Popular decentralized trading platform for perpetual contracts Hyperliquid (HYPE) has finally marked its entry on Nasdaq. 21Shares’ Hyperliquid exchange-traded fund (ETF) with the ticker ‘THYP’ recorded $1.8M in inflows on the first day of trading.
Hyperliquid ETF sees lukewarm demand
Bloomberg ETF analyst James Seyffart remarked that on its first day of trading, the Hyperliquid ETF saw close to $1.8M in inflows, suggesting a rather muted demand for the altcoin-based financial product.
To emphasize, THYP is the first-ever ETF that focuses on Hyperliquid’s HYPE token. Investors in this ETF can get exposure to the underlying token in a regulatory compliant way, without actually holding it.
Hyperliquid is the world’s largest on-chain perpetuals decentralized exchange (DEX). As of May 2026, Hyperliquid commands nearly 70 percent of all on-chain perpetual futures trading activity. The cumulative perpetuals trading volume on the platform has already surpassed $4.4T.
Seyffart dubbed the ETFs first day on the market as a “very solid day.” He added that while it was better than a typical ETF launch, it pales in comparison with the launch of some of more high-profile spot ETF launches, like those of Ether (ETH), XRP, and Solana (SOL).
To add some context, the first day of Canary Capital’s XRP ETF back in November 2025 saw net inflows worth around $58M. Seyffart remarked that while not on the same level yet, Hyperliquid’s ETF will likely “follow shortly.”
Notably, competing firm Grayscale has also updated its spot HYPE ETF filing to include provisions for staking. While 21Shares currently charges a 0.3 percent management fee, it will be interesting to see if the arrival of more HYPE ETFs makes this rate more competitive.
HYPE price reacts negatively
Following Tuesday’s launch of the HYPE-token ETF, the digital asset has reacted negatively. According to data from Coingecko, HYPE is down 3.6 percent over the past 24 hours, trading just shy of $40.
On a weekly time-frame, the token is significantly up from its yearly bottom of round $20, recorded earlier in the year in January. As of Wednesday, HYPE is 88 percent up from the early-year bottom.
Analyst views on the token are mixed. Crypto trader loffy.hl remarked that HYPE’s current price range around $40 is a “good risk/reward” zone, hinting that are likely to accumulate more tokens.
Similarly, the active circulative supply of HYPE continues to get depleted, as venture capital firm a16z recently staked 1.3M tokens, worth $51.2M across different wallets.
