First US Hyperliquid ETF (THYP) Sees $1.2M Inflows on Launch
The first Hyperliquid exchange-traded fund (ETF) in the United States, launched by crypto asset manager 21Shares, recorded $1.2 million in net inflows and $1.8 million in trading volume on its debut day, according to data from May 13, 2026. Trading on the Nasdaq under the ticker THYP, the fund aims to track the spot price of the Hyperliquid (HYPE) token, which powers a perpetual futures platform with over $8.4 trillion in trading volume since its 2023 launch. While the inflows were notable for an ETF debut, they pale in comparison to earlier crypto ETF launches. The Bitwise Solana Staking ETF (BSOL) and the Canary XRP ETF (XRPC) both recorded opening-day volumes exceeding $56 million in late 2025. Bloomberg ETF analyst James Seyffart described THYPs debut as “better than your average ETF launch for sure but nothing too crazy.” THYP‘s competitive edge lies in its relatively low 0.3% management fee, undercutting Bitwise’s proposed 0.67% fee for its upcoming Hyperliquid Staking ETF (BHYP). Grayscale, another major player in the crypto ETF space, is also awaiting regulatory approval for its Grayscale HYPE ETF (GHYP), although pricing details for that product remain undisclosed. The launch of THYP comes amid a regulatory shift in the U.S. Securities and









