21Shares adds monthly and weekly options to Hyperliquid ETF
21Shares has introduced options trading for its Hyperliquid ETF, giving investors the ability to trade both weekly and monthly contracts on the product that tracks one of crypto’s buzziest Layer 1 tokens. The options began trading on Nasdaq on June 22, adding a derivatives layer to an ETF that’s been live for barely six weeks.
The ETF, which trades under the ticker THYP, is the first US spot product offering direct exposure to HYPE, the native token of the Hyperliquid blockchain.
From launch to options in six weeks
THYP originally launched on May 11, 2026. On its first trading day, the ETF recorded $1.8 million in volume and pulled in $1.2 million in net inflows. The fund charges a management fee of 0.30% and integrates staking rewards, meaning holders aren’t just getting price exposure to HYPE — they’re earning yield on it too.
The broader 21Shares HYPE lineup
THYP isn’t the only Hyperliquid-linked product in the 21Shares stable. The firm launched TXXH, a 2x leveraged HYPE product, even earlier on April 30, 2026. The new options contracts are exclusively tied to the standard THYP ETF.
The weekly and monthly contract structure gives traders flexibility. Weekly options are popular among short-term traders who want to capitalize on near-term volatility without paying the premium for longer-dated contracts. Monthly options offer hedging opportunities for investors with longer time horizons who want to protect their HYPE exposure or generate income through covered calls.
Why Hyperliquid, and why now
Hyperliquid has carved out a distinctive position in the crypto landscape. The protocol built its reputation on decentralized perpetual futures trading and operates as a purpose-built Layer 1 designed for high-performance trading. The protocol has been pushing beyond its perpetual futures roots into traditional assets, commodities, and prediction markets. A recent protocol update called HIP-4 has enhanced the platform’s derivatives and prediction market capabilities.
For institutional investors, the options unlock strategies that weren’t previously available. Portfolio managers can now write covered calls against THYP positions to generate income, buy protective puts to limit downside, or construct spreads to express nuanced views on HYPE’s price trajectory.
Investors exploring THYP options should pay close attention to implied volatility levels and open interest as these contracts mature over the coming weeks, since early-stage options markets can behave unpredictably until a stable base of market makers establishes consistent two-sided liquidity.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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