- 21Shares lists the first Hyperliquid ETP on SIX, offering regulated exposure to the HYPE token.
- Monthly Hyperliquid trading reaches $319 billion, capturing 35% of on-chain revenue in July.
- Market concerns remain, but analysts see long-term growth in demand for DeFi derivatives.
21Shares, the Swiss asset manager and issuer of cryptocurrency exchange-traded products (ETPs), has launched a Hyperliquid ETP on the SIX Swiss Exchange.
The new product gives institutional and retail investors regulated access to the native Hyperliquid token (HYPE) without requiring wallets or direct custody on the blockchain.
This listing represents the first institutional-grade investment vehicle providing direct exposure to the Hyperliquid protocol.
It was announced just days after HYPE reached an all-time high of $50.99, reflecting the platform’s growing influence in the decentralized finance (DeFi) derivatives sector.
Mandy Chiu, Head of Financial Product Development at 21Shares, praised Hyperliquid’s trajectory, saying its “growth has been nothing short of remarkable, and the underlying economics are among the most attractive we’ve seen in the industry.”
Founded in 2018, 21Shares has a strong track record of launching regulated digital asset products.
Its portfolio includes the first physically backed crypto ETP and has supported spot Bitcoin and Ether ETFs in the U.S.
In Europe, the firm has built a suite of crypto ETPs ranging from single-asset offerings like Solana (SOL) and Dogecoin (DOGE) to diversified baskets and staking-focused funds.
Rapid Growth of Hyperliquid in DeFi
Hyperliquid launched in late 2022 as a layer-1 blockchain with a decentralized exchange focused on perpetual futures.
Unlike many DeFi platforms that rely on automated market makers, Hyperliquid uses an on-chain order book to match buy and sell orders directly.
Trades clear in under a second without relying on external oracles or off-chain infrastructure.
The exchange’s fee structure directs trading fees toward a daily buyback of its native token HYPE, supporting ongoing demand for the asset.
This model has driven explosive growth in trading volume, revenue generation, and user adoption.
In July, Hyperliquid processed $319 billion in trading volume—its largest monthly volume ever for a DeFi perpetual platform.
According to DefiLlama, that activity contributed to nearly $487 billion in total decentralized perpetual trading volume during the period.
The platform also captured 35% of on-chain revenue that month, outpacing competitors on Solana, Ethereum and BNB Chain.
Since then, Hyperliquid has become the seventh-largest derivatives exchange globally by daily trading activity, with more than 600,000 registered users as of July.
Although a 37-minute outage on July 29 briefly disrupted trading, the protocol reimbursed $2 million in losses and secured community support for its rapid response.
Balancing Growth with Market Challenges
Despite its momentum, questions remain about market integrity.
This week, four large traders were accused of manipulating the market for Plasma’s XPL token, briefly driving its price up 200% to $1.80 before smaller participants absorbed large losses.
The alleged manipulation generated $48 million in profits for the involved traders.
Nevertheless, optimism about Hyperliquid’s long-term path remains strong.
At the WebX 2025 conference in Tokyo, BitMEX cofounder Arthur Hayes projected that HYPE could increase as much as 126x over the next three years, citing the exchange’s reliable fee-generated revenue and broader stablecoin expansion.
As institutional products like the 21Shares Hyperliquid ETP roll out, investor access to emerging DeFi infrastructure continues to expand.
While governance and market risks persist, Hyperliquid’s rapid rise highlights growing demand for decentralized derivatives and financial instruments designed to track their performance.