Swiss asset management company and cryptocurrency exchange-traded product (ETP) issuer 21Shares has launched the Hyperliquid ETP on the SIX Swiss Exchange. This product allows investors to access Hyperliquid tokens without the need for a wallet or on-chain custody.
The company claims that Hyperliquid has a significant position in the decentralized derivatives space, with daily trading volumes exceeding $8 billion and a trading volume of $2 trillion since its launch in 2023, accounting for about 80% of decentralized perpetual contract activity.
This listing is the first institutional-grade product aimed at the Hyperliquid protocol, coinciding with its token (HYPE) setting a record of $50.99.
Mandy Chiu, head of financial products development at 21Shares, stated that Hyperliquid's growth is astonishing, and its economic model is one of the most attractive we have seen in this field.
Since its establishment in 2018, 21Shares has continuously launched regulated cryptocurrency products, including the first physically-backed crypto ETP, and offers a rich array of crypto ETP products in Europe.
The Rise of Hyperliquid
Hyperliquid launched at the end of 2022, this decentralized exchange employs a traditional on-chain order book, directly matching buy and sell orders, with a trading settlement speed of less than one second. Users can place orders through their wallets, and the fees are used to buy back HYPE tokens.
This model has facilitated Hyperliquid's rapid growth, with July's trading volume breaking records at $319 billion, making it the highest in trading volume among decentralized perpetual contract platforms, accounting for 35% of total blockchain revenue in July.
Despite the brief outage on July 29 that frustrated traders, Hyperliquid compensated for the $2 million loss, earning praise from users. However, concerns about market integrity arose on Wednesday, with four major traders suspected of manipulating Plasma's XPL token.
Nevertheless, the long-term development of the protocol remains optimistic. BitMEX co-founder Arthur Hayes stated at the WebX 2025 conference in Tokyo that he expects the platform's tokens to grow 126 times over the next three years.
