21Shares THYP Review: First to List, and the Only One With Options
THYP opened the US market for Hyperliquid on 12 May 2026 with $1.2m of first-day inflows, raised $56m in three weeks, then went quiet. It stakes 30–70% through Figment and is the only HYPE fund with listed options.
TL;DR. The 21Shares Hyperliquid ETF listed on Nasdaq on 12 May 2026, the first US spot HYPE product, taking $1.2m of net inflows on $1.8m of volume in its first session. It charges 0.30%, stakes between 30% and 70% of holdings through Figment with rewards split roughly 70/30 in the trust's favour, and is the only Hyperliquid fund with listed options in weekly and monthly series. Cumulative flows reached $48.0m by 20 August 2026, the smallest of the three, with $56.0m raised in the first three weeks and net redemptions since.
Fund at a glance
| Item | Detail |
|---|---|
| Ticker | THYP |
| Issuer | 21Shares |
| Exchange | Nasdaq |
| Listed | 12 May 2026, first US spot HYPE product |
| Management fee | 0.30% |
| Staking | 30–70% of holdings via Figment, ~70/30 reward split |
| Structure | Grantor trust; not a 1940 Act fund |
| Options | Yes, weekly and monthly |
| Cumulative net flow | $48.0m (to 20 Aug 2026) |
| Assets | ~$72.3m across 1.70m shares (20 Aug 2026) |
Being first was worth something, briefly
21Shares got to market three days ahead of Bitwise and three weeks ahead of Grayscale. The head start showed: THYP took $56.0m through the end of May, including a $16.7m day on 20 May, its best session.
Then the advantage evaporated. June added $1.2m. July was negative. August ran negative again while Bitwise's BHYP took in more than the whole complex. Across 51 days of published data THYP recorded 16 inflow days and 8 outflow days, the thinnest activity of the three.
The pattern is familiar from every ETF launch race: the first mover collects the impatient money, then competes on the same terms as everyone else. What kept THYP relevant afterwards was neither price nor size.
The options market is the real differentiator
THYP is the only Hyperliquid ETF with listed options, available in weekly and monthly series. For anyone building a position with a defined risk profile, that's a capability the other two funds simply don't offer.
Three practical uses:
- Covered calls. Sell upside against a holding to collect premium, which on an asset as volatile as HYPE is worth considerably more than the staking reward.
- Protective puts. Cap the downside on a position you want to keep through a drawdown.
- Defined-risk entry. Express a view with a spread rather than a directional share position.
An options chain also brings market makers who hedge in the underlying shares, which tends to tighten spreads over time. On a fund with $72m in assets, that secondary effect may matter more than the options themselves.
The staking policy is the most conservative
21Shares stakes between 30% and 70% of holdings through Figment, a specialist validator operator, with rewards split roughly 70/30 in the trust's favour. Compare with Grayscale, which staked 94.23% as of 19 August 2026 and keeps 25% of rewards.
That's a deliberate trade. Staking less captures less yield, and THYP's disclosed split is also less favourable than Bitwise's or Grayscale's flat 25% on the portion they stake. In exchange, the fund keeps a large liquid buffer at all times.
Why that matters: unstaking HYPE runs through a seven-day queue with at most five pending withdrawals. A fund holding 30% to 70% of assets unstaked can meet redemptions without touching that queue in any plausible scenario. A fund with 6% liquid is relying on the mechanism behaving. Neither approach has been stress-tested, and reasonable people weight the risk differently. The full picture is in how staking works inside a Hyperliquid ETF.
The flow record, day by day
Across 51 days of published data through 20 August 2026, THYP's pattern is the most front-loaded of the three funds:
| Month (2026) | THYP net flow | Notes |
|---|---|---|
| May (from 12th) | +$56.0m | Best day +$16.7m on 20 May |
| June | +$1.2m | Includes a −$3.0m day on 30 June |
| July | −$7.2m | Outflows in five separate sessions |
| August (to 20th) | −$2.0m | All of it on 19 August |
Sixteen inflow days against eight outflow days is not a collapse; it's a fund that raised what it was going to raise and settled. The concerning part isn't the redemptions, which are small, but that new money stopped arriving once the competitors listed. That's the position a first mover ends up in when it has neither the lowest fee nor the deepest book.
21Shares does have one structural advantage the numbers don't capture: it runs crypto ETPs in Europe as well as the US, including a Hyperliquid product listed in Switzerland since August 2025. That gives it distribution the US-only issuers lack, even if it doesn't help THYP's flow line directly.
Don't confuse THYP with TXXH
21Shares launched two Hyperliquid products on the same day. THYP is a spot grantor trust holding HYPE. TXXH is a leveraged 40-Act product, and it behaves nothing like the spot fund over any period longer than a session.
Leveraged products reset daily. On a volatile asset that produces decay: a token that falls 20% and then rises 25%, ending flat, leaves a daily-reset 2x product meaningfully down. HYPE ranged from $38 to $75 in three months, which is exactly the environment where that arithmetic bites hardest.
TXXH is a trading instrument for people who intend to hold it for days. If you're looking for HYPE exposure to keep, it's the wrong ticker, and the similarity of the names is a genuine hazard.
What the first day told us, in hindsight
THYP's debut drew $1.2m of net inflows on $1.8m of volume. Analysts called it solid at the time, and the framing was right for the wrong reason.
Solid, because a brand-new token wrapper taking real money on day one is not guaranteed; plenty of niche ETFs list to silence. Wrong reason, because the number was read as a demand signal for HYPE broadly, when it was mostly a signal about one product's distribution. Three days later Bitwise listed and immediately started collecting more.
The lesson generalises past this fund. First-day flow measures how many people were waiting with an order queued, which correlates with marketing more than with sustained appetite. The useful read on a new ETF comes from weeks four through twelve, once the queued orders clear and the fund has to win money on its merits. On that measure THYP's answer arrived in June, and it was a quiet one.
Where THYP wins
- Options. The only Hyperliquid fund with a listed chain.
- Liquidity buffer. The most conservative staking policy of the three.
- Fee. 0.30%, a basis point above the cheapest and four below the dearest.
- Track record. The longest of the three, having listed first.
Where it doesn't
- Momentum. Flows peaked in week three and have been net negative since June.
- Yield capture. Staking less, with a less favourable split, means the smallest staking contribution of the three.
- Size. ~$72.3m in assets, roughly half of either competitor, which shows in the spread.
- Disclosure. No published staking fee, where Bitwise and Grayscale both state 25%.
Risks specific to this fund
- Subscale. At ~$72.3m it is the smallest of three funds in a niche category. Products that stop growing sometimes get closed, and while nothing suggests that here, it's the risk that comes with being last in a three-horse race.
- Third-party staking. Rewards depend on Figment's operations. A slashing event at the operator hits fund assets.
- Undisclosed staking economics. The other two publish a flat 25%; here you're working from a described split rather than a stated fee.
- Options complexity. The fund's main differentiator is also a way for inexperienced holders to lose money faster than they would holding shares.
- Ticker confusion. THYP and TXXH differ by two letters and by an entire risk profile.
Verdict
THYP is the specialist's fund. If you want to write calls against a HYPE position, hedge with puts, or hold a fund that keeps a real cash buffer against redemptions, it's the only one of the three that offers any of that.
If you want the cheapest exposure with maximum staking capture, Grayscale's HYPG does that better. If you want the deepest trading, Bitwise's BHYP does. THYP won the race to list and then found a narrower position to defend, which is a reasonable outcome, but it means the fund's appeal now rests on features rather than on flows. Daily numbers for all three are on our Hyperliquid ETF tracker.
FAQ
What is the 21Shares THYP fee?
0.30% a year, between Grayscale HYPG at 0.29% and Bitwise BHYP at 0.34%. 21Shares has not disclosed a separate staking fee; rewards from the staked portion are split roughly 70/30 with Figment in the trust's favour.
Does THYP have options?
Yes, in weekly and monthly series. It is the only US Hyperliquid ETF with listed options, which makes it the only one you can write covered calls against or hedge with puts.
How much of THYP is staked?
Between 30% and 70% of holdings, staked through Figment. That is the most conservative policy of the three funds and leaves a substantial liquid buffer for redemptions.
What is the difference between THYP and TXXH?
THYP is a spot grantor trust that holds HYPE directly. TXXH is a leveraged 40-Act product that resets daily and suffers decay in volatile markets. They launched the same day and are not substitutes.
Was THYP the first Hyperliquid ETF?
The first in the US, listing on Nasdaq on 12 May 2026 with $1.2m of net inflows on $1.8m of first-day volume. In Europe, 21Shares had already listed a Swiss-domiciled Hyperliquid ETP in August 2025.
Why have THYP flows been negative since June?
It raised $56.0m in its first three weeks, then demand rotated. June added $1.2m, July and August were net negative, and in August Bitwise BHYP took in more than the complex as a whole while THYP redeemed.
Sources and further reading
- 21Shares, THYP product page and launch release — 21shares.com.
- SEC EDGAR, 21Shares Hyperliquid ETF registration statement — sec.gov.
- Hyperliquid documentation, staking and unstaking queue — hyperliquid.gitbook.io.
- Internal: Grayscale HYPG review, Bitwise BHYP review, daily flows.
