HYPE ETFs quietly pulled $161M in one month as Wall Street buys crypto’s on-chain exchange bet – Crypto News – Crypto News
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HYPE ETFs quietly pulled $161M in one month as Wall Street buys crypto’s on-chain exchange bet – Crypto News

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1 month ago

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One month after THYP launched on Nasdaq, the three US-traded spot HYPE ETFs have pulled in $161 million in net inflows.

June 5 was the only session to register an outflow, a $2.9 million redemption from BHYP, and every other trading day has closed in the green.

The clean flow record partly reflects access mechanics, as Hyperliquid restricts US users from its platform, leaving brokerage-listed ETFs as the only way American investors can hold HYPE without navigating a non-custodial wallet.

The more durable driver is the asset itself, a derivatives venue with auditable usage metrics, a fee-to-buyback tokenomics loop, and a platform already processing hundreds of billions in monthly volume.

The business behind the token

DefiLlama shows $240.5 billion in 30-day perp volume, $72.4 billion over seven days, and $9.4 billion over 24 hours, with cumulative perp volume standing at $4.663 trillion.

The open interest is currently $8.6 billion, with annualized fees exceeding $1 billion and annualized revenue near $886 million.

Metric Latest figure Why it matters
30-day perp volume $240.5B Core activity driver behind fees
7-day perp volume $72.4B Shows recent momentum
24-hour perp volume $9.4B Fresh liquidity snapshot
Cumulative perp volume $4.663T Establishes Hyperliquid as a scaled venue
Open interest $8.6B Measures live trader positioning
Annualized fees >$1B Shows exchange-like fee generation
Annualized revenue ~$886M Supports the exchange-equity comparison
Fee routing 99% to Assistance Fund buybacks Connects usage to HYPE demand

CoinGlass reported nearly $493 billion in derivatives volume for the first quarter, and DefiLlama’s cumulative figure has moved to roughly $443 billion. 21Shares cited $4.22 trillion at the time of THYP’s mid-May launch.

DefiLlama’s fee methodology states that 99% of Hyperliquid perps fees go to the Assistance Fund for buying HYPE tokens, excluding builder fees. Bitwise, the issuer behind BHYP, frames this as “virtually all” of its trading revenue being recycled into open-market buybacks.

That structure lets ETF issuers pitch HYPE the way an equity analyst would pitch an exchange stock, focusing on how higher volume produces higher fees, higher fees fund more buybacks, and buybacks tighten the float.

BHYP’s own page reports $93.53 million in AUM, 1.587 million HYPE held as of June 10, a 2.25% gross staking reward rate, a 1.18% net staking reward rate, and 70% of assets currently staked.

Bitwise CIO Matt Hougan told CNBC the market is “1% penetrated its potential,” adding that most investors still do not know what Hyperliquid is.

Presto Research head of research Peter Chung observed that early data showed institutions piling into HYPE ETFs faster than they did into Bitcoin ETFs on a market-cap-adjusted basis.

HYPE itself hit an all-time high of $75.48 on June 2, is up roughly 160% year-to-date, and trades around $61 as of this writing, giving the protocol a fully diluted valuation approaching $69 billion.

Why this ETF story differs from the others

Solana ETFs are pitched on network activity and developer adoption, while XRP ETFs are pitched on payment utility and legal clarity.

HYPE ETFs offer an underlying asset that is a fractional stake in an exchange cash-flow engine with visible volume, open interest, fees, revenue, and a buyback mechanism tied directly to trading activity.

ETF asset type Usual institutional pitch Main metric investors watch What makes HYPE different
Bitcoin ETF Digital gold / macro hedge Flows, liquidity, correlation, supply Store-of-value exposure
Solana ETF High-throughput L1 ecosystem Developer activity, apps, staking, fees Network-growth exposure
XRP ETF Payments / legal clarity Settlement utility, liquidity, regulatory status Payments narrative
HYPE ETF Onchain derivatives exchange Perp volume, OI, fees, revenue, buybacks Exchange-business exposure

HIP-3, Hyperliquid’s permissionless framework for launching perpetual futures on any asset with a price feed, has pulled crypto’s share of total volume down from roughly 90% to around 65%.

On some days, five of the top ten assets by volume are now traditional markets: the S&P 500 via a licensed contract with S&P Dow Jones Indices, silver, Nasdaq-100, WTI, and Brent crude.

HIP-3 open interest reached $1.7 billion in mid-May, up more than 150% from February. Trade.xyz, the largest HIP-3 deployer and a product of Hyperliquid’s own tokenization arm Hyperunit, accounts for $1.58 billion of that total and has processed over $100 billion in volume since October 2025.

That revenue diversification directly strengthens the bull case for an exchange capturing oil, equity index, and silver volume, as it can sustain its fee run rate.

How exchange-equity logic holds or fails

The bull case holds if Hyperliquid’s 30-day perp volume stays above $200 billion, keeping annualized revenue near the current $885 million run rate or climbing toward $1.2 billion as 21Shares projects in its upside scenario.

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