- Asset manager 21Shares launched two new Hyperliquid ETPs , providing regulated U.S. investors with exposure to the growing decentralized derivatives sector.
- The Hyperliquid protocol has over 50% of the open interest in the DeFi derivatives sector for perpetual futures, making it a major source of liquidity.
- With intraday sell-off, the Hyperliquid price is nearing a major support retest at $39.
The Hyperliquid price is down 4.75% during Tuesday’s U.S. market hours to trade at $40.07 . This sell-off followed Bitcoin’s 2% drop amid the escalating military tension between the U.S. and Iran and a higher than expected number on U.S. consumer price data for April. Despite the price drop investors, the HYPE coin is poised to witness a surge in institutional Inflows amid two exchanged traded funds, 21shares spot Hyperliquid ETP (THYP) and 21Shares 2x Long Hyperliquid ETF (TXXH).
21Shares Launches Two Nasdaq-Listed Products Tracking Hyperliquid’s HYPE Token
21Shares has launched two new exchange traded products (ETPs) that provide regulated exposure to HYPE, the native token of Hyperliquid, one of the largest decentralised perpetual futures exchanges for trading volume.
The first offering spot Hyperliquid ETP is built on the framework of the 1933 Act. It contains real HYPE tokens and aims to monitor the token’s price in the spot market. Unlike classic 1940 Act ETFs it is not equipped with all the investor protections, including independent board oversight. The sponsor will stake part of the holdings to derive further rewards, but this will have lock up periods, delays in unbonding and risks of forfeiture if a validator underperforms. Custody is provided by reputable providers Anchorage Digital and BitGo, and has a considerable amount of insurance.
The second product, 2x Long Hyperliquid ETF, is a 1940 Act Leveraged Fund that aims to double the daily gain of HYPE using derivatives and daily rebalancing. Like other leveraged products, it’s meant for advanced investors who know about daily resets, compounding and volatility decay. In volatile or sideways markets, returns can deviate from the underlying performance by more than 2x over a longer time horizon — and in extreme cases, the value of the product witnessed significant loss in a single trading session.
| Ticker | ISIN | Exchange | Currency | Fee | Inception | Date Issuer |
| THYP | US90137V1089 | NASDAQ | USD | 0.30% | 4 May 2026 | 21Shares US LLC |
| TXXH | US53656H7364 | NASDAQ | USD | 1.89% | 30 April 2026 | 21Shares US LLC |
Hyperliquid in Focus
Hyperliquid is a purpose-built Layer-1 blockchain designed for high performing trading. It makes orders on-chain through a real-time central limit order book, offering sub-second latency and high throughput, with the ability to report more than 200,000 orders per second maximum. The volumes have been consistently in the billions of dollars daily and over the lifetime of the platform, trillions have been traded. It charges no traditional gas fees for most user interactions.
A substantial share of trading fees — often tens of millions of dollars monthly — is used for open-market HYPE purchases. Most of the tokens are community distributed and team tokens are vested over a timeline that extends through 2028, incentivizing community growth. Hyperliquid has also launched its own virtual machine that will let developers create more DeFi applications that share the same high-performance infrastructure.
“Having pioneered the first Hyperliquid ETP in Europe, we have seen the protocol evolve into a de facto global liquidity hub for decentralized derivatives”, said Andres Valencia, EVP, Investment Management at 21shares.
“We have conviction in the strength of Hyperliquid’s fundamentals and its growing role in decentralized finance – having processed over $4 trillion in cumulative volume since its inception and commanding over 50% of DEX perpetual open interest3. Bringing THYP and TXXH to the U.S. market allows us to bridge the gap for American investors, offering them a transparent way to gain exposure to a network that is demonstrating a high-performance approach to decentralized trading infrastructure.”
The expected distribution date of staking rewards THYP is as below:
| Declaration Date | Ex Date | Record Date | Payable Date |
| 6/26/26 | 6/29/26 | 6/29/26 | 6/30/26 |
| 9/28/26 | 9/29/26 | 9/29/26 | 9/30/26 |
| 12/28/26 | 12/29/26 | 12/29/26 | 12/30/26 |
Key Considerations and Risks in These Hyperliquid ETP
HYPE is still a volatile stock, and the annualised volatility is often well over 100%. The price of it is determined by the trading of perpetuals, network adoption, competition among decentralized and centralized exchanges, and general crypto market sentiment.
They both have high levels of single asset risk. There are staking mechanics risks, custody risks, and leverage risks and path dependency risks for Hyperliquid ETP investors. The fee for the spot product begins at about 0.30% for management fees, and full expense ratios remain to be finalized.
The products will be available for trading on Nasdaq on or around May 12, 2026, after the SEC has reviewed their regulatory filings. The authorizations are responsible for the creation and redemption, and the liquidity of secondary markets relies on market makers and investor demand.
In summary, these launches represent a major milestone in bringing regulated and brokerage-exclusive exposure to one of the most successful trading platforms in DeFi. However, they are not suitable for all investors. Before buyers invest, they need to thoroughly read the prospectus and be aware of the different risks associated with exposure in a physical stake versus a daily leveraged reset.
Hyperliquid Price To Retest Major Channel Support
From its Late-January low of $20.8, the HYPE price has witnessed a steady rally within two parallel trendlines, to currently trade at $40.18, registering a gain of 95.8%. The two trendlines acting as dynamic resistance and support reveals the formation of a classic chart pattern called parallel channel.
With today’s price drop, the coin price is just 3.8% away from the pattern’s bottom trendline at $39. If the support holds, the Hyperliquid HYPE-3.87% price could witness renewed bullish momentum and drive its next recovery leap for above $50.
Despite the Hyperliquid ETP launch, a breakdown below the pattern’s bottom trendline could drive an extended correction towards $30.
