Hyperliquid ETF Draws $1.2M Inflows in US Market Debut

TLDR

• 21Shares launched the Hyperliquid ETF on Nasdaq under the ticker THYP.
• The Hyperliquid ETF recorded $1.2 million in net inflows on its first trading day.
• The fund generated $1.8 million in trading volume during its US debut.
• Bloomberg analyst James Seyffart described the launch as a very solid day compared to average ETF debuts.
• The ETF seeks to track the spot price of the Hyperliquid HYPE token.

Crypto asset manager 21Shares launched its Hyperliquid ETF on Nasdaq and recorded $1.2 million in net inflows. The fund also posted $1.8 million in trading volume on its first day.

Hyperliquid ETF logs steady start on Nasdaq

21Shares listed the Hyperliquid ETF under the ticker THYP on Tuesday. The fund seeks to track the spot price of the Hyperliquid token. The token links to the Hyperliquid perpetual futures platform.

THYP brought in $1.2 million in net inflows during its first session. It also generated $1.8 million in total trading volume. Seyffart said the launch outperformed many average ETF debuts, yet he tempered expectations with measured remarks.

Earlier crypto ETFs recorded higher opening figures in 2025. The Bitwise Solana Staking ETF attracted $56 million on launch day in October. The Canary XRP ETF secured $58 million during its November debut session.

Hyperliquid operates a perpetual futures platform that began in 2023. The platform has processed more than $8.4 trillion in trading volume. THYP aims to reflect the token’s spot price without offering direct custody.

The Hyperliquid ETF carries a management fee of 0.3%. This fee stands below the 0.67% fee proposed by Bitwise for its competing fund. Grayscale has not yet disclosed a fee for its planned product.

Competing HYPE funds line up for approval

Bitwise has filed for a Hyperliquid Staking ETF under the ticker BHYP. Seyffart predicted that BHYP stands next in line for approval. He shared that outlook as regulators review pending applications.

Grayscale also awaits a decision on its Grayscale HYPE ETF under the ticker GHYP. The firm has not set a management fee for that product. Both filings target exposure to the same underlying token.

The US Securities and Exchange Commission adjusted its approach to crypto ETFs in September. The agency shifted from case-by-case reviews to generic listing standards. This move streamlined the path for spot crypto ETF approvals.

Seyffart stated in December that many crypto exchange-traded products could close by 2027. He cited weak demand as the main factor behind possible closures. His comments preceded fresh data on ETF lifespans.

A Bloomberg report in April showed that the average ETF lifespan declined to 3.5 years in 2025. The figure stood at 4.66 years in 2024. Several ETFs closed during the opening months of 2026, though none focused on major crypto assets.

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