What is the 21Shares Hyperliquid ETF (THYP)?

The 21Shares Hyperliquid ETF is a US-listed crypto exchange-traded fund that gives investors exposure to Hyperliquid’s HYPE token. The ETF began trading on Nasdaq under the ticker THYP and tracks the performance of the Hyperliquid ecosystem.

How much money did the Hyperliquid ETF attract on debut?

21Shares said THYP attracted about $1.2 million in net inflows and generated roughly $1.8 million in trading volume on its first trading day. Bloomberg ETF analyst James Seyffart described the launch as solid for a niche crypto ETF.

Why was the Hyperliquid ETF launch considered weaker than some rivals?

THYP’s debut trading volume was much lower than recent launches tied to Solana and XRP products, which each exceeded $50 million in first-day activity. That suggests investor demand for Hyperliquid exposure is still developing compared with more established crypto assets.

What is Hyperliquid and why are investors watching it?

Hyperliquid is a decentralised perpetual futures trading platform built for crypto derivatives trading. The platform has processed more than $8.4 trillion in cumulative trading volume since 2023, making it one of the fastest-growing decentralised trading ecosystems.

What does THYP actually invest in?

THYP seeks to track the spot price of Hyperliquid’s HYPE token rather than investing directly in company shares or futures contracts. That gives traditional brokerage investors regulated market access to the token through an ETF structure.

Why are more altcoin ETFs launching in the US now?

The US Securities and Exchange Commission recently shifted toward generic listing standards for spot crypto ETFs instead of reviewing every product individually. That regulatory change has made it easier for issuers to launch funds tied to alternative crypto assets.

What other Hyperliquid ETFs are being planned?

Bitwise is seeking approval for a Hyperliquid staking ETF under the ticker BHYP, while Grayscale is waiting on approval for its GHYP ETF proposal. Competition among issuers could increase if investor demand for HYPE exposure grows.

How does THYP compare on fees with rival ETFs?

THYP charges a 0.3% annual management fee, which is lower than Bitwise’s proposed 0.67% fee for its competing Hyperliquid ETF. Lower fees can make ETFs more attractive to long-term investors, especially in highly competitive markets.

Hyperliquid ETF debut trails rival crypto fund launches

Written by Heidi Cuthbert Published May. 13 2026Last Updated May. 13 2026

Crypto investment firm 21Shares recorded $1.2 million in net inflows after its Hyperliquid ETF began trading on Nasdaq on Tuesday.

The fund, listed under the ticker THYP, generated roughly $1.8 million in trading volume during its first session, which Bloomberg ETF analyst James Seyffart described as a respectable debut for a newly launched exchange-traded product.

THYP’s launch nevertheless fell short of recent altcoin ETF debuts including the Bitwise Solana Staking ETF and Canary XRP ETF, both of which surpassed $50 million in opening-day trading activity.

The ETF provides exposure to Hyperliquid’s HYPE token, tied to the decentralised perpetual futures exchange that has processed more than $8.4 trillion in cumulative trading volume since its 2023 launch.

Investor interest in alternative crypto ETFs has expanded after the US Securities and Exchange Commission adopted generic listing standards that simplified approvals for spot digital asset funds.

Seyffart said a proposed Bitwise Hyperliquid Staking ETF may receive regulatory approval next, while Grayscale is also awaiting an SEC decision for its own Hyperliquid-related fund application.

THYP charges a 0.3% management fee, undercutting Bitwise’s proposed 0.67% fee, as analysts continue to caution that weaker investor demand could eventually force smaller crypto ETFs out of the market.

At the time of reporting, Hyperliquid price was $40.18.