Why Are Three Hyperliquid ETFs Launching in the US at the Same Time?

[kevin1]

The near-simultaneous arrival of BHYP, THYP, and TXXH reflects how quickly Hyperliquid has grown into a platform that institutional and retail investors can no longer ignore. Hyperliquid processed $2.9 trillion in perpetual futures trading volume in 2025, a rise of more than 400% from the prior year, and now handles approximately $8 billion in daily volume. HYPE has grown into the tenth-largest crypto asset by market cap in under two years of trading, and the platform commands around 60% of on-chain derivatives open interest globally, making it one of the most dominant decentralized trading venues in existence.

The financial fundamentals behind Hyperliquid have also attracted attention. The platform generates more than $56 million per month in trading fees and uses over 95% of its revenue for daily open-market HYPE buybacks, a mechanism that creates consistent buying pressure on the token. That combination of explosive growth, strong fee generation, and aggressive token buybacks created the conditions for regulated investment products to follow. The timing of these launches signals that asset managers see Hyperliquid not as a niche crypto project but as a platform with enough scale and track record to support mainstream investment products.

[lingriiddd]

$2.9 trillion volume, 400% growth, asset managers noticed

[lingriiddd]

as everyone else