In the month since launch, the total trading volume of spot HYPE ETFs approached $900 million. Net inflows into the instruments from 21Shares, Bitwise and Grayscale amounted to $153 million.

About 97% of Hyperliquid's trading fees are directed to the support fund. This creates a mechanism for automatic token buybacks: growth in activity on the platform directly increases demand for HYPE.

All three funds support staking with a yield of about 2.25% per annum. At the time of writing, 434 million HYPE are locked — 45% of the available supply.

An additional driver of ecosystem growth was the IPO of SpaceX. On the day Elon Musk's company went public, the trading volume of the corresponding perpetual contract (SPCX) on Hyperliquid reached $1.4 billion. This instrument accounted for 30% of all activity in the HIP-3 segment.

At the time of writing, HYPE is trading at $72.9 (+11.4% over the day).

Recall that in May the share of perpetual futures trading volume on Hyperliquid rose to a record 6.63% of total CEX turnover — $200 million out of $3 trillion.

Source: ForkLog