Key Takeaways:
- Bitwise officially has launched the Hyperliquid ETF (BHYP) that provides investors with direct spot exposure to HYPE.
- This investment product is a first for a U.S. Hyperliquid ETF, featuring in-house staking.
- According to Bitwise, Hyperliquid accounts for about 60% of the global open interest of perpetual DEXs on the Onchain platform.
Regulated cryptocurrency investment products keep growing in the U.S., while institutional capital continues investing further into decentralized trading markets. The most recent example is being offered by Bitwise, which has launched its Hyperliquid ETF that immediately tracks the rapidly expanding HYPE ecosystem.
Bitwise Launches Spot Hyperliquid ETF
Bitwise confirmed that its new Bitwise Hyperliquid ETF, trading under the ticker BHYP, is now live on Nasdaq. The product offers 100% spot exposure to HYPE, the native token powering the Hyperliquid ecosystem.
Introducing the Bitwise Hyperliquid ETF $BHYP—offering 100% direct exposure to spot HYPE. And the first to use in-house staking, rather than a third-party staking provider.
Starts trading tomorrow.
Why Hyperliquid?
We believe Hyperliquid is one of the most important onchain… pic.twitter.com/Of55iF1AMW— Bitwise (@Bitwise) May 14, 2026
The management fee is 0.34%, but will not apply for the first month for the first $500 million in assets on the fund, according to the asset manager.
Moving on to the real-time ETF tracking dashboard, SoSoValue included BHYP in its list of products ahead of trading activity, reflecting the increasing interest in Hyperliquid products in the market.
Unlike some of the other crypto funds, paying external validators, BHYP will have its own staking infrastructure, BHYP Onchain Solutions, said Bitwise. The company anticipates that the value of staking reward from the fund’s HYPE holdings will be shared periodically with the shareholders.
Read More: Bitwise Acquires $2.2B Staking Giant Chorus One, Expands to 30+ PoS Chains
Hyperliquid Emerges as Major Onchain Trading Hub
Hyperliquid was one of the most significant on-chain trading platforms currently in existence, according to Bitwise. The company highlighted a fast growth vector in perpetual futures trading and DeFi infrastructure on the protocol.
On average, Hyperliquid has clocked in over $2.9 trillion in trading volume for 2025 and up by more than 400% y-o-y, Bitwise estimates. The platform also reportedly totalizes about 200,000 orders per second.
HYPE Climbs Into Top Crypto Assets
HYPE has quickly become one of crypto’s largest digital assets. Bitwise noted that the token’s market capitalization has already surpassed $11 billion less than two years after launch.
The token plays several roles inside the ecosystem, including staking, governance, and participation across Hyperliquid’s trading infrastructure and HyperEVM environment.
Bitwise CIO Matt Hougan said Hyperliquid gained major institutional attention during periods of geopolitical volatility when traditional financial markets were closed. He argued that traders increasingly turned to decentralized venues for real-time price discovery and liquidity access.
Read More: Hyperliquid Crushes Coinbase in Oil Futures Trading With $991M Volume in 24 Hours
ETF Competition Around Hyperliquid Intensifies
By having the capital markets migrate onto blockchain rails, Bitwise thinks Hyperliquid has the potential to be one of the biggest winners. The presence of venture capital investment was also another key factor in Hyperliquid’s adoption given that many crypto investors often cite this as one of the cruxes of a cryptocurrency’s success.
Notwithstanding the bullish hype, the prospectus highlights that BHYP is a high-risk investment product prone to volatility, liquidity risks, staking risks, and digital asset and blockchain infrastructure regulatory uncertainty.
