21Shares Lists Hyperliquid ETP on SIX Swiss Exchange
21Shares, a Swiss-based asset manager and issuer of crypto exchange-traded products (ETPs), has announced the listing of the Hyperliquid ETP on the SIX Swiss Exchange. This offering allows investors to gain exposure to the Hyperliquid token without the necessity of wallets or on-chain custody.
In a statement released on Friday, the company highlighted Hyperliquid as a prominent platform for decentralized derivatives, asserting that it facilitates over $8 billion in daily transactions, with a total trade volume of $2 trillion since its launch in 2023. This accounts for approximately 80% of the overall decentralized perpetuals activity.
This listing represents the first institutional-quality product providing exposure to the Hyperliquid protocol, arriving just days after the Hyperliquid token (HYPE) reached a record high of $50.99.
Mandy Chiu, head of financial product development at 21Shares, noted that Hyperliquid’s “growth has been nothing short of extraordinary, and the underlying economics are among the most compelling we’ve seen in the space.”
About 21Shares
Founded in 2018, 21Shares boasts a history of launching regulated crypto products, including the first crypto ETP that is physically backed. The company provides spot Bitcoin and Ether exchange-traded funds (ETFs) in the US, along with a variety of crypto ETPs in Europe, ranging from single-asset offerings such as Solana (SOL) and Dogecoin (DOGE) to diversified baskets and staking-focused funds.
Overview of Hyperliquid
Launched in late 2022, Hyperliquid is a layer-1 blockchain featuring a decentralized exchange specifically for perpetual futures. Unlike many decentralized finance (DeFi) platforms that rely on automated market makers, Hyperliquid operates a traditional on-chain order book that directly matches buy and sell orders, clearing trades in less than a second without the use of external oracles or off-chain systems.
Users can connect via wallets to place spot or perpetual orders, which are settled natively on-chain. The model channels trading fees into daily buybacks of the HYPE token, the protocol’s native asset.
This strategy has driven substantial growth, with Hyperliquid recently achieving record levels in trading volume, revenue, and user engagement over recent months.
Trading Achievements and Challenges
In July, the exchange processed an impressive $319 billion in trades, marking the highest monthly volume ever recorded for a DeFi perpetuals platform, which contributed to a total decentralized perpetual volume nearing $487 billion, according to data from DefiLlama. Additionally, Hyperliquid captured 35% of all blockchain revenue that month, a share that analysts from VanEck noted came at the expense of platforms like Solana, Ethereum, and BNB Chain.
The platform has emerged as the seventh-largest derivatives exchange globally by daily activity, exceeding 600,000 registered users in July. Although a 37-minute outage on July 29 momentarily halted trading, Hyperliquid addressed the situation by reimbursing $2 million in losses, receiving commendation from its user community for its rapid response.
Nevertheless, questions regarding Hyperliquid’s market integrity arose on Wednesday when four significant traders reportedly gained nearly $48 million through suspicious manipulation of Plasma’s XPL token. This token saw a brief spike of 200% to $1.80 before smaller traders incurred substantial losses.
Despite these concerns, optimism surrounding the protocol’s long-term prospects continues to grow. At the WebX 2025 conference in Tokyo, BitMEX co-founder Arthur Hayes, known for his bold and at times controversial market predictions, expressed his expectation that the platform’s native token could increase 126-fold in the next three years, attributing this to the rise of stablecoins and the exchange’s increasing fee revenue.
