First Hyperliquid ETF Debuts With $1.8M in Volume as HYPE Struggles to Hold $40

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• 21Shares’ Hyperliquid (HYPE) ETF opened on Nasdaq with $1.8 million in volume and $1.2 million in net inflows on its first day.

• HYPE traded near $39 after the ETF debut, with traders watching $39 as support and $42 as the next resistance level.

The first U.S. spot exchange-traded fund tied to Hyperliquid’s HYPE token opened on Nasdaq with $1.8 million in first-day trading volume, giving Wall Street investors a new route into the decentralized perpetual futures market.

The 21Shares Hyperliquid ETF, trading under the ticker THYP, recorded about $1.2 million in net inflows during its debut session. The launch marks a new step for altcoin-based funds in the U.S., as issuers move beyond Bitcoin and Ethereum products.

Bloomberg ETF analyst James Seyffart called the debut a “very solid day” for a new fund. However, the opening volume stayed far below the stronger crypto ETF launches seen over the past year. Bitwise’s Solana Staking ETF recorded $56 million in first-day volume in October 2025, while the Canary XRP ETF brought in $58 million on its first trading day in November.

11 employees¹
$900+ million in profit¹
$35B valuation²
That’s @HyperliquidX.

Now in ETF form on @NasdaqExchange for the first time.

Introducing the 21shares Hyperliquid ETF:
– physically-backed by $HYPE
– staking enabled
– 0.30% management fee
– pricing backed by @FTSERussell… pic.twitter.com/7XvBGfUeGf

— 21shares US (@21shares_us) May 12, 2026

THYP tracks the HYPE spot price, the native token linked to Hyperliquid. The platform has grown into one of the largest decentralized perpetual futures venues since its 2023 launch, with more than $8.4 trillion in trading volume. The ETF gives investors exposure through standard brokerage accounts without requiring them to hold the token directly.

21Shares said HYPE tokens physically back the fund and can stake part of its holdings. The ETF carries a 0.30% management fee, lower than the 0.67% fee proposed for Bitwise’s planned Hyperliquid staking ETF. Grayscale also has a HYPE ETF filing awaiting a decision.

HYPE ETF Launch Expands Altcoin Fund Market

The launch comes as the U.S. crypto ETF market continues to widen after a shift in regulatory treatment. In September, the Securities and Exchange Commission moved toward generic listing standards for spot crypto ETFs, reducing the need for each product to pass a separate case-by-case review.

That change has helped issuers bring more altcoin funds to market. THYP now joins a growing list of crypto investment products designed for traditional investors seeking exposure to smaller digital assets. Still, early trading shows that demand varies widely across tokens, even when products receive strong industry attention.

21Shares also warned that THYP carries high volatility risk. The issuer noted that the fund is not a direct investment in HYPE, even though it tracks the token’s spot price. Its staking feature also adds risks tied to validator performance, lock-up periods, and possible slashing penalties.

The debut arrived during a softer period for HYPE’s market price. HYPE traded near $39 after losing about** 3%** over 24 hours and around 10% over the past week. The token also remained about 32% below its September 2025 all-time high near $59.30.

Traders are now watching whether the token can defend the $39 support area. The level has become important after the price failed to hold above the $42 resistance zone. A move back above $42 could ease short-term pressure and reopen a path toward $47.50.

HYPEUSD 1-Day Chart | Source: TradingView

Momentum indicators show weaker buying strength after the recent rejection. The RSI has slipped under its upward support line, and buying interest still looks weak around the lower levels. If demand does not return, HYPE may test $38.80 before the broader $35 zone becomes the next area to watch.

Arthur Hayes said HYPE could climb to $150 by August, pointing to Hyperliquid’s revenue strength, regular token buybacks, and rising share in the perpetuals market.