The launch of the HYPE-ETF became one of the most significant events in the cryptocurrency industry in 2026. Before that, dedicated ETFs* (Exchange Traded Funds) had already been introduced for Bitcoin, Ethereum, Solana, and XRP. Now, HYPE, the native cryptocurrency of the Hyperliquid platform, has joined this list.
* ETF (Exchange Traded Fund) is an investment fund whose shares are traded on a stock exchange just like ordinary company shares. Such a fund typically tracks the price of a specific asset or group of assets, such as Bitcoin, Ethereum, gold, a stock market index, or a basket of securities. For investors, an ETF provides convenient exposure to an asset through a standard brokerage account without the need to purchase and hold the underlying asset directly. In the case of a cryptocurrency ETF, investors do not need to create a crypto wallet, manage private keys, or secure their digital assets.
Interest in HYPE did not emerge by chance. While most digital assets experienced declines, the HYPE cryptocurrency continued to appreciate in value, and the Hyperliquid platform established itself as one of the leaders in the decentralized cryptocurrency derivatives* market.
* Derivatives are financial instruments whose value is based on the price of another asset. The underlying asset may be a cryptocurrency, stock, fiat currency, oil, gold, a stock index, or an interest rate. In simple terms, a derivative is not the asset itself but a contract linked to its price.
What is the HYPE-ETF?
The HYPE-ETF is an exchange-traded fund based on the HYPE cryptocurrency, the native digital asset of the Hyperliquid platform. Its defining feature is that it is the first ETF in history whose underlying asset is the cryptocurrency of a decentralized exchange.
The fund enables investors to gain exposure to HYPE's price appreciation on the spot market* through traditional brokerage accounts. Investors do not need to purchase tokens directly, store digital assets, create a crypto wallet, or manage private keys.
* Spot market refers to a market where transactions are settled immediately or within a very short period after execution, with ownership of the asset transferred at or shortly after the trade.
The HYPE-ETF officially launched on June 13, 2026. The first HYPE-based ETFs were introduced by Bitwise and 21Shares. Bitwise listed its product on the New York Stock Exchange (NYSE), while 21Shares launched its ETF on Nasdaq.
For the cryptocurrency market, this represented an important milestone: digital assets are becoming increasingly integrated into the infrastructure of traditional finance, or TradFi*.
* TradFi (Traditional Finance) refers to the conventional financial system, including banks, stock exchanges, brokers, investment funds, insurance companies, and other regulated financial institutions. TradFi is commonly contrasted with DeFi (Decentralized Finance), where financial operations are executed through blockchain protocols and smart contracts without banks or intermediaries.
Why was the HYPE-ETF created?
The primary reason is Hyperliquid's rapid growth.
Since its launch, the platform has achieved a dominant position in the decentralized cryptocurrency derivatives market. In the summer of 2025, Hyperliquid set a record among DeFi (Decentralized Finance) exchanges, reaching a daily trading volume of $320 billion.
According to Bitwise, Hyperliquid's total trading volume in 2025 approached $3 trillion. The platform accounted for approximately 60% of the global open interest* in blockchain-based derivatives.
* Open Interest is the total number of active derivative contracts that have not yet been closed, settled, or canceled. This metric helps measure market participation. Rising open interest may indicate that additional capital and participants are entering the market, while declining open interest may signal reduced trading activity.
Another important factor is Hyperliquid's technological foundation. The platform operates on its own high-performance Layer 1 blockchain* specifically optimized for the protocol's requirements.
* Layer 1 blockchain is an independent base-layer blockchain network that processes transactions, provides security, stores data, and supports decentralized applications. Examples of Layer 1 blockchains include Bitcoin, Ethereum, Solana, and other independent networks.
Hyperliquid is already surpassing established DeFi players
By June 2026, Hyperliquid had climbed to seventh place among DeFi ecosystems in terms of TVL* (Total Value Locked).
By this metric, the project has already surpassed ecosystems such as:
* TVL (Total Value Locked) is the combined market value of assets deposited in the smart contracts of a DeFi (Decentralized Finance) protocol or blockchain ecosystem. It is widely used to evaluate a project's liquidity, scale, and level of user trust.
Why investors are betting on HYPE
Another reason behind the growing interest in the HYPE-ETF is the performance of the HYPE cryptocurrency itself.
Since the beginning of 2026, HYPE has been the only digital asset among the top ten cryptocurrencies by market capitalization to deliver positive returns. Its price has increased by nearly 180%, reaching a new all-time high.
One of the key drivers behind HYPE's growth is Hyperliquid's economic model. A significant portion of the revenue generated from trading fees is allocated to buying back HYPE tokens. This mechanism reduces the available supply of the cryptocurrency on the market and may help support its price.
Over the past month alone, HYPE has gained more than 23%, reaching $70.7. Its all-time high of $76.8 was recorded in mid-June.
Since its listing, HYPE has appreciated by more than 2,100%, despite the overall weakness of the cryptocurrency market amid economic and geopolitical uncertainty. During the same period, the project's market capitalization increased nearly 50-fold, rising from $367 million to $17.8 billion.
Hyperliquid expands beyond the cryptocurrency market
The continued growth of the Hyperliquid ecosystem was another strong argument for launching the HYPE-ETF.
In addition to traditional cryptocurrency derivatives, the platform has started introducing products linked to traditional financial assets. These include:
perpetual contracts based on the S&P 500 Index*;
oil contracts.
* The S&P 500 Index is one of the world's most widely recognized stock market indices. It includes the shares of 500 of the largest publicly traded U.S. companies, including Apple, Microsoft, Amazon, and Nvidia. The index is weighted by market capitalization and is considered one of the most important indicators of the U.S. stock market and the overall U.S. economy.
In the future, Hyperliquid may launch additional index-based products, including instruments tied to the Nasdaq 100 and gold contracts. These developments make the platform more attractive to institutional investors and further strengthen the investment case for the HYPE-ETF.
Who issues the HYPE-ETF?
As of June 2026, three investment firms have already launched their own HYPE-ETFs:
Bitwise — ticker BHYP;
21Shares — ticker THYP;
Grayscale — ticker HYPG.
In addition, back in 2025, VanEck announced plans to launch a HYPE-ETF. If regulators approve the application, the company will be able to introduce a European cryptocurrency fund based on HYPE that includes a staking* program.
* Staking is a way to earn rewards by holding cryptocurrency and participating in the operation of a blockchain network. Users lock a certain amount of cryptocurrency and receive rewards in return. In Proof-of-Stake (PoS) networks, staking helps validate transactions and maintain blockchain security. For beginners, staking can be compared to a bank deposit, with one important difference: cryptocurrency staking involves market risks, including potential declines in the value of the cryptocurrency, technical limitations, and the specific rules of the blockchain network or platform.
How the HYPE-ETF compares with Solana and XRP ETFs
At present, the HYPE-ETF still trails other recently launched cryptocurrency ETFs in terms of market capitalization. Its assets amount to less than $200 million.
For comparison:
the Solana ETF is valued at approximately $700 million;
the XRP ETF is valued at approximately $727 million.
However, in terms of trading volume, the HYPE-ETF has already surpassed comparable Solana- and XRP-based products, despite launching later.
According to Coinglass, the HYPE-ETF has recorded net inflows almost every day since its launch. Although daily inflows have so far rarely exceeded $10 million, continued positive performance of HYPE could lead to further growth in the fund's assets.
Conclusion
The HYPE-ETF was not launched simply because the market was looking for another cryptocurrency investment product. Its introduction reflects Hyperliquid's rapid expansion, the platform's dominance in the decentralized derivatives market, and the strong performance of the HYPE cryptocurrency.
Hyperliquid no longer appears to be a niche trading platform designed exclusively for professional crypto traders. Today, it is a comprehensive ecosystem with its own blockchain, massive trading volumes, steadily growing TVL (Total Value Locked), a cryptocurrency with exceptional price momentum, and ambitions to expand beyond the cryptocurrency market.
This is precisely why the launch of the HYPE-ETF became an important milestone not only for HYPE holders but also for the broader digital asset industry. It demonstrates how rapidly cryptocurrency projects are becoming integrated into the infrastructure of traditional finance.