21Shares introduces a hyper-liquid ETP on the Swiss Stock Exchange as DeFi trading volumes surge.

21Shares has listed the first hyperliquid Exchange Traded Product (ETP) on the SIX Swiss Exchange, providing regulated exposure to the HYPE token. As Hyperliquid achieves unprecedented transaction volumes, analysts anticipate a long-term surge in demand for decentralized finance (DeFi) derivative products.

21Shares Launches Hyperliquid ETP

The Swiss asset manager 21Shares has introduced the Hyperliquid ETP, marking a significant milestone in the market. This product enables both institutional and retail investors to gain exposure to Hyperliquid’s native HYPE token without the complexities of on-chain wallets or custody arrangements.

This listing represents the first institutional-grade investment vehicle that offers direct exposure to the Hyperliquid protocol. The launch follows shortly after the HYPE token reached a record high of $50.99, showcasing Hyperliquid’s growing influence within the DeFi derivatives sector.

Mandy Chiu, the head of financial product development at 21Shares, praised Hyperliquid’s remarkable growth trajectory, emphasizing that the underlying economics are among the most compelling observed in the space.

Founded in 2018, 21Shares is known for its suite of regulated digital asset products. The firm’s offerings include the first physically-backed crypto ETP and spot Bitcoin and Ether ETFs in the United States. In Europe, the company has developed a diverse range of crypto ETPs, featuring unique asset offerings like Solana (SOL) and Dogecoin (DOGE), as well as diversified baskets and staking-focused funds.

The Fast Rise of Hyperliquid in DeFi

Launched in late 2022, Hyperliquid is a layer-1 blockchain with a decentralized exchange specializing in perpetual contracts. Unlike many DeFi platforms that rely on automated market makers, Hyperliquid employs a traditional on-chain order book, facilitating direct matching of buy and sell orders.

Transactions are settled in under a second, without relying on oracles or off-chain infrastructure. The exchange’s fee structure directs transaction costs toward daily buybacks of the HYPE native token, thereby supporting demand for the asset.

This model has fueled explosive growth in transaction volumes, revenues, and user adoption. In July, Hyperliquid processed $319 billion in transactions, achieving the highest monthly volume ever recorded for a perpetual DeFi platform. This activity contributed to an overall total of nearly $487 billion in decentralized perpetual transaction volumes, according to DefiLlama.

The platform also claimed 35% of all blockchain revenues that month, surpassing competitors on Solana, Ethereum, and BNB Chain. Hyperliquid has since become the seventh-largest derivatives exchange globally by daily trading activity, boasting over 600,000 registered users as of July.

Although a 37-minute outage on July 29 briefly disrupted transactions, the protocol reimbursed $2 million in losses, earning community support for its swift response.

Balancing Growth and Market Concerns

Despite its momentum, questions regarding market integrity linger. On Wednesday, reports emerged that four major traders manipulated the market for Plasma’s XPL token, briefly driving its price up by 200% to $1.80 before small participants suffered significant losses. This alleged manipulation generated $48 million in profits for the involved traders.

Nevertheless, the outlook for Hyperliquid’s long-term trajectory remains optimistic. Arthur Hayes, co-founder of BitMEX, projected at the WebX 2025 conference in Tokyo that the HYPE token could increase by 126 times over the next three years, citing strong exchange fee revenues and the broader expansion of stablecoins.

As institutional-grade products like the newly launched Hyperliquid ETP provide investors with access to emerging DeFi infrastructure, the swift rise of Hyperliquid underscores a growing demand for decentralized derivative products and financial instruments designed to track their performance.