Hyperliquid ETFs Draw $172 Million Since Debut as HYPE Hits Record $75.96

Hyperliquid-linked exchange-traded funds have attracted about $172 million since their launch, underscoring investor interest in a protocol built to generate fee income. The inflows contrast with heavy withdrawals from U.S. spot Bitcoin ETFs over the same period.

Decrypt reported on June 16 that three Hyperliquid ETFs launched last month had taken in nearly $172 million in cumulative net inflows. U.S. spot Bitcoin ETFs, by comparison, recorded about $5.6 billion in net outflows during the same stretch.

Hyperliquid's native token HYPE has also rallied. CoinGecko data show it has climbed more than 73% over the past month and 196% this year, reaching an intraday record of $75.96 on June 16.

Bitwise's BHYP led the group with cumulative net inflows of $106.6 million. Its assets under management totaled $122.8 million. 21Shares' THYP drew $60 million, while Grayscale's HYPG brought in $8.6 million. Combined trading volume for the three products approached $900 million.

"HYPE's resilience shows the market is starting to price in the protocol's fundamentals," Jeff Mei, chief operating officer at BTSE, told Decrypt.

Hyperliquid is a decentralized trading protocol that grew out of a perpetual futures exchange. It has recently expanded its revenue sources through the HIP-3 framework into commodities, stocks, prediction markets and pre-listing equity perpetuals. Perpetual contracts tied to SpaceX have drawn particular investor interest.

Investors can directly see Hyperliquid gaining market share and generating meaningful fees, Sammi Li, chief executive officer of Jada.com, told Decrypt. That makes its value proposition very different, Li added.

Institutional investors have also focused on Hyperliquid's fee recirculation structure. The protocol sends 97% to 99% of trading fees to the Assistance Fund, or AF, which uses the proceeds to buy HYPE. That creates a mechanism in which rising trading volume feeds token demand.

Stablecoin liquidity is also improving. Coinbase manages Hyperliquid's existing USDC reserves, and the recently activated AQAv2 program introduced a structure that generates a 4% yield on $5 billion of USDC. Ninety percent of that yield is distributed back to the Assistance Fund.

Li said Hyperliquid is not structured to rely only on bull markets. Volatile conditions can instead create more trading opportunities. As traders hedge and adjust positions, volume can remain strong and support protocol revenue.

The market is now watching whether Hyperliquid can continue expanding its share of the derivatives market, a key variable for future HYPE demand. Decrypt said the divergence in flows remains in place, with money still entering Hyperliquid ETFs even as billions of dollars leave Bitcoin ETFs.