The Bitwise Hyperliquid ETF (NYSE: BHYP) is a spot ETF launched by Bitwise Asset Management that provides direct exposure to HYPE, the native token of the Hyperliquid protocol. The fund began trading on NYSE on May 15, 2026, and is among the first spot Hyperliquid ETPs in the U.S. It is also the first U.S. crypto ETF where the issuer runs its own staking infrastructure rather than outsourcing to a third party.

Hyperliquid is a high-performance Layer 1 blockchain and decentralized derivatives exchange. The platform can process 200,000 orders per second for onchain trading, and recorded $2.9 trillion in 2025 trading volume — over 400% growth year-over-year. The protocol is designed to return the majority of perpetual futures revenues via HYPE buybacks and token burns.