TLDR
- 21Shares filed with the US SEC for a 2x leveraged HYPE ETF that would deliver double the daily returns of the Hyperliquid Index
- Three asset managers have now filed for different Hyperliquid ETF products, including Bitwise’s spot ETF and VanEck’s staking ETF
- Hyperliquid survived a $10 billion market selloff and posted its strongest revenue month while gaining attention from Wall Street firms
- Jump Trading president called Hyperliquid the first real competitor to Binance at a Coinbase summit attended by BlackRock executives
- Platform’s HIP-3 upgrade allows qualified builders to create perpetual futures markets without centralized approval
21Shares submitted a filing with the US Securities and Exchange Commission for a 2x leveraged HYPE ETF. The product would deliver double the daily returns of the Hyperliquid Index.
21Shares filing for a 2x HYPE ETF. This is the kind of filing where you’re like man, that is SO niche, idk.. but then you could look up in 3-4yrs it’s got a few billion. Just a total land rush right now, just like with themes, curr hedging and smart beta in eras past. pic.twitter.com/7UiLP5AlnK
— Eric Balchunas (@EricBalchunas) October 17, 2025
The proposed fund amplifies investor exposure by 200%. It targets traders who want to capitalize on Hyperliquid’s growing on-chain activity.
Bloomberg ETF analyst Eric Balchunas said the filing is “so niche it might just win.” He compared the move to early booms in smart beta and currency-hedged products.
If approved, this would be the first US-listed leveraged ETF tracking a live DeFi protocol’s performance. The structure uses swaps instead of custody, introducing new layers of funding and counterparty exposure.
Analysts estimate initial capacity could reach $500 million to $1.5 billion. The exact amount depends on liquidity conditions in HYPE markets.
The 21Shares filing follows the firm’s recent launch of its DOGE ETF on the DTCC platform. In Europe, 21Shares listed a HYPE ETP on the SIX Swiss Exchange, giving institutional investors access without requiring wallets or on-chain custody.
Multiple Asset Managers Compete for HYPE ETF Listings
21Shares is not alone in pursuing a Hyperliquid ETF. Last month, Bitwise filed for an HYPE ET