CoinShares International Limited today listed the CoinShares Physical Hype ETP on the German Xetra market, an instrument that offers regulated exposure to the native token of Hyperliquid, a decentralized trading protocol specializing in perpetual futures.
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By ETFWorld.co.uk
Jean-Marie Mognetti, CEO and Co-Founder of CoinShares
The product (LIQD) offers exposure to the HYPE token with 100% physical backing. The company is focusing on the thesis of “hybrid finance” and the resilience of the protocol during market corrections.
The product, which has an annual management fee of 0% and an annual rate of return of 0.5% from staking, is fully covered by physical holdings of the underlying asset. The ETP is available with the ticker LIQD and ISIN GB00BVBJQ593.
Hyperliquid data
According to data released by the company, Hyperliquid processed $3.8 trillion in perpetual futures trading volume, holding approximately 70% of the on-chain derivatives market. The platform integrated prime broker Ripple Prime on February 4, 2026, providing over 300 institutional clients with access to on-chain perpetual futures. This is the first integration of its kind for a decentralized exchange.
The protocol recorded a 41% appreciation on a weekly basis during a period when Bitcoin was down 38% from its October 2025 highs. The company points out that HYPE tends to benefit from periods of volatility thanks to the revenue generated by trading fees, a feature that has led some analysts to describe it as a “defensive” asset in the digital asset sector.
Statements
Jean-Marie Mognetti, CEO and Co-Founder of CoinShares, said: “CoinShares develops solutions based on protocols we believe in. Hyperliquid represents exactly the type of infrastructure we envisioned when we launched the world’s first Bitcoin ETP in 2015: decentralized systems operating at an institutional scale, with transparency and modularity that traditional finance cannot match.
The future is not TradFi versus DeFi. It is hybrid finance, the best of both worlds. Hyperliquid exemplifies this convergence, and our Hype ETP offers investors a regulated route to participate.“
James Butterfill, Head of Research at CoinShares, added: ”Our approach has always been to develop products for projects we truly believe in and that have a solid investment case. For this reason, Hyperliquid’s fundamentals speak for themselves: it has matched centralized exchange volumes while remaining completely on-chain. The 0% management fee and 0.5% yield structure reflect our confidence in the long-term positioning of this protocol.”
| Name | CoinShares Hype ETP |
| Asset class | Crypto-ETN |
| ISIN | GB00BVBJQ593 |
| Management fee | 0.0% |
| Staking yield | 0.5% per annum |
| Hedging | 100% with physical underlying |
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