Hyperliquid (HYPE) has been in people’s mouths lately, especially after news surfaced about a potential ETF filing tied to the protocol. At first glance, it sounds like Wall Street is already at the door. In reality, there is still a big piece missing before that can happen.
That missing piece is derivatives.
Aixbt shared on X that any Hyperliquid-related ETF would require around 40% exposure to derivatives. Right now, that market does not exist at the scale regulators expect. Without deep, liquid futures and perpetual markets, an ETF cannot meet the structural requirements needed for approval.
This is not about hype or narratives. It is about market plumbing. Large asset managers like BlackRock and Fidelity rely on derivatives to manage risk, track price accurately, and provide liquidity. Until those tools are built, an ETF stays theoretical.
Meanwhile, Hyperliquid (HYPE) sits at around a $6.3B market cap, but the infrastructure being built around it is designed for something much bigger. This is typical of how institutional markets develop. The rails come first, the product comes later.
Bitwise filed quietly at the end of December, during a holiday period when few people were paying attention. That filing alone does not mean the market is ready. Filing paperwork is very different from building and maintaining large-scale derivatives desks.
As aixbt pointed out, there are no confirmed futures markets being built yet for HYPE. That decision rests with institutions, not with the protocol itself.
_****Here’s the SEI Price if Easy Access Turns Into Real Demand**
Moreover, even without a full derivatives stack, Hyperliquid has shown strength. The token absorbed a $320M unlock in early January without breaking structure. The HYPE Price held near $26.64, and on-chain data shows strong perpetual dominance and roughly $55M in daily inflows.
That matters because it shows demand is not purely speculative. Infrastructure-focused projects often move ahead of the news, not after it. The market tends to price in what could be built, not just what already exists.
Furthermore, one key point from the discussion is that Hyperliquid does not control when derivatives markets appear. Large financial players do. If they decide the opportunity is worth the effort, they will build the markets needed to support an ETF.
Until then, Hyperliquid (HYPE) remains in a transition phase. It is visible, it is liquid, and it is being prepared for a much larger stage. But Wall Street does not step in until every regulatory box is checked.
For now, the takeaway is simple. Hyperliquid story is not finished. The ETF conversation has started, but the real work happens before any approval ever arrives.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Federal Reserve Rate Cut Expectations Disappear, Bitcoin and Crypto Market Bullish Logic Falters
CME data shows that the probability of Federal Reserve rate cuts has dropped to zero, while the probability of rate hikes has increased to 12.4%. The market's interest rate expectations have been rapidly repriced, causing Bitcoin's price to pull back to $68,739. Rising crude oil prices and increased inflation expectations have further diminished the appeal of crypto assets. Analysts warn that the higher the probability of rate hikes, the lower institutional interest in Bitcoin becomes, putting pressure on the market in the short term.
GateNews5m ago
Pump.Fun News: PUMP Price Under Pressure, May Fall to $0.00169 in the Short Term
Pump.Fun (PUMP) has fallen about 17% since March 18, due to heavy selling pressure and ongoing net outflows from long-term holders. The money flow index indicates weak buying momentum, and the price may continue to decline. If it breaks below the $0.001780 support level, it could establish the next critical bottom. Analysts advise paying attention to support, resistance, and volume changes to evaluate price stability and potential buying opportunities.
GateNews5m ago
Korean Won Plummets, Triggering USDT Discount as Crypto Market Hedging Demand Plummets
On March 23rd, the Korean won fell to 1,511 won per US dollar against the dollar, marking its lowest level since 2009, driving investors to seek safe-haven assets. In South Korea's crypto market, however, USDT experienced a rare discount, trading at approximately 0.5% below the US dollar spot rate. Geopolitical tensions and stock market sell-offs have suppressed stablecoin demand, with USDT's discount reflecting intensifying risk-off sentiment in the market.
GateNews11m ago
Why Did the Crypto Market Decline? Bitcoin Loses Key Support as Macro Headwinds and Technical Breakdown Converge
The cryptocurrency market continues to decline, with total market capitalization falling to $2.32 trillion, as sellers dominate and market sentiment weakens. The escalation of Middle East tensions and macroeconomic pressures are also affecting the stock market. Bitcoin's price has broken through key support levels, facing further downside risks in the short term. If it fails to stabilize at key levels, the market may continue to move lower.
GateNews20m ago
Bitcoin Uptrend Likely by Late 2026, Says Scaramucci
The latest downturn in Bitcoin has sparked fresh debate across the crypto market. However, according to Anthony Scaramucci, the explanation may be far less surprising than many expect. The SkyBridge Capital managing partner believes the current pullback is simply part of Bitcoin’s long-standing
Coinfomania58m ago
Panic sentiment surges, "hedging costs" reach new highs! VanEck: Bitcoin may be approaching a reversal point
VanEck's research shows that the Bitcoin market is currently in a state of extreme anxiety. Despite rising hedging costs, traders are actively seeking downside protection. The report points out that while leverage and volatility have decreased, the options market is displaying panic signals, with put premiums reaching new highs. However, historical data suggests that extreme panic often precedes a rebound, and significant market turning points may emerge in the future.
区块客1h ago
