- 21Shares lists the first Hyperliquid ETP on SIX, providing regulated exposure to the HYPE token.
- Hyperliquid reached USD 319 billion in monthly trading, capturing 35% of blockchain revenue in July.
- Market concerns remain, but analysts see long-term growth in demand for DeFi derivatives.
21Shares, a Swiss asset manager and issuer of cryptocurrency exchange-traded products (ETPs), has listed a Hyperliquid ETP on the SIX Swiss Exchange.
The new product offers institutional and retail investors regulated exposure to Hyperliquid’s native token, HYPE, without requiring on-chain wallets or self-custody.
This listing is the first institutional-grade investment vehicle providing direct exposure to the Hyperliquid protocol.
The announcement follows HYPE’s recent all-time high of USD 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 extraordinary, and the underlying economics are among the most compelling we have seen in the space.”
Founded in 2018, 21Shares has a track record of launching regulated digital asset products. Its offerings include physically backed cryptocurrency ETPs and spot Bitcoin and Ether ETFs in the U.S.
In Europe, the firm provides a range of crypto ETPs spanning single-asset products like Solana (SOL) and Dogecoin (DOGE) as well as diversified baskets and staking-focused funds.
Hyperliquid’s rapid rise in DeFi
Launched in late 2022, Hyperliquid is a layer-1 blockchain that features a decentralized exchange focused on perpetual futures.
Unlike many DeFi platforms that rely on automated market makers, Hyperliquid uses an on-chain limit order book to match buy and sell orders directly.
Trades settle in under a second without depending on oracles or off-chain infrastructure.
The exchange’s fee structure channels transaction fees into daily buybacks of the native HYPE token, supporting demand for the asset.
This model has driven rapid growth in trading volumes, fee revenue, and user adoption.
In July, Hyperliquid processed USD 319 billion in trading volume—the highest monthly total recorded by a DeFi perpetuals platform.
That activity contributed to nearly USD 487 billion in total decentralized perpetuals volume for the month, according to DefiLlama.
Hyperliquid also captured 35% of all blockchain fee revenue that month, outperforming competitors on Solana, Ethereum, and BNB Chain.
As of July, the platform became the world’s seventh-largest derivatives exchange by daily trading activity and had more than 600,000 registered users.
While a 37-minute outage on July 29 briefly disrupted trading, the protocol reimbursed USD 2 million in losses, earning praise from its community for a swift response.
Balancing growth with market concerns
Despite strong momentum, questions about market integrity persist.
Earlier this month, four large traders were accused of manipulating the market for Plasma’s XPL token, briefly sending its price up 200% to USD 1.80 before smaller participants absorbed significant losses.
The alleged manipulation reportedly generated USD 48 million in profits for the traders involved.
Nevertheless, confidence in Hyperliquid’s long-term outlook remains high among many market observers.
At the WebX 2025 conference in Tokyo, BitMEX cofounder Arthur Hayes estimated that HYPE could increase significantly over the next three years, citing the exchange’s strong fee revenue and the broader growth of stablecoins.
With institutional-grade products like the 21Shares Hyperliquid ETP now available, investor access to emerging DeFi infrastructure is expanding.
Although governance and market risks remain, Hyperliquid’s rapid ascent highlights growing demand for decentralized derivatives and financial instruments designed to track their performance.