What Is the BHYP ETF? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The Bitwise Hyperliquid ETF (BHYP) is a new crypto asset product that invests directly in spot HYPE, the native token of an on-chain derivatives exchange, and also features a staking reward structure. This guide also covers the outlook and comparable related products.
SubscribeWhat Is the Bitwise Hyperliquid ETF?
This is a spot crypto asset ETF that tracks the price of HYPE, the native token of Hyperliquid, an on-chain derivatives exchange. The trust holds actual HYPE tokens.
It suits investors who want combined exposure to the on-chain derivatives ecosystem and crypto asset staking returns.
It is a passive (index-tracking) ETF managed by Bitwise.
How Do You Invest in the Bitwise Hyperliquid ETF?
| Item | Details |
|---|---|
| Tracked Asset | Spot HYPE (Hyperliquid token) |
| Management Style | Passive (spot holding + staking) |
| Rebalancing Frequency | Not applicable (single-asset holding) |
| Distribution Frequency | No regular distributions (staking rewards are reinvested) |
| Total Expense Ratio | 0.00% |
The trust holds HYPE tokens directly in a spot structure, tracking the price of the underlying asset without derivatives or futures. What sets it apart from a typical spot ETF is that a portion of the holdings is put into staking to pursue additional token returns.
- Concentrated exposure to a single on-chain derivatives exchange token
- A structure that pursues additional returns through staking
Bitwise Hyperliquid ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $160.4M, and the total expense ratio is 0.00% per year.
Unlike spot Bitcoin and Ethereum ETFs, this product is concentrated in the token of a single on-chain derivatives platform, so its risk and return profile is clearly different.
Bitwise Hyperliquid ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeMarket interest in the Hyperliquid ecosystem is rising alongside the growth in on-chain derivatives trading volume, and the product is heavily affected by volatility across the broader crypto asset market.
As the spot crypto asset ETF lineup expands beyond Bitcoin and Ethereum to individual on-chain platform tokens, the direction of fund flows into this newly listed product may shift depending on market conditions and investor sentiment.
Bitwise Hyperliquid ETF Pros and Cons
Its strengths are the growth of the on-chain derivatives ecosystem and staking return opportunities, while its weakness is the volatility that comes with concentrated exposure to a single token.
💪 Key Strengths
⚠️ Points to Watch
Alternative ETFs and Related Products to the Bitwise Hyperliquid ETF
IBIT and FBTC, also featured in the table, are large crypto asset ETFs with exposure to spot Bitcoin, while ETHA and ETHE offer exposure to spot Ethereum. Unlike this product, they provide relatively stable exposure centered on the leading coins. This product differs in nature because it is concentrated in the token of a specific theme, an on-chain derivatives exchange, and investors who want diversification should also consider spot Bitcoin and Ethereum ETFs.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 IBIT | iShares Bitcoin Trust ETF | $43.03 | -5.1% | $64.3B | 0.25% | - | -27.0% |
 FBTC | Fidelity Wise Origin Bitcoin Fund | $66.17 | -4.9% | $13.9B | 0.25% | - | -26.9% |
 AMLP | Alerian MLP ETF | $50.03 | -2.2% | $12.3B | 1.01% | 8.14% | +6.5% |
 PFF | iShares Trust iShares Preferred and Income Securities ETF | $28.14 | -2.0% | $11.7B | 0.45% | 5.81% | -9.3% |
 GBTC | Grayscale Bitcoin Trust | $58.67 | -5.0% | $10.0B | 1.50% | - | -27.9% |
Bitwise Hyperliquid ETF Investor Checkpoints
Here are the points to review before investing in BHYP. Because it is a new thematic product with concentrated exposure to an on-chain derivatives exchange token, you should carefully check its structure and risks in advance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check cumulative costs over a long holding period | Annual fee applies |
| 🪙 Nature of the Underlying Asset | Whether exposure is concentrated in a single token | No diversification |
| 🔒 Staking Structure | Understand the mechanism for pursuing additional returns | Staking run in parallel |
| 📉 Volatility | Price swings typical of crypto assets | High volatility |
Concentrated exposure to a single token and the high volatility typical of crypto assets are the key risks. You should also consider that, as a newly listed product, its liquidity and long-term track record have yet to be verified.
It suits investors who want regulated access to the on-chain derivatives exchange theme, but given the risk of single-token concentration, it is advisable to decide its weight in your portfolio carefully.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of July 2, 2026.
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