21Shares’ spot HYPE ETF attracted $161 million in net inflows one month after listing on Nasdaq, and the three US spot HYPE ETFs have already drawn $161 million in net inflows.

June 5 was the only trading day with net outflows; on that day, Bitwise’s BHYP redeemed $2.9 million, while on every other trading day the funds were net inflows.
DefiLlama data shows that Hyperliquid’s 30-day perpetual contract trading volume is $240.5 billion, with current open interest of $8.6 billion, annualized fees exceeding $1 billion, and annualized revenue nearing $886 million. Of this, 99% of the fee inflows into the assistance fund are used to repurchase hyperliquid:native tokens, excluding builder fees. Bitwise describes this as “almost all” trading revenue being recycled into open-market buybacks.
This structure allows ETF issuers to promote hyperliquid:native in the same way stock analysts promote exchange-listed stocks: higher trading volume generates higher fees, which fund more buybacks, tightening the circulating supply.
HIP-3 is Hyperliquid’s permissionless framework, allowing perpetual futures to be launched on any asset that has a price source. It has reduced cryptocurrency’s share of total trading volume from about 90% to about 65%.
On some days, five of the top ten assets by trading volume come from traditional markets: the S&P 500, silver, Nasdaq 100, WTI crude oil, and Brent crude oil. HIP-3 open interest reached $1.7 billion in mid-May, up more than 150% from 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 stays above $200 billion, with annualized revenue holding near its current run rate or rising to $1.2 billion, the bullish logic holds. The bearish scenario starts if monthly trading volume falls below $150 billion, corresponding to annualized revenue of $350–$450 million, with the hyperliquid:native price at $15–$19.