21Shares Files S-1 With SEC to Launch Hyperliquid ($HYPE) ETF

In Brief

• 21Shares files for Hyperliquid ETF, bridging DeFi with U.S. regulation.
• Hyperliquid leads DEXs with 160% APR and 10.9% weekly TVL growth.
• Crypto ETF filings surge; new LTC and HBAR spot ETFs debut this week.

21Shares has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on October 29, 2025, to launch the 21Shares Hyperliquid ETF. The filing, made under the Securities Act of 1933, marks the firm’s latest move to bring on-chain liquidity and digital asset exposure into traditional, regulated markets.

Source | Sec.govThe ETF is designed to give investors structured exposure to Hyperliquid ($HYPE) a decentralised exchange (DEX) recognised for its high-speed trading infrastructure, low-latency performance, and rapidly growing derivatives market share

The 21Shares filing arrives amid a flurry of new crypto ETF activity this month. REX Shares and Osprey Funds have collectively submitted over 20 crypto-related ETF filings in early October, targeting a range of digital asset baskets and sector-specific strategies

Meanwhile, Canary Capital made headlines on October 28, 2025, as the first-ever U.S. spot ETFs tracking Litecoin (LTC) and Hedera (HBAR) officially began trading, marking a milestone that signals the SEC’s growing openness to diversified crypto investment products.

DeFi Market Strengthens as Hyperliquid Leads in Volume and Returns

Recent data from RR2 Capital and DropsTab highlights Hyperliquid as the top performer among perpetual DEXs, offering an industry-leading 160% LP vault APR, well ahead of rivals such as Lighter (47%), Extended (38%), and Avantis (34%). The platform continues to dominate trading volume and liquidity provision in the decentralised derivatives space.

Top Perp DEXs | Source: Drops TabBroader DeFi metrics show continued recovery. According to market data, 13 blockchains now exceed $1 billion in total value locked (TVL), with 9 recording growth over the past week

Hyperliquid leads with a +10.9% 7-day TVL increase, followed by Polygon (+6.0%), reflecting strengthening capital flows and rising confidence in the DeFi ecosystem.

Protocols TVL | Source: DefiLlamaFollowing the ETF filing, market sentiment surrounding Hyperliquid ($HYPE) improved notably. According to CoinMarketCap, the token trades at $49.12, up 1.78% in the past 24 hours and 35% over the week.