Tldr:
- Bitwise’s BHYP ETF provides 100% direct exposure to HYPE using internal staking, not external providers.
- Hyperliquid controls approximately 60% of open perpetual DEX contracts globally as of May 13, 2026.
- The fund carries an expense ratio of 0.00% for the first month, then rolls over to 0.34% for investors thereafter.
- $BHYP is not registered under the 1940 Act, which means it lacks the standard mutual fund protections for investors
The Bitwise Hyperliquid ETF trades under the symbol $BHYP, officially I entered the market. It provides investors with 100% direct exposure to spot HYPE.
Unlike similar products, $BHYP uses an internal staking process rather than a third-party staking service provider. The Fund began trading on May 15, 2026.
Bitwise positions this ETF as a low-cost entry point into Hyperliquid, a platform the company sees as central to the future of onchain capital markets.
The growing role of Hyperliquid in global cross-chain trade
Bitwise took to X on May 14, 2026 to announce the ETF and explain its rationale. The company wrote: “We believe Excess fluid It is one of the most important onchain trading platforms in the world.” This statement came in conjunction with the announcement of the launch of the fund before the first trading day.
Hyperliquid currently holds approximately 60% of all open perpetual DEX contracts globally, according to DeFi Llama data as of May 13, 2026.
This number alone puts Hyperliquid ahead of competing platforms in this sector. Bitwise cited this directly in its announcement as the primary reason for launching the product.
The platform is also processing up to 200,000 orders per second, as tracked by Chainspect on the same date. This ability supports high-frequency activity without the bottlenecks common in other decentralized exchanges. This type of productivity attracts institutional interest for good reason.
Bitwise He also pointed to a specific moment as evidence of Hyperliquid’s real-world importance. When geopolitical conflict erupted in the Middle East one Sunday morning, traditional markets were closed. But the institutions did not wait for Monday. They turned to Hyperliquid to execute trades in real time.
What $BHYP offers to investors and how the fund works
The Bitwise Hyperliquid ETF starts with an expense ratio of 0.00% for the first month of trading. After that initial period, the expense ratio moves to 0.34%.
Bitwise agreed to waive the full sponsor fee for the first $500 million in trust assets during the inaugural month.
The Fund intends to distribute net investment income, including bonuses after deducting expenses, to shareholders on a periodic basis.
However, the accumulated rewards are not guaranteed. It is subject to change and should not be treated as an indicator of performance.
Additional costs such as brokerage fees and commissions may also apply beyond the stated expense ratio. Investors are advised to read the prospectus carefully before committing capital. The current flyer is available at bhypetf.com/welcome.
It is also worth noting that $BHYP is not registered under the Investment Company Act of 1940. As a result, it does not have the same protections as mutual funds or… ETFs that fall under this framework. The Fund carries a high level of risk and the possibility of complete loss of the investment.
