What is the 21Shares Hyperliquid ETF (THYP)?
THYP is an exchange-traded fund that holds HYPE — the native token of the Hyperliquid blockchain — as its sole asset. It's structured as a Delaware statutory trust (a 33-Act product, not a 40-Act fund) and tracks the FTSE Hyperliquid Index.
The fund is physically backed, meaning 21Shares actually holds HYPE in custody (via Coinbase Custody and BitGo). When you buy THYP shares, you get price exposure to HYPE without needing a crypto wallet, exchange account, or private keys.
No — Hyperliquid is a decentralized blockchain and perpetuals exchange. It has no publicly listed stock. HYPE is a crypto token, not equity. THYP is an ETF that gives traditional brokerage investors exposure to HYPE's price — it's the closest thing to a "Hyperliquid stock" that currently exists.
Key details
| Detail | Info |
|---|---|
| Ticker | THYP (Nasdaq) |
| Launch date | May 12, 2025 |
| Issuer | 21Shares US LLC (subsidiary of 21.co, acquired by Falconx) |
| Underlying asset | HYPE token |
| Index tracked | FTSE Hyperliquid Index |
| Management fee | 0.30% (waived until Oct 8, 2026) |
| Custodians | Coinbase Custody + BitGo Trust |
| Staking | 30–70% of HYPE holdings staked via Figment; first reward June 30 |
| Leveraged version | TXXH (2x Long HYPE ETF, also on Nasdaq) |
THYP vs holding HYPE directly on Hyperliquid
The ETF is designed for people who want HYPE exposure through a traditional brokerage (Fidelity, Schwab, etc.) without touching crypto. If you're already comfortable with wallets and DeFi, holding or trading HYPE directly on Hyperliquid is almost certainly better.
| Factor | THYP (ETF) | Hyperliquid directly |
|---|---|---|
| Access | Any brokerage account | Wallet only, no KYC |
| Fees | 0.30% annual fee | No fund fee |
| Staking yield | ~2.37% APY (via fund) | ~2.37% APY (direct) |
| Leverage trading | Only via TXXH (2x max) | Up to 50x on perps |
| Self-custody | No — 21Shares holds assets | Full self-custody |
| Tax reporting | Standard brokerage (1099) | Manual crypto reporting |
| Weekend trading | No (market hours only) | 24/7 |
Competing ETFs: Bitwise and Grayscale
THYP isn't the only Hyperliquid ETF coming. Two other major players have filed:
| Issuer | Ticker | Status |
|---|---|---|
| 21Shares | THYP | Live on Nasdaq |
| 21Shares (leveraged) | TXXH | Live on Nasdaq |
| Bitwise | TBD | S-1 filed Sept 2025 |
| Grayscale | GHYP | Filed, pending SEC |
More competition typically means better products and lower fees for investors. Grayscale's GHYP and Bitwise's filing signal that HYPE is being taken seriously by institutional asset managers — not just crypto-native audiences.
Trending Hyperliquid markets to watch
Alongside the ETF news, search interest in specific Hyperliquid perp markets has exploded. These are some of the hottest markets traders are watching right now:
One of Hyperliquid's biggest selling points cited by 21Shares themselves: it gives traders access to oil, silver, gold, and equity-linked markets around the clock — something no traditional exchange offers.
How to trade HYPE and these markets directly
If you want to actually trade on Hyperliquid — not just hold HYPE via an ETF — it takes about 5 minutes to set up. No KYC, no account approval, no waiting.
For a full step-by-step walkthrough, see the Hyperliquid starter guide.