- 21 shares list the first high lipid ETPs at 6 and provide a regulated exposure to hype tokens.
- High lipids hit $319 billion in monthly transactions, earning 35% of blockchain revenue in July.
- Market issues last long, but analysts are seeing long-term growth in derivative demand.
21Shares, a Swiss-based asset manager and issuer of Crypto Exchange Transaction Products (ETPS), has listed high lipid ETPs on six Swiss exchanges.
This new product offers in-house and retail investors exposure to Hyperliquid’s native tokens (hype) without the need for wallet or chain custody.
This list represents the first institutional-grade investment vehicle to be directly exposed to high lipid protocols.
It arrived days after the hype hit a record high of $50.99, reflecting the growing influence of the platform in the Decentralized Financial (DEFI) derivatives sector.
Mandy Chiu, head of financial product development at 21Shares, praised Hyperliquid’s trajectory, saying “its growth is extraordinary and the fundamental economics is the most persuasive we have seen in this space.”
Founded in 2018, 21Shares has a record of the launch of regulated digital asset products.
Its portfolio includes the first physically supported Crypto ETP, as well as the US Spot Bitcoin and Ether ETFs.
In Europe, the company has built a series of cryptographic ETPSs, spanning single asset products such as Solana (SOL) and Dogecoin (Doge), in addition to funds focusing on a variety of baskets and staking.
Rapid rise of high shade liquid defi
High Liquid was launched in late 2022 as a Layer-1 blockchain with decentralized exchanges specialized for a permanent future.
Unlike many Defi platforms that rely on automated market makers, Hyperliquid uses traditional Onchain Order Books to directly match purchase and sales orders.
Transactions are cleared in less than a second without relying on Oracle or off-chain infrastructure.
Exchange pricing structures support the demand for assets by spending transaction costs on daily buybacks of native hype tokens.
This model has driven explosive growth across trading volume, revenue and user recruitment.
In July, Hyperliquid processed a $319 billion deal. This is the highest monthly amount ever on the Defi Perpetuals platform.
According to Defilama, its activities contributed a total of approximately $487 billion in decentralized permanent trading volume.
The platform also won 35% of all blockchain revenue that month, surpassing its competitors in Solana, Ethereum and BNB chains.
Since then, hyperglycemia has emerged as the global seventh largest derivative exchange through daily trading activities, with over 600,000 registered users as of July.
The 37-minute suspension on July 29th temporarily disrupted the transaction, but the protocol reimbursed $2 million in losses and gained community support for quick response.
Balance of growth and market concerns
Despite its momentum, the problem remains about market integrity.
On Wednesday, four large traders reportedly manipulated the market for plasma’s XPL tokens.
The profits of the traders involved were $48 million due to suspected manipulation.
Still, optimism about Hyperliquid’s long-term trajectory remains strong.
At the WebX 2025 conference in Tokyo, Bitmex co-founder Arthur Hayes predicted that the hype token could rise by 126 times over the next three years.
Investor access to the emerging Defi infrastructure continues to expand as an institutional grade product, such as the launch of the 21Shares Hyperquid ETP.
While governance and market risk persist, the rapid rise in Hyperliquid highlights the growing demand for decentralized derivatives and financial products designed to track their performance.
