Bitwise’s Hyperliquid ETF has crossed $100 million in assets less than a month after launching, marking one of the fastest early starts for a new crypto ETF tied to a DeFi native token.

The fund, trading on NYSE under the ticker BHYP, launched on May 15 and gives investors spot exposure to Hyperliquid’s native HYPE token. 

Bitwise said the ETF had reached $105 million in assets after 11 trading days, with $81.8 million in total inflows and $35.1 million in average daily trading volume.

A reported $15 million daily inflow lifted the fund’s assets above $108 million, extending demand for one of the first US listed ETFs built around a decentralized derivatives exchange.

Hyperliquid is a Layer 1 blockchain designed for onchain perpetual futures and spot trading. Its rise has made HYPE one of the most closely watched DeFi tokens, helped by the protocol’s trading volume, fee generation, and buyback structure.

BHYP is not just passive spot exposure. Bitwise said the fund includes staking rewards, with staking handled through its in house infrastructure. That gives the ETF a price plus yield structure, though returns still depend on HYPE’s market performance and staking conditions.

The fee structure helped the fund’s launch. Bitwise set the sponsor fee at 0.34%, but waived it for the first month on the first $500 million in assets. That made BHYP temporarily free to hold at the fund level during its early asset gathering window.

Competition is already forming around the category. 21Shares offers a Hyperliquid ETF under the ticker THYP, while Grayscale has moved into the market with its own HYPE product. Together, the launches show how quickly ETF issuers are moving beyond Bitcoin and Ether into DeFi infrastructure tokens.

The flows matter because spot crypto ETFs generally need to hold the underlying asset. New capital entering BHYP can translate into demand for HYPE, unlike cash settled futures products that do not require direct token exposure.

The fast start also shows how Hyperliquid’s story is landing outside crypto native circles. A token tied to decentralized perpetual futures trading now has a regulated ETF wrapper, staking integration, and early nine figure assets.

The main risk is concentration. BHYP tracks a single token tied to a young protocol, so its performance depends heavily on Hyperliquid’s trading activity, token liquidity, validator operations, and broader crypto market conditions.

The fee waiver is also temporary. Once the full 0.34% sponsor fee applies, BHYP will need to keep competing on liquidity, staking execution, transparency, and brand trust as rival Hyperliquid products try to capture the same flows.