•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
The U.S. market is set for its first spot Hyperliquid (HYPE) ETF, after 21Shares announced that its HYPE ETF (THYP) will debut on Nasdaq on May 12. The fund carries an annual management fee of 0.30%, offering institutions and broader Wall Street exposure to Hyperliquid’s crypto and tokenized perpetuals (perps) segment.
Hyperliquid’s spot ETF launch comes as the tokenized perps sector remains a fast-growing area of crypto trading. The segment is currently dominated by Hyperliquid’s decentralized exchange (DEX). In addition, last month Bitwise and Grayscale updated their spot HYPE ETF filings, suggesting other products could also reach the market soon.
Crypto research firm Capital Flows said the spot ETF is likely to further distinguish HYPE from other tokens. The protocol has emphasized creating value rather than focusing solely on attracting short-term inflows, a stance that the firm said could help differentiate it from tokens that prioritize price momentum over long-term holder outcomes.
Hyperliquid’s ecosystem integrations have also shown commercial traction. Phantom’s Hyperliquid integration generated $20 million in revenue. Hyperliquid’s wallet integrations—such as Phantom and MetaMask—also include Rabby, which uses Hyperliquid to power in-wallet perps trading for crypto and commodities.
Under the builder-codes arrangement, Hyperliquid shares revenue with wallet providers. The integration began last July, and Phantom’s $20 million figure highlights the partnership’s contribution to Hyperliquid’s growth. The DEX also said that more than 100 teams have added Hyperliquid to support perps trading.
Hyperliquid positions itself as a cross-asset trading platform, offering crypto perps, commodities, indices, and prediction markets. The project’s expansion has reinforced its role in perpetual trading, while broadening the range of assets available through its infrastructure.
While it is not yet clear whether the ETF debut will act as a “sell-the-news” catalyst, whale activity has increased sharply. According to Nansen data, whale accumulation rose 272% over the past seven days.
Supply dynamics also shifted in May. Supply owned increased from 47% to 70%, indicating strong demand for the altcoin even as its price consolidated between $45 and $40 since mid-April. At the same time, exchange supply increased by 123%, which could point to either higher staking demand or potential selling pressure.
Overall, the ETF debut was viewed positively, but it remains uncertain whether HYPE can hold above $40 given the rising possibility of exchange selling pressure.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
