21Shares, a Switzerland-based asset manager and issuer of crypto exchange-traded products (ETPs), has listed the Hyperliquid ETP on the SIX Swiss Exchange. The product gives investors exposure to the Hyperliquid token without the need for wallets or onchain custody.
In a Friday announcement, the company described Hyperliquid as one of the major venues for decentralized derivatives, claiming it processes more than $8 billion in daily volume, with $2 trillion in trades since its 2023 launch, and roughly 80% of the total decentralized perpetuals activity.
The listing, which marks the first institutional-grade product offering exposure to the Hyperliquid protocol, comes just days after Hyperliquid’s token (HYPE) hit a record high of $50.99.
Mandy Chiu, the head of financial product development at 21Shares, said Hyperliquid’s “growth has been nothing short of extraordinary, and the underlying economics are among the most compelling we’ve seen in the space.”
Founded in 2018, 21Shares has a track record of launching regulated crypto products, including the first physically backed crypto ETP. It offers spot Bitcoin and Ether exchange traded funds (ETFs) in the US, alongside a suite of crypto ETPs in Europe ranging from 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, is a layer-1 blockchain with a decentralized exchange for perpetual futures. Unlike most DeFi platforms that use automated market makers, it runs a traditional onchain order book that matches buy and sell orders directly, clearing trades in under a second without outside oracles or off-chain infrastructure.
Users connect via wallets to place spot or perpetual orders, which settle natively onchain. Trading fees are funneled into daily buybacks of the HYPE token, the protocol’s native asset.
That model has fueled rapid growth, with Hyperliquid setting records in trading volume, revenue and user activity over the past few months.
In July, the exchange processed $319 billion in trades, the highest monthly volume ever for a DeFi perpetuals platform, helping push total decentralized perp volume to nearly $487 billion, per DefiLlama. It also captured 35% of all blockchain revenue that month, a share analysts at VanEck said 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 in July. While a 37-minute outage on July 29 temporarily sidelined traders, Hyperliquid reimbursed $2 million in losses, drawing praise from its community for the quick response.
However, concerns about Hyperliquid’s market integrity emerged on Wednesday, when four large traders pocketed nearly $48 million in suspected manipulation of Plasma’s XPL token. The token briefly spiked 200% to $1.80 before smaller traders absorbed large losses.
Still, optimism around the protocol’s long-term trajectory continues to build. Speaking at the WebX 2025 conference in Tokyo, BitMEX co-founder Arthur Hayes, known for his bold and sometimes controversial market calls, told an audience he expects the platform’s native token to rise 126-fold over the next three years, citing the expansion of stablecoins and the exchange’s surging fee revenue.
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