Market concerns linger, but analysts see long-term growth in DeFi derivatives demand.
21Shares, a Switzerland-based asset manager and issuer of crypto exchange-traded products (ETPs), has listed the Hyperliquid ETP on the SIX Swiss Exchange.
The new product provides institutional and retail investors with exposure to Hyperliquid’s native token (HYPE) without the need for wallets or on-chain custody.
The listing represents the first institutional-grade investment vehicle offering direct exposure to the Hyperliquid protocol.
It arrives just 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, stating that its “growth has been nothing short of extraordinary, and the underlying economics are among the most compelling we’ve seen in the space.”
Founded in 2018, 21Shares has a record of launching regulated digital asset products.
Its portfolio includes the first physically backed crypto ETP, as well as spot Bitcoin and Ether ETFs in the US.
In Europe, the firm has built a suite of crypto ETPs spanning single-asset offerings like Solana (SOL) and Dogecoin (DOGE) to diversified baskets and staking-focused funds.
Hyperliquid launched in late 2022 as a layer-1 blockchain with a decentralized exchange specializing in perpetual futures.
Unlike many DeFi platforms that rely on automated market makers, Hyperliquid uses a traditional onchain order book to match buy and sell orders directly.
Trades are cleared in under a second without reliance on oracles or off-chain infrastructure.
The exchange’s fee structure funnels transaction costs into daily buybacks of its native HYPE token, supporting demand for the asset.
This model has helped fuel explosive growth across trading volumes, revenues, and user adoption.
In July, Hyperliquid processed $319 billion in trades — the highest monthly volume ever for a DeFi perpetuals platform.
That activity contributed to a total of nearly $487 billion in decentralized perpetual trading volume, according to DefiLlama.
The platform also captured 35% of all blockchain revenue that month, surpassing competitors on Solana, Ethereum, and BNB Chain.
Hyperliquid has since emerged as 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 disrupted trading, the protocol reimbursed $2 million in losses, winning support from its community for its quick response.
Despite its momentum, questions remain over market integrity.
On Wednesday, four large traders allegedly manipulated the market for Plasma’s XPL token, briefly driving its price 200% higher to $1.80 before smaller participants absorbed heavy losses.
The suspected manipulation generated $48 million in profits for the traders involved.
Still, optimism for Hyperliquid’s long-term trajectory remains strong.
At the WebX 2025 conference in Tokyo, BitMEX co-founder Arthur Hayes projected that the HYPE token could rise 126-fold over the next three years, citing the exchange’s robust fee revenue and the broader expansion of stablecoins.
As institutional-grade products such as the 21Shares Hyperliquid ETP launch, investor access to emerging DeFi infrastructure continues to expand.
While governance and market risks persist, Hyperliquid’s rapid ascent underscores the growing demand for decentralized derivatives and the financial instruments designed to track their performance.
