Roughly a month after the first spot HYPE ETFs debuted, early volume data points to strong institutional appetite for Hyperliquid. Cumulative volume across the products has approached $900 million since launch, with net inflows reaching about $153 million.

Three issuers now offer regulated brokerage exposure to HYPE: 21Shares’ THYP, Bitwise’s BHYP, and Grayscale’s HYPG. All three hold HYPE directly and pass staking rewards on to investors, with the reward rate currently around 2.25% annually, accrued every minute, distributed daily, and automatically compounded. Roughly 45% of eligible supply, about 434 million HYPE, is currently staked. Volume has been uneven across the three: BHYP and THYP account for the bulk of activity, while the more recent HYPG continues to ramp. The products extend a run of strong demand that saw HYPE ETFs absorb 1.04% of market cap in their first 10 days, the strongest crypto ETF debut on record by that measure.

This story is an excerpt from the Unchained Daily newsletter.

HYPE distinguishes itself from tokens whose value rests more heavily on speculative demand. About 97% of Hyperliquid’s trading fees are routed to its Assistance Fund, creating a direct link between trading volume and token demand through an automatic buyback mechanism, a dynamic that helped HYPE inflows outpace bitcoin’s ETF debut on a market-cap-adjusted basis earlier this year.

Some traders are positioning for a sharp upside, options data reveals. Nick Forster, co-founder and CEO of onchain options platform Derive, noted that options markets are implying roughly a 10% to 15% chance of HYPE reaching $100 by the end of July.

HYPE traded around $67 on Monday, up more than 7% on the day.

Related Listen: Why Mike Dudas Has Zero Exposure to ETH, but Is Bullish on Hyperliquid