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21Shares launched Hyperliquid’s first ETF on Tuesday, and it has hit the ground running as the ETF recorded $1.8 million in trading volume on its first ever trading day. The ETF also saw about $1.2 million in net inflows on day one.
The ETF, trading under ticker THYP on NASDAQ, gives investors exposure to Hyperliquid’s native token HYPE without requiring them to hold the cryptocurrency directly.
21Shares also launched a companion product alongside THYP called the 2x Long HYPE ETF (TXXH), which offers leveraged daily exposure to the HYPE token, according to a press release from the company.
Bloomberg ETF analyst James Seyffart posted on his X account, calling the opening “very, very solid” and “better than your average ETF launch,” then adding that it was “nothing too crazy.”
How THYP compares
The first spot XRP ETF pulled in $58 million on its debut last November, and Bitwise’s first-to-market Solana ETF generated $57 million.
This shows that the $1.8 million first day volume for THYP is rather modest next to recent altcoin ETF launches. However, it is worth mentioning that there is a smaller market for HYPE relative to these established altcoins.
THYP is structured as a 33-Act exchange-traded product, which means it lacks some of the investor protections that come with funds registered under the Investment Company Act of 1940, such as being supervised by an independent board of directors.
The leveraged TXXH product, by contrast, is a registered ’40-Act ETF, according to the 21Shares press release.
Fees, fund structure and future staking
THYP carries a 0.30% management fee, which 21Shares says is the lowest among Hyperliquid ETFs, presently. The fund is physically backed by HYPE and follows the FTSE Hyperliquid Index.
21Shares has also said it plans to stake a portion of the ETF’s HYPE holdings where conditions allow. The company published a staking reward distribution timeline beginning June 30, 2026, with quarterly payouts through the end of the year.
Andres Valencia, EVP of investment management at 21Shares, said in the press release that the firm has “conviction in the strength of Hyperliquid’s fundamentals,” pointing to the chain’s more than $4 trillion in total trading volume since inception and how it controls over 50% of decentralized exchange perpetual open interest.
Hyperliquid operates as the largest onchain perpetual futures decentralized exchange, processing roughly $8 billion in daily volume. The protocol runs entirely onchain with a real-time order book and does not rely on any external influence.
21Shares also stated that the platform generates over $56 million per month in trading fees, with more than 95% directed toward daily open-market buybacks of the HYPE token.
ETF competitors hot on 21Shares’ heels
Seyffart predicted that Bitwise’s Hyperliquid ETF will be the next to enter the market. Bitwise was the first firm to file for approval of a HYPE-based fund in the US and has recently submitted a second amendment to its proposal, expanding the list of approved trading counterparties ahead of the ETF’s launch.
Bitwise has already listed a European Hyperliquid Staking ETP on the Deutsche Börse Xetra in Germany.
Grayscale is also pursuing a HYPE ETF, adding a third major issuer to the race.
HYPE was trading at $40.20 as at the time of writing, down about 4% in the last 24h, according to CoinMarketCap.
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