##  [# HYPE Token ETFs: What Hyperliquid Is and Whether THYP, BHYP, or HYPG Is Worth Buying](/sections/news/hype-token-etfs-what-hyperliquid-and-whether-thyp-bhyp-or-hypg-worth-buying) 

 

# HYPE Token ETFs: What Hyperliquid Is and Whether THYP, BHYP, or HYPG Is Worth Buying

 

 

While Bitcoin and Ethereum are nursing steep 2026 losses, HYPE — the native token of Hyperliquid, the dominant decentralized perpetuals exchange — is up roughly 160% year to date and trading near all-time highs. Now three spot HYPE ETFs offer brokerage access to this trade: THYP from 21Shares, BHYP from Bitwise, and HYPG from Grayscale, which launched today. Here's what Hyperliquid is, why HYPE is defying the broader crypto selloff, and what investors need to know before buying in.



 

 

 

 

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[By ETF.com Staff](/contributors/etfcom-staff)

 Jun 03, 2026

 Edited by: ETF.com Staff

 

 

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Crypto is having a rough 2026. Bitcoin is down roughly 40% from its all-time high. Ethereum has lost 60% of its peak value. Solana is off more than 50%. Yet one token keeps making new highs: HYPE, the native token of Hyperliquid.

HYPE is up approximately 160% year to date and recently crossed $73. As of June 2026, its fully diluted valuation approaches $69 billion — larger than the market cap of Nasdaq Inc. Three spot ETFs now offer regulated, brokerage-accessible exposure to HYPE. Grayscale became the third to launch today, June 3, triggering a fee war among issuers.

So what exactly is Hyperliquid, and is the trade as compelling as it looks?

## What Is Hyperliquid?

Hyperliquid is a Layer 1 blockchain built entirely around trading. Its flagship product is a decentralized perpetual futures exchange — a DEX for traders who want to bet on the price of assets (crypto, commodities, equities) using leverage, without routing trades through a centralized exchange.

What sets it apart from other DeFi trading venues is architecture: Hyperliquid runs a fully onchain, real-time order book that processes roughly 200,000 orders per second. Most competing DEXes route orders through off-chain matching engines or rely on external oracles, introducing latency and counterparty risk. Hyperliquid does it all onchain, which enables performance closer to a centralized exchange while maintaining permissionless access.

The numbers back the hype. Hyperliquid processed $2.9 trillion in trading volume in 2025, up more than 400% year over year. It commands roughly 60% of all onchain derivative open interest globally. As of June 3, 2026, the protocol holds $5.8 billion in TVL and generates over $800 million in annualized fees. In February 2026, Bloomberg cited Hyperliquid's crude oil perpetuals contract as the most relevant live price for that asset during a geopolitical spike — a remarkable endorsement for a protocol most traditional investors had never heard of.

 
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## Why HYPE Is Rising While Everything Else Falls

Most crypto tokens have a tenuous connection between protocol activity and token value. Hyperliquid is different. Almost all protocol fees flow into something called the Assistance Fund, which uses those proceeds to buy HYPE on the open market and remove it from circulation — continuously. The Assistance Fund has executed more than $1 billion in cumulative HYPE buybacks to date. As the platform's trading volume grows, buyback pressure grows with it.

This creates a direct, mechanical link between Hyperliquid's success as a business and the price of HYPE — more like a stock buyback program than a typical crypto token.

Hyperliquid also built its tokenomics with unusual restraint. The founding team turned down outside venture funding and allocated more than 76% of the token supply to the community. There are no VC unlock schedules waiting to dump on retail holders. Incentive payments are zero — HYPE's staking yield comes entirely from protocol revenue, not token inflation. In a risk-off year for crypto, that distinction matters.

## The Three HYPE ETFs: THYP vs BHYP vs HYPG

Three issuers now offer regulated spot HYPE exposure in the U.S. All three hold the token directly and pass through staking rewards.

ETFIssuerExchangeLaunchExpense RatioAUMStaking Yield[**THYP**](https://www.etf.com/THYP)21SharesNasdaqMay 12, 20260.30%$77.3M~0.62%[**BHYP**](https://www.etf.com/BHYP)BitwiseNYSEMay 15, 20260.34%~$45–65M~1.2%[**HYPG**](https://www.etf.com/HYPG)GrayscaleNasdaqJune 3, 20260.29%New~2.2%All three are registered under the Securities Act of 1933 — they are not '40 Act funds and don't carry the same regulatory protections as conventional ETFs or mutual funds.

[**THYP**](https://www.etf.com/THYP) (21Shares) was first to market. About 65% of assets are staked via Anchorage Digital Bank and BitGo. Since its May 12 debut, NAV returned +62.78% through May 31.

[**BHYP**](https://www.etf.com/BHYP) (Bitwise) launched three days later. Its key differentiator: staking is handled in-house through Bitwise's own onchain infrastructure rather than a third-party custodian. Its disclosed net staking yield (~1.2%) is higher than THYP's. Bitwise CIO Matt Hougan has called Hyperliquid "one of the most exciting assets in crypto."

[**HYPG**](https://www.etf.com/HYPG) (Grayscale) launched today at a 0.29% expense ratio — undercutting THYP by one basis point and BHYP by five — with a staking yield of approximately 2.2% annually. Grayscale's entry is widely seen as the opening shot in an issuer fee war. HYPG has no track record yet.

For most investors the differences are modest. HYPG's lower fee and higher staking yield give it a paper edge, but with no history yet THYP holds an AUM and track record advantage. BHYP's in-house staking is a meaningful operational distinction for those who prioritize counterparty risk. All three are essentially the same underlying asset in different wrappers.

## What You're Actually Betting On

Buying any HYPE ETF is a concentrated bet on Hyperliquid continuing to dominate decentralized derivatives. That thesis has a real bull case: fee revenue is verifiable onchain, the buyback mechanic is automatic and transparent, and token distribution is structured to favor long-term holders over early VCs.

But the risks are significant.

**Concentration risk is extreme.** Each fund holds exactly one asset. A breakdown in the Hyperliquid protocol, a major exploit, or a reversal in perp market sentiment could send HYPE down 50–80% faster than a diversified crypto portfolio.

**The valuation is already ambitious.** At a fully diluted value of roughly $69 billion, HYPE is already priced larger than Nasdaq Inc. ($49.6B) and approaching Intercontinental Exchange ($79.2B). Those are mature financial exchange businesses with decades of cash flow history. Hyperliquid is three years old.

**Decentralization is limited.** Hyperliquid runs on just 27 validators — far fewer than Ethereum or Solana — creating meaningful centralization risk and potential single points of failure.

**Competition doesn't sleep.** dYdX once dominated decentralized derivatives before losing ground to Hyperliquid. The same disruption could happen again.

**These are not '40 Act funds.** Standard ETF investor protections don't apply. Read the prospectus carefully.

## Bottom Line

HYPE's 2026 rise is built on something real: a dominant protocol with a buyback-driven token model, no VC overhang, and genuine price discovery utility. Three competing spot ETFs — [THYP](https://www.etf.com/THYP), [BHYP](https://www.etf.com/BHYP), and today's [HYPG](https://www.etf.com/HYPG) from Grayscale — now bring that trade to any brokerage account.

But HYPE at current valuations prices in continued dominance of a fast-moving, competitive market. Size it as a speculative satellite position. The Assistance Fund buybacks are a structural tailwind — but they can't protect against the downside if the platform loses its lead.



 

 

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