The Bitwise Hyperliquid ETF generated more than $40 million in trading volume during its opening three hours on October 29, 2026. That figure measures shares changing hands, not net new investment in the fund, which holds HYPE directly and stakes most of its tokens.
Key takeaways
BHYP trades on NYSE Arca and owns Hyperliquid’s native HYPE token.
About 70% of holdings are staked, with monthly liquidity checks.
Fee waivers reduce the fund’s net expense ratio to 0%.
Bitwise Hyperliquid ETF passes $40 million in early trading
The fund trades under the ticker BHYP on NYSE Arca . Its first three hours produced more than $40 million in share turnover, rather than an equivalent amount of fresh capital entering the portfolio.
Trading volume counts shares whenever they change hands, including transactions involving market makers supplying liquidity and traders buying and selling within the same session. It is therefore distinct from net inflows.
HYPE holdings and the staking structure
BHYP directly owns HYPE , the native token of Hyperliquid, a blockchain built for derivatives trading. The network recorded approximately $2.9 trillion in onchain derivatives volume in 2025.
The Bitwise Hyperliquid ETF stakes approximately 70% of its holdings , with that allocation subject to monthly liquidity reviews. Staking locks tokens to help secure a blockchain in exchange for rewards paid in tokens.
In-house staking and fees after waivers
Bitwise Onchain Solutions , Bitwise ’s own unit, manages BHYP’s staking internally. BHYP is the first US-based spot ETF to incorporate this in-house staking arrangement.
The fund lists a 0.34% sponsor fee . After waivers, its net expense ratio is 0% , which distinguishes the listed sponsor charge from the expense ratio that applies after those waivers.
Liquidity for redemptions
Roughly 30% of the portfolio remains unstaked to support ETF redemptions. Staked tokens are not always available for immediate withdrawal, giving the unstaked portion a separate operational purpose.
The Bitwise Hyperliquid ETF’s staking allocation is reviewed monthly for liquidity. Its structure pairs the approximately 70% staked position with the roughly 30% liquid portion used to handle redemptions.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
