In the month since the launch, total HYPE-ETF spot trades from issuers such as 21Shares, Bitwise and Grayscale were close to $900 million, with net inflows into these instruments amounting to $153 million. All three funds offer the opportunity for steakmaking with a return of around 2.25% p.a., which has now blocked 434 million HYPE tokens, representing 45% of the available offer. Against this backdrop, the asset price rose by 11.4% per day to reach $72.9.

The token is fundamentally supported by the unique Hyperliquid tokenomics, with about 97% of the platform’s trading fees going to a support fund, which triggers the HYPE automatic buyback mechanism. Thus, the rise in stock market activity directly increases demand for tokens. An additional catalyst was the recent IPO of SpaceX: on the day of its listing, the volume of trading for the indefinite contract SPCX on Hyperliquid reached $1.4 billion, forming 30% of all activity in the segment HIP-3.

The success of ETF products and record trading volumes underscore the strengthening of Hyperliquid’s position in the derivatives market. Previously, in May, the platform’s share of total turnover of perpetual futures on centralized exchanges reached a historic high of 6.63%.