21Shares, a Switzerland-based asset manager and issuer of cryptocurrency exchange-traded products (ETPs), has launched the Hyperliquid ETP on the SIX Swiss Exchange. This product allows investors to gain exposure to the Hyperliquid token without needing wallets or on-chain custody.
In a Friday announcement, the company highlighted Hyperliquid as a leading venue for decentralized derivatives, claiming it handles over $8 billion in daily volume, with $2 trillion in trades since its launch in 2023, accounting for roughly 80% of total decentralized perpetuals activity.
This listing represents the first institutional-grade product providing exposure to the Hyperliquid protocol and follows closely after Hyperliquid’s token (HYPE) reached an all-time high of $50.99.
Mandy Chiu, the head of financial product development at 21Shares, remarked that Hyperliquid’s “growth has been remarkable, and the underlying economics are among the most compelling in the space.”
Established in 2018, 21Shares has a proven track record of launching regulated crypto products, including the first physically backed crypto ETP. It provides spot Bitcoin and Ether exchange-traded funds (ETFs) in the U.S., along with a range of crypto ETPs in Europe covering single-asset products like Solana (SOL) and Dogecoin (DOGE) to diversified baskets and staking-focused funds.
Related: Hyperliquid reimburses $2M to crypto traders after API outage
The rise of Hyperliquid
Hyperliquid, launched in late 2022, operates as a layer-1 blockchain with a decentralized exchange for perpetual futures. Unlike most DeFi platforms that utilize automated market makers, it features a traditional on-chain order book that directly matches buy and sell orders, clearing trades in under a second without relying on external oracles or off-chain infrastructure.
Users connect through wallets to place spot or perpetual orders, which settle natively on-chain. Trading fees are used for daily buybacks of the HYPE token, the protocol’s native asset.
This model has driven rapid growth, with Hyperliquid achieving record levels in trading volume, revenue, and user activity in recent months.
In July, the exchange processed $319 billion in trades, the highest monthly volume recorded for a DeFi perpetuals platform, contributing to a total decentralized perp volume of nearly $487 billion, according to DefiLlama. It also captured 35% of all blockchain revenue that month, a share analysts at VanEck noted came at the expense of Solana, Ethereum, and BNB Chain.
The platform emerged as the seventh-largest derivatives exchange overall by daily activity, surpassing 600,000 registered users by July. Although a 37-minute outage on July 29 temporarily hindered traders, Hyperliquid reimbursed $2 million in losses, earning commendations from its community for the prompt response.
Nevertheless, concerns about Hyperliquid’s market integrity surfaced on Wednesday, when four large traders reportedly profited nearly $48 million from suspected manipulation of Plasma’s XPL token. The token briefly surged 200% to $1.80 before smaller traders incurred substantial losses.
Despite this, confidence in the protocol’s long-term prospects continues to grow. Speaking at the WebX 2025 conference in Tokyo, BitMEX co-founder Arthur Hayes, known for his bold and sometimes controversial predictions, indicated that he expects the platform’s native token to increase 126-fold over the next three years, attributing this to the expanding stablecoin market and the exchange’s rising fee revenue.
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