BHYP options bring regulated HYPE trading, with weekend gaps

Bitwise's BHYP options give crypto investors a new signal to watch: Wall Street can now price Hyperliquid's HYPE through a regulated US product. That matters because HYPE's value is tied less to a typical layer-1 story and more to activity on Hyperliquid's perpetuals venue, where trading runs all day, every day.

BHYP started trading on the NYSE on May 15 and holds spot HYPE, with staking built into the fund. Bitwise listed a 2.25% gross staking reward rate and 1.18% net as of June 16, with about 70% of assets staked. The options listing now links BHYP shares, US-listed options, HYPE spot, HYPE perpetual futures, and Hyperliquid's on-chain market into one tradeable structure.

The underlying business is large. DeFiLlama shows about $244 billion in 30-day perpetual volume and more than $9.6 billion in open interest. Bitwise says Hyperliquid handled $2.9 trillion in 2025 volume, controls about 60% of on-chain derivatives open interest, and can process roughly 200,000 orders per second. It also says 99% of net protocol fees go to an Assistance Fund that buys HYPE on the open market.

The main risk is timing. BHYP options trade only during US hours, while HYPE trades 24/7. If HYPE moves hard over a weekend, BHYP can gap at Monday's open, and market makers may need to hedge through HYPE spot or perpetuals before the ETF market reopens.