers to build natively within its high-performance environment. Unlike fragmented competitors, Hyperliquid integrates spot trading, perpetuals, token issuance, and application development within a vertically aligned system – a complete functional stack for decentralized finance.

Investment through a regulated product

The 21Shares Hyperliquid ETP (HYPE, CH1471826029) will list on SIX Swiss Exchange and is fully physically backed. The issuer charges an annual fee of 2.50%.

"Hyperliquid is doing for decentralized derivatives what the best ETF issuers have done for traditional markets – building infrastructure with a long-term vision. Hyperliquid’s growth has been truly extraordinary, and its underlying economic fundamentals are among the most compelling we have seen in this space. With HYPE, we are providing investors with an institutional-grade way to access one of the fastest-growing areas of cryptocurrency – all through the familiar and trusted ETP structure." - Mandy Chiu, Head of Financial Products Development at 21Shares