Spot HYPE ETFs Absorb 1.04% of Market Cap in First 10 Trading Days

TLDR:

• Spot HYPE ETFs absorbed 1.04% of market cap in 10 days, surpassing BTC at 0.59%, ETH at 0.41%, and SOL at 0.31%.
• Hyperliquid TVL grew from $4.28B to $5.16B in May, with DEX volume rising from $108M to $146M in the same window.
• Hyperliquid controls 55% of all decentralized perps TVL and processed $190B in volume last month, no VC funding raised.
• Cumulative bridge volume into Hyperliquid L1 reached $120B, placing it alongside Binance in the global futures market conversation.

Spot HYPE ETFs have recorded the strongest debut of any spot crypto ETF to date. Within their first 10 trading days, these funds absorbed 1.04% of HYPE’s total market capitalization.

This figure surpasses comparable debut performances from Bitcoin, Ethereum, and Solana ETFs. The milestone comes as Hyperliquid continues posting strong on-chain metrics.

Protocol revenue, trading volume, and total value locked are all moving upward in May 2025.

HYPE ETF Debut Outpaces Bitcoin and Ethereum

According to Kairos Research, spot HYPE ETFs absorbed more market cap than any other crypto ETF at launch. BTC ETFs captured 0.59% of market cap in their first 10 trading days. ETH ETFs followed with 0.41%, while SOL ETFs recorded 0.31% during the same window.

The comparison uses a new-issuer cohort to ensure accuracy. Legacy trust products like GBTC and ETHE had their outflows stripped from the data. This adjustment gives a cleaner picture of genuine new investor demand flowing into each asset.

These numbers show that institutional and retail appetite for HYPE exposure was strong from day one. The pace of absorption in the opening two weeks reflects a market that had been waiting for a regulated access point.

Spot ETF launches typically attract front-loaded capital, but HYPE’s rate stood out even within that pattern.

Kairos Research shared the findings on X, noting that HYPE’s 1.04% rate marks a clear record among spot crypto ETF debuts. The data adds context to a broader conversation about how newer assets perform when given structured investment vehicles.

On-Chain Metrics Paint a Stronger Picture

Beyond ETF flows, Hyperliquid’s underlying protocol data tells a separate story. TVL grew from $4.28 billion to $5.16 billion in May alone, according to DefiLlama figures shared by crypto analyst 2xnmore on X.

DEX volume rose from $108 million to $146 million during the same period. The protocol also generated $614 million in annual revenue without raising venture capital funding. That combination of growth and independence is rare across the decentralized finance space.

Hyperliquid currently controls 55% of all TVL across decentralized perpetual exchanges. The total onchain perps market sits at $8 billion, with Hyperliquid accounting for $5.4 billion of that figure.

Last month, the protocol processed $190 billion in volume, representing 4% of all global perpetual exchange activity.

Cumulative bridge volume into the Hyperliquid L1 has reached $120 billion. For comparison, Binance holds 16.17% of the futures market share.

Hyperliquid remains the only decentralized venue operating at a scale that places it in the same conversation as centralized exchanges.

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