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21Shares has launched the first U.S.-listed spot exchange-traded fund tied to the Hyperliquid ecosystem, a move aimed at bringing decentralized trading infrastructure into mainstream financial markets. The fund, which trades on Nasdaq under the ticker THYP, provides direct exposure to Hyperliquid and its native token, Hyperliquid (HYPE).
21Shares introduced two products on May 12. The flagship 21Shares Hyperliquid ETF (THYP) offers spot exposure to HYPE with a 0.30% management fee. Unlike many earlier crypto ETFs, THYP also includes staking participation, with staking-related rewards planned for distribution to shareholders beginning in June 2026.
Alongside THYP, 21Shares launched the 21Shares 2x Long Hyperliquid ETF (TXXH), a leveraged product designed for short-term traders seeking amplified exposure to price movements within the Hyperliquid ecosystem.
The staking component is positioned as a differentiator, combining capital appreciation with blockchain-native yield generation rather than relying solely on passive token price tracking.
The ETF launch follows another milestone for the network. On May 11, the Hyper Foundation launched HyperEVM mainnet, bringing Ethereum Virtual Machine compatibility to the Hyperliquid Layer 1 blockchain.
With HyperEVM, developers can deploy ETH-based decentralized applications directly onto Hyperliquid, expanding the network’s functionality beyond perpetual futures trading. HYPE also functions as the native gas token for HyperEVM transactions, increasing its utility across the ecosystem.
EVM compatibility is widely viewed as a key step toward broader adoption, particularly for projects already built within the Ethereum ecosystem. The upgrade also places Hyperliquid in a more direct competitive position with other Layer 1 and Layer 2 networks seeking to attract decentralized finance applications, liquidity, and institutional users.
In recent weeks, Hyperliquid has expanded into prediction markets and institutional trading infrastructure. The platform launched Bitcoin-linked prediction markets that reportedly generated trading volumes significantly above comparable offerings from competing platforms.
Institutional firms including FalconX and Ripple Prime have also integrated Hyperliquid as a trading and liquidity venue, reflecting growing institutional confidence in decentralized exchange infrastructure.
Hyperliquid’s growth metrics are described as among the strongest in decentralized finance. HYPE is reported to trade around $26.10, implying an approximate market capitalization of $8.8 billion. Hyperliquid’s decentralized perpetual exchange frequently records more than $8 billion in daily trading volume, often surpassing major rivals in the sector.
The launch of THYP reflects a wider trend in which traditional financial products increasingly incorporate blockchain-native mechanics such as staking and decentralized liquidity. Rather than offering exposure only to cryptocurrency price movements, newer ETFs are packaging entire onchain ecosystems into regulated investment vehicles.
For Hyperliquid, the ETF launch is presented as another step toward institutional legitimacy as decentralized trading infrastructure competes with centralized exchanges and traditional derivatives venues. As tokenized finance expands further into regulated markets, products like THYP suggest a shift in focus from simply holding crypto assets toward owning exposure to the infrastructure layers that support decentralized financial activity.
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