- 21Shares lists the first hyperliquid ETP on the SIX, offering a regulated exposure to the HYPE token.
- Hyperliquid reached monthly trading volume of $319 billion and accounted for 35% of blockchain revenues in July.
- Market concerns remain, but analysts expect 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 institutional and retail investors regulated exposure to Hyperliquid’s native token, HYPE, without requiring wallets or on-chain custody.
This listing is the first institutional investment vehicle to offer direct exposure to the Hyperliquid protocol.
The listing comes days after HYPE reached an all-time high of $50.99, reflecting the platform’s expanding influence in decentralized finance derivatives (DeFi).
Mandy Chiu, Head of Financial Product Development at 21Shares, praised Hyperliquid’s progress and said its “growth has been nothing short of extraordinary, and the underlying economics are among the most compelling we’ve seen in this space.”
Founded in 2018, 21Shares has launched a range of regulated digital asset products.
Its offerings include the first physically backed crypto ETP and spot Bitcoin and Ether ETFs in the United States.
In Europe, the firm has built a suite of crypto ETPs that span single-asset products such as Solana (SOL) and Dogecoin (DOGE) to diversified baskets and staking-focused funds.
The rapid rise of Hyperliquid in DeFi
Hyperliquid launched in late 2022 as a Layer-1 blockchain that integrates a decentralized exchange focused on perpetual futures.
Unlike many DeFi platforms that use automated market makers, Hyperliquid employs a traditional on-chain order book to match buy and sell orders directly.
Trades are executed in under a second without reliance on oracles or off-chain infrastructure.
The exchange’s fee model channels transaction fees into daily buybacks of its native HYPE token, supporting demand for the asset.
This design has driven explosive growth in trading volume, revenue, and user adoption.
In July, Hyperliquid processed $319 billion in trades — the largest monthly volume ever recorded for a DeFi perpetuals platform.
According to DefiLlama, this activity contributed to nearly $487 billion in total decentralized perpetual trading volume.
That month the platform also generated 35% of all blockchain revenue, outpacing competitors on Solana, Ethereum and BNB Chain.
Hyperliquid has since become the seventh-largest derivatives exchange globally by daily trading activity, with more than 600,000 registered users as of July.
While a 37-minute outage on July 29 briefly interrupted trading, the protocol reimbursed $2 million in losses and won community support for its rapid response.
Balancing growth with market concerns
Despite impressive momentum, questions about market integrity persist.
Authorities allege that four large traders manipulated the market for the XPL token from Plasma, briefly driving the price up 200% to $1.80 before smaller participants suffered heavy losses.
The suspected manipulation reportedly netted the involved traders $48 million in profits.
Nevertheless, optimism about Hyperliquid’s long-term prospects remains strong.
At the WebX 2025 conference in Tokyo, BitMEX co-founder Arthur Hayes suggested the HYPE token could rise dramatically over the next three years, citing the exchange’s robust fee revenue and the broader expansion of stablecoins.
The introduction of institutional products like the 21Shares Hyperliquid ETP expands investor access to emerging DeFi infrastructure.
Although governance and market risks persist, Hyperliquid’s rapid ascent underscores growing demand for decentralized derivatives and financial instruments designed to track their performance.