HYPE ETFs pull $153M inflows, $900M volume in month

Three U.S.-listed exchange-traded funds tracking the HYPE token have drawn significant institutional interest in their first month, accumulating approximately $153 million in net inflows and approaching $900 million in cumulative trading volume. The funds, offered by 21Shares, Bitwise, and Grayscale, provide regulated brokerage access to HYPE, the native token of the Hyperliquid decentralized exchange platform, for American investors who are otherwise restricted from using the platform directly.

The strong debut places HYPE ETFs among the more successful crypto ETF launches outside of Bitcoin and Ethereum. Analysts attribute the demand to a unique investment thesis that treats HYPE less like a speculative token and more like an equity stake in a growing exchange business. This is due to Hyperliquid's fee model, where about 97% of platform trading fees are directed to an Assistance Fund that automatically buys back HYPE tokens on the open market, creating a direct link between platform activity and token demand.

Recent data indicates Hyperliquid's 30-day perpetual contract volume is around $240.5 billion, implying an annualized revenue run rate of roughly $886 million. At that...