Hyperliquid ETFs Draw $172M as HYPE Hits $75.96 ATH

Three Hyperliquid exchange-traded funds have pulled in nearly $172 million in net inflows since their May launch, while the protocol’s native token, HYPE, climbed to an all-time high of $75.96. Market data show the ETFs have attracted institutional interest tied to the protocol’s fee-generating design.

Bitwise’s BHYP led inflows with roughly $106.6 million, 21Shares’ THYP gathered about $60 million and Grayscale’s HYPG drew about $8.6 million. Combined assets and cumulative trading volume across the three funds have approached $900 million. Over the same period, Bitcoin-focused funds recorded about $5.6 billion in outflows.

Trading activity on Hyperliquid’s permissionless HIP-3 framework included a single-session event tied to a SpaceX perpetual labeled SPCX. The SPCX contract, launched by a third party via HIP-3, recorded about $1.4 billion in volume in one session and represented roughly 30% of HIP-3 volume that day. Several exchanges canceled tokenized SpaceX share offerings and refunded customers after a tokenized equities provider failed to secure underlying share allocations.

Two protocol features tied to revenue and liquidity are cited by market participants. The Assistance Fund automatically redirects between 97% and 99% of Hyperliquid’s trading fees into buybacks of the HYPE token. A $5 billion USDC program managed by a major custodian currently earns yield under an activated program; about 90% of that yield is routed to the Assistance Fund and available for further buybacks.

Jeff Mei, chief operating officer at BTSE, noted the buyback mechanism and the USDC program create a direct link between trading volume, fee revenue and token demand. Sammi Li, chief executive of Ju.com, added that fee generation from diverse products and continued trading activity can sustain protocol revenues regardless of broader market direction.

HYPE has risen more than 73% over the past month and about 196% year to date in 2026. Options market data from on-chain platforms indicate roughly a 10%–15% probability that HYPE could reach $100 by the end of July.

Executives and analysts say future measures to watch include continued user adoption, liquidity and sustained trading volume on the protocol. If those metrics remain strong, inflows into fee-bearing products tied to Hyperliquid could continue.