21Shares’ Hyperliquid ETF saw a boost in trading volume and net inflows on Thursday amid Coinbase becoming the perpetual trading platform’s official treasury deployer.
The firm’s Director of Capital Markets, Michael Friedman, told The Block the newly-launched ETF “had its best day yet” on Thursday with $8.1 million trading volume and net inflows of roughly $4.9 million. The fund (THYP) launched earlier this week.
Friedman said the Coinbase-USDC announcement may have played a role in the ETF generating more volume and inflows. USDC has been the leading stablecoin on Hyperliquid since the platform launched in 2023, according to Coinbase. Now, Native Markets, the operator of Hyperliquid’s stablecoin USDH, has granted Coinbase the right to purchase USDH brand assets.
“Volume and inflows were likely driven by a combination of factors, including HYPE being the top performing asset on the day, up ~14.55% on the day as of the U.S. close,” said Friedman.
The HYPE token had shed some of those gains by Friday morning but was still up about 8% to $43.63 up, according to The Block Price Page.
21Shares’ HYPE exchange-traded fund was the first of its kind to launch. Bitwise launched its own Hyperliquid ETF (BHYP) on Thursday.
Cumulatively, the two Hyperliquid ETFs have generated nearly $8.2 million in net inflows, according to SoSoValue.
Investors buying shares in the funds gain exposure to HYPE without having to own the cryptocurrency itself. Hyperliquid is the largest onchain perpetual decentralized exchange.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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