- 21Shares lists the first Hyperliquid ETP on SIX, offering regulated exposure to the HYPE token.
- Hyperliquid reached $319 billion in monthly transactions and captured 35% of blockchain revenue 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 cryptocurrency exchange-traded products (ETPs), has listed a Hyperliquid ETP on the SIX Swiss Exchange.
The new product gives institutional and retail investors regulated exposure to Hyperliquid’s native token (HYPE) without requiring custody of wallets or on-chain asset management.
This listing represents the first institutional-grade investment vehicle providing direct exposure to the Hyperliquid protocol.
The announcement comes 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, calling its growth “plainly extraordinary” and describing the protocol’s underlying economics as among the most compelling in the space.
Founded in 2018, 21Shares has established a track record of launching regulated digital asset products.
The firm’s portfolio includes the first physically backed crypto ETP and spot Bitcoin and Ether ETFs in the U.S.
In Europe, 21Shares has built a suite of crypto ETPs that range from single-asset offerings like Solana (SOL) and Dogecoin (DOGE) to diversified baskets and staking-focused funds.
Hyperliquid’s rapid ascent in DeFi
Launched in late 2022, Hyperliquid is a layer-1 blockchain that operates a decentralized exchange specializing in perpetual futures.
Unlike many DeFi platforms that rely on automated market makers, Hyperliquid uses a traditional on-chain order book to match buy and sell orders directly.
Transactions are settled in under a second without depending on oracles or off-chain infrastructure.
The exchange’s fee model channels trading fees into daily buybacks of the native HYPE token, which supports demand for the asset.
This design has driven explosive growth in trading volume, revenue, and user adoption.
In July, Hyperliquid processed $319 billion in transactions—the highest monthly volume recorded for a DeFi perpetuals platform.
That activity contributed to nearly $487 billion in total decentralized perpetuals volume, according to DeFiLlama.
In the same month, the platform captured 35% of all blockchain-generated revenue, outperforming competitors on Solana, Ethereum, and BNB Chain.
Hyperliquid has since become the seventh-largest derivatives exchange globally by daily trading activity, with over 600,000 registered users as of July.
While a 37-minute outage on July 29 briefly disrupted trading, the protocol reimbursed $2 million in losses and earned community support for its swift response.
Balancing growth and market integrity
Despite its momentum, questions about market integrity persist.
On Wednesday, four large traders were reported to have manipulated the market for Plasma’s XPL token, briefly pushing the price up 200% to $1.80 before smaller participants absorbed heavy losses.
The alleged manipulation reportedly produced $48 million in profits for the traders involved.
Nevertheless, optimism around Hyperliquid’s long-term prospects remains strong.
At the WebX 2025 conference in Tokyo, BitMEX co-founder Arthur Hayes suggested the HYPE token could potentially increase 126-fold over the next three years, pointing to the exchange’s robust fee revenue and broader stablecoin expansion.
As institutional-quality products—such as 21Shares’ Hyperliquid ETP—broaden investor access, demand for emerging DeFi infrastructure is likely to grow.
Although governance and market risks remain, Hyperliquid’s rapid rise highlights increasing appetite for decentralized derivatives and for financial instruments designed to track their performance.