- Asset management firm 21Shares has launched two new Hyperliquid ETPs, providing regulated US investors exposure to the growing decentralized derivatives sector.
- The Hyperliquid protocol has over 50% of open interest in the perpetual futures DeFi derivatives sector, making it a major source of liquidity.
- With heavy intraday selling, Hyperliquid price is close to retesting the key support at $39.
Hyperliquid’s price fell 4.75% during US market hours on Tuesday to trade at $40.07. This sell-off came after Bitcoin fell by 2% amid escalating military tensions between the US and Iran and a higher-than-expected number in US consumer price data for April. Despite the decline in investor prices, HYPE is poised to see a rise in institutional inflows amidst it Two ETFs21shares Spot Hyperliquid ETP (THYP) and 21Shares 2x Long Hyperliquid ETF (TXXH).
21Shares Launches Two Nasdaq-Listed Products Tracking Hyperliquid’s HYPE Token
21 shares It has launched two new exchange-traded products (ETPs) that provide regulated exposure to HYPE, the native token of Hyperliquid, one of the largest decentralized perpetual futures exchanges by trading volume.
The first Hyperliquid ETP offering was built on the framework of the 1933 law. It contains real HYPE tokens and aims to monitor the token price on the spot market. Unlike the classic ETFs of 1940, they are not equipped with all investor protections, including independent oversight from the board of directors. The sponsor will share a portion of the property to get more rewards, but this will have lock-in periods, delays in disengagement and risk of forfeiture if the auditor performs poorly. Custody is provided by reputable providers Anchorage Digital and BitGo, and has a significant amount of insurance.
The second product, 2x Long Hyperliquid ETF, is a leveraged fund issued in 1940 that aims to maximize HYPE’s daily gains using derivatives and daily rebalancing. Like other leveraged products, it is intended for advanced investors who are familiar with daily resets, compounding and decay of volatility. In volatile or sideways markets, returns can deviate from underlying performance by more than 2x over a longer period of time – and in extreme cases, the value of the product has seen a significant loss in a single trading session.
| tape | International numbering | exchange | currency | expenses | beginning | date Source |
| Thebe | US90137V1089 | Nasdaq | US dollars | 0.30% | May 4, 2026 | 21Shares USA LLC |
| TXX | US53656H7364 | Nasdaq | US dollars | 1.89% | April 30, 2026 | 21Shares USA LLC |
Liquid overconcentration
Hyperliquid is a layer-one blockchain designed specifically for high-performance trading. It delivers orders across the chain through a central order book in real-time, providing sub-second latency and high throughput, with the ability to report a maximum of over 200,000 orders per second. Volumes have been consistent in the billions of dollars per day, and over the life of the platform, trillions of dollars have been traded. It does not charge any traditional gas fees for most user interactions.
A significant share of trading fees — often tens of millions of dollars per month — is used for HYPE purchases on the open market. Most tokens are distributed to the community and team tokens are awarded on a timeline extending until 2028, stimulating community growth. Hyperliquid has also launched its own virtual machine that will allow developers to 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 truly global liquidity hub for decentralized derivatives,” said Andres Valencia, Executive Vice President of Investment Management at 21Shares.
“We are convinced of the strength of Hyperliquid’s fundamentals and its growing role in DeFi – having processed over $4 trillion in cumulative volume since its inception and accounting for over 50% of DEX’s perpetual open interest. Bringing THYP and TXXH to the US market allows us to bridge the gap for US investors, providing them with a transparent way to learn about a network that demonstrates a high-performance approach to decentralized trading infrastructure.”
The expected distribution date for THYP Rewards is as follows:
| Advertisement date | Previous history | Registration date | Payment history |
| 06/26/26 | 06/29/26 | 06/29/26 | 06/30/26 |
| 09/28/26 | 09/29/26 | 09/29/26 | 9/30/26 |
| 12/28/26 | 12/29/26 | 12/29/26 | 12/30/26 |
Key considerations and risks in these highly liquid exchange-traded products
HYPE remains a volatile stock, with annual volatility often exceeding 100%. Its price is determined by the trading of perpetual coins, network adoption, competition between decentralized and centralized exchanges, and general sentiment in the cryptocurrency market.
Both have high levels of individual asset risk. There are mechanical betting risks, custody risks, leverage risks, and path dependency risks for Hyperliquid ETP investors. Spot product fees start at around 0.30% for management fees, with full expense ratios remaining to be determined.
The products will be available for trading on Nasdaq on or about May 12, 2026, after the SEC reviews its regulatory filings. Licenses are responsible for creation and redemption, and the liquidity of secondary markets depends on market makers and investor demand.
In short, these launches represent a major milestone in bringing regulated and exclusive brokerage exposure to one of the most successful trading platforms in DeFi. However, it is not suitable for all investors. Before buyers invest, they should read the prospectus carefully and be aware of the different risks associated with exposure to an actual stake versus daily leverage repositioning.
Hyperliquid price to retest main channel support
From the lowest level recorded in late January at $ 20.8, the price of… Hype price The pair has seen a steady rise within two parallel trend lines, currently trading at $40.18, recording a gain of 95.8%. Two trend lines that act as dynamic resistance and support reveal the formation of a classic chart pattern called a parallel channel.
With today’s price decline, the coin’s price is only 3.8% away from the pattern’s lower trend line at $39. If support continues, Hyperliquid The noise-3.87% The price may see renewed bullish momentum and push the next recovery jump above $50.
Despite the launch of the Hyperliquid ETP, a break below the pattern’s lower trend line could trigger an extended correction towards $30.
