Since early 2023, Hyperliquid has grown rapidly, rising from a minor player to a leading position within the decentralized exchange perpetual futures trading market. As of August 2025, Hyperliquid has captured a commanding market dominance of over 70% relative to the top 10 competitors combined. This market share is supported by immense trading activity; over the past 90 days, the platform has consistently processed more than $35B in weekly volume, reaching new weekly all-time highs of over $90B1. To put this in perspective, this is typically 5 to 10 times more volume than any of its nearest DEX perpetual future competitors.
1Data on Hyperliquid’s market share and trading volumes are sourced from Dune Analytics. See: Hyperliquid Perpetual Futures Market Data
Why invest in HYPE?
A High-Performance L1 Built for Unparalleled Speed
Hyperliquid's key innovation is its purpose-built Layer 1 blockchain, designed exclusively for a single, high-performance application: its perpetual futures exchange. This vertically integrated approach allows for incredible efficiency, featuring a fully on-chain order book that processes transactions with near-instant finality. This eliminates the network congestion and high gas fees common on other platforms, enabling a seamless "one-click" trading experience that is built to support institutional-grade volume and activity.
A Powerful Revenue and Token Buyback Model
What truly sets Hyperliquid apart is its direct value accrual to the HYPE token. The protocol is designed to use over 95% of its revenue for daily, open-market buybacks of HYPE, creating a constant and powerful source of buying pressure. To date, this mechanism has driven over $1 billion in token buybacks - a scale and consistency designed to directly support long-term value for investors.
A Full-Stack Financial Ecosystem
Having already conquered the perpetual futures market, Hyperliquid is now leveraging its unified technology to become a full-stack financial ecosystem. Unlike fragmented competitors, Hyperliquid's custom blockchain (Hyperliquid Chain) and development environment (HyperEVM) allow it to seamlessly launch new products like spot trading and support third-party applications. This strategy is actively expanding its reach, with recent wallet integrations (such as with Phantom) making it easier for traders from other ecosystems to access the platform. This unique ability to continuously expand its offerings is designed to create a powerful flywheel, driving long-term demand for the HYPE token.
Why invest through the 21Shares Hyperliquid ETP (HYPE)?
The 21Shares Hyperliquid ETP offers investors simple and transparent access to the Hyperliquid Protocol, a full-stack financial ecosystem, without the significant operational hurdles of direct digital asset investment.
DeFi Access with Traditional Simplicity
Traditionally, acquiring the HYPE token requires a complex, multi-step process: an investor must first convert fiat currency into a stablecoin like USDC, set up a specialized digital wallet and then navigate a decentralized application to swap for the token. This also places the full responsibility of secure self-custody on the individual. The ETP eliminates this complexity entirely. It allows investors to gain exposure through a single transaction from their existing brokerage account, just like buying a stock. This not only simplifies access but also allows the investment to be seamlessly integrated and managed within a traditional portfolio, right alongside stocks and bonds.
100% Physically Backed
The product is fully backed 1:1 by physical HYPE which is secured in cold storage by institutional-grade custodians, providing a level of protection that exceeds typical retail custody solutions, just like 21Shares’ other physically backed products.
Regulated and Transparent Framework
The HYPE ETP is a regulated financial instrument, listed and traded on the SIX Swiss Exchange. This provides investors with a layer of transparency, oversight, and investor protection standards that are often absent when interacting directly with decentralized or offshore crypto platforms.
21Shares Hyperliquid ETP (HYPE) at a Glance
| Product | 21Shares Hyperliquid ETP |
| Ticker | HYPE |
| ISIN | CH1471826029 |
| Inception Date | Aug. 28, 2025 |
| Management Fee (TER) | 2.5% |
| Listing Avenues | SIX Swiss Exchange |
| Trading Currencies | USD |
21Shares Track Record
21Shares provides a comprehensive suite of crypto products, featuring over 45 ETPs listed across more than 15 exchanges, including both single-asset and index offerings. As one of the recognized leaders in the industry, 21Shares launched the world’s first physically backed crypto ETP over seven years ago. As part of the 21.co Group, which manages over $11 billion in assets worldwide, 21Shares continues to grow its product range, leveraging cutting-edge research to make crypto investing more accessible to everyone.
Contact Us
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- Zurich, ZH, Switzerland: +41 44 260 86 60
- New York, NY, United States: +1 212-223-3460
Or kindly email sales@21shares.com who will happily respond to questions regarding our products. For more information, please visit our website at https://21shares.com/.
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This document is not an offer to sell or a solicitation of an offer to buy or subscribe for securities of 21Shares AG in any jurisdiction. Neither this document nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever or for any other purpose in any jurisdiction. Nothing in this document should be considered investment advice.
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