The three US spot HYPE ETFs launched by 21Shares have attracted $161 million in net inflows one month after listing on Nasdaq.

June 5th was the only trading day with net outflows, when Bitwise's BHYP redeemed $2.9 million; on all other trading days, funds were net inflows.
Data from DefiLlama shows that Hyperliquid's 30-day perpetual contract trading volume is $240.5 billion, with open interest at $8.6 billion, annualized fees exceeding $1 billion, and annual revenue approaching $886 million.
Of these fees, 99% flow into the assistance fund used for token repurchases, excluding builder fees, which Bitwise describes as "almost all" trading revenue being recycled for open market buybacks.
This structure allows ETF issuers to promote hyperliquid:native similarly to how stock analysts promote exchange-listed stocks, with higher trading volume generating higher fees, which in turn fund more buybacks, tightening circulating supply.
HIP-3 is Hyperliquid's permissionless framework, allowing perpetual futures to be launched on any asset with a price source, reducing the share of cryptocurrency in total trading volume from about 90% to around 65%.
On some days, five of the top ten assets by trading volume are from traditional markets: S&P 500, silver, Nasdaq 100, WTI crude oil, and Brent crude oil.
Open interest in HIP-3 perpetual contracts reached $1.7 billion in mid-May, a growth of over 150% since February.
Bitwise Chief Investment Officer Matt Hougan said the market "has only penetrated 1% of its potential," and most investors still don't know what Hyperliquid is.
If Hyperliquid's 30-day perpetual contract trading volume remains above $200 billion, with annualized revenue staying near current levels or climbing to $1.2 billion, the bullish case is valid;
The bearish scenario begins if monthly trading volume drops below $150 billion, corresponding to annualized revenue of $350-450 million, with a price range of $15-$19.