Grayscale has filed an S-1 registration assertion for a HYPE ETF, a proposed product that will maintain Hyperliquid’s native token and checklist on Nasdaq underneath the image GHYP.
The submitting exhibits the belief is designed to trace the worth of HYPE held by the automobile, much less bills, and notes that the product might ultimately embrace staking rewards if sure situations are met, although staking is just not at the moment energetic for the belief.
The submitting provides to a broader push to deliver Hyperliquid into conventional markets. Reuters reported in October that 21Shares had additionally filed for a HYPE ETF, displaying that asset managers are shifting shortly to bundle publicity to the token as institutional urge for food broadens past Bitcoin and Ether.
That curiosity is tied to Hyperliquid’s progress on chain. DefiLlama knowledge exhibits the community has processed about $191.4 billion in perpetual quantity over the previous 30 days, about $9.4 billion over the previous 24 hours, and roughly $4.1 trillion cumulatively, with open curiosity close to $7 billion.
The Grayscale prospectus additionally underscores how central Hyperliquid has grow to be to the onchain derivatives commerce. The submitting describes the community as a completely onchain order guide venue constructed round perpetual futures and spot markets, quite than the automated market maker mannequin utilized by many decentralized exchanges.
Worth motion has adopted that momentum, with HYPE final buying and selling close to $39, down about 0.6% on the day however nonetheless up roughly 45% since late February.
The most recent rally has additionally come as Hyperliquid expands past crypto native markets. Investor curiosity has risen as merchants use the platform’s 24/7 venue to invest on commodities and different real-world exposures.
Hyperliquid additionally reached a brand new milestone in the present day, with its newly launched S&P 500 perpetual market topping $100 million in 24-hour quantity and shortly turning into one of many chain’s 10 largest markets.
