- 21Shares lists the first Hyperliquid ETP on SIX, offering regulated exposure to the HYPE token.
- Hyperliquid reaches $319 billion in monthly trading, capturing 35% of blockchain revenues in July.
- Market concerns persist, but analysts see long-term growth in demand for DeFi derivatives.
21Shares, a Switzerland-based asset manager and issuer of crypto exchange-traded products (ETPs), has listed a Hyperliquid ETP on the SIX Swiss Exchange.
The new product provides both institutional and retail investors regulated exposure to Hyperliquid’s native token, HYPE, without the need for on-chain wallets or direct custody.
This listing marks the first institutional-grade investment vehicle to offer direct exposure to the Hyperliquid protocol.
It follows shortly 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 the platform’s “growth has been extraordinary, and its underlying economics are among the most compelling we’ve seen in this space.”
Founded in 2018, 21Shares has a track record of launching regulated digital asset products.
Its portfolio includes the industry’s first physically-backed crypto ETP as well as spot Bitcoin and Ether ETFs in the U.S.
In Europe, the firm has developed a suite of crypto ETPs covering single-asset exposures like Solana (SOL) and Dogecoin (DOGE), as well as 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 specialized in 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 settle in under a second without reliance on off-chain oracles or external infrastructure.
The exchange’s fee structure channels transaction fees into daily buybacks of its native token HYPE, supporting ongoing demand for the asset.
This model contributed to explosive growth in trading volumes, revenue, and user adoption.
In July, Hyperliquid processed $319 billion in transactions — the largest monthly volume recorded for a DeFi perpetual platform.
That activity helped drive nearly $487 billion in total decentralized perpetual trading volume for the month, according to DefiLlama.
The platform also captured 35% of all blockchain revenues in July, outpacing competitors on Solana, Ethereum, and BNB Chain.
Since then, Hyperliquid has become the world’s seventh-largest derivatives exchange by daily trading activity, with over 600,000 registered users in July.
Although a 37-minute outage on July 29 briefly halted trading, the protocol reimbursed $2 million in losses, earning community support for its swift response.
Balancing growth and market concerns
Despite its momentum, questions remain about market integrity.
On Wednesday, four large traders allegedly manipulated the market for Plasma’s XPL token, driving its price up 200% to $1.80 before smaller participants absorbed heavy losses.
The alleged manipulation generated $48 million in profits for the traders involved.
Nevertheless, optimism about Hyperliquid’s long-term outlook remains strong.
At the WebX 2025 conference in Tokyo, BitMEX co-founder Arthur Hayes projected that HYPE could rise as much as 126-fold over the next three years, citing robust fee revenue and broader adoption of stablecoins.
With institutional-grade products like the 21Shares Hyperliquid ETP, investor access to emerging DeFi infrastructure continues to expand.
While governance and market risks persist, Hyperliquid’s rapid ascent highlights growing demand for decentralized derivatives and financial instruments designed to track the performance of those markets.