21Shares, a Switzerland-based asset supervisor and issuer of crypto exchange-traded merchandise (ETPs), has listed the Hyperliquid ETP on the SIX Swiss Trade. The product provides buyers publicity to the Hyperliquid token with out the necessity for wallets or onchain custody.
In a Friday announcement, the corporate described Hyperliquid as one of many main venues for decentralized derivatives, claiming it processes greater than $8 billion in each day quantity, with $2 trillion in trades since its 2023 launch, and roughly 80% of the full decentralized perpetuals exercise.
The itemizing, which marks the primary institutional-grade product providing publicity to the Hyperliquid protocol, comes simply days after Hyperliquid’s token (HYPE) hit a document excessive of $50.99.
Mandy Chiu, the top of monetary product improvement at 21Shares, mentioned Hyperliquid’s “progress has been nothing wanting extraordinary, and the underlying economics are among the many most compelling we’ve seen within the house.”
Based in 2018, 21Shares has a monitor document of launching regulated crypto merchandise, together with the primary bodily backed crypto ETP. It gives spot Bitcoin and Ether change traded funds (ETFs) within the US, alongside a set of crypto ETPs in Europe starting from single-asset merchandise like Solana (SOL) and Dogecoin (DOGE) to diversified baskets and staking-focused funds.
Associated: Hyperliquid reimburses $2M to crypto merchants after API outage
The rise of Hyperliquid
Hyperliquid, launched in late 2022, is a layer-1 blockchain with a decentralized change for perpetual futures. In contrast to most DeFi platforms that use automated market makers, it runs a standard onchain order e-book that matches purchase and promote orders straight, clearing trades in underneath a second with out outdoors oracles or off-chain infrastructure.
Customers join by way of wallets to position spot or perpetual orders, which settle natively onchain. Buying and selling charges are funneled into each day buybacks of the HYPE token, the protocol’s native asset.
That mannequin has fueled fast progress, with Hyperliquid setting information in buying and selling quantity, income and person exercise over the previous few months.
In July, the change processed $319 billion in trades, the best month-to-month quantity ever for a DeFi perpetuals platform, serving to push whole decentralized perp quantity to just about $487 billion, per DefiLlama. It additionally captured 35% of all blockchain income that month, a share analysts at VanEck mentioned got here on the expense of Solana, Ethereum and BNB Chain.
The platform emerged because the seventh-largest derivatives change general by each day exercise, surpassing 600,000 registered customers in July. Whereas a 37-minute outage on July 29 quickly sidelined merchants, Hyperliquid reimbursed $2 million in losses, drawing reward from its neighborhood for the short response.
Nevertheless, issues about Hyperliquid’s market integrity emerged on Wednesday, when 4 massive merchants pocketed practically $48 million in suspected manipulation of Plasma’s XPL token. The token briefly spiked 200% to $1.80 earlier than smaller merchants absorbed massive losses.
Nonetheless, optimism across the protocol’s long-term trajectory continues to construct. Talking on the WebX 2025 convention in Tokyo, BitMEX co-founder Arthur Hayes, recognized for his daring and typically controversial market calls, advised an viewers he expects the platform’s native token to rise 126-fold over the following three years, citing the growth of stablecoins and the change’s surging charge income.
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