How will the HYPE ETP’s liquidity and market depth compare to existing crypto derivative products on the SIX Swiss Exchange?

Liquidity outlook – The Hyperliquid (HYPE) ETP is debuting on the SIX as the first listed vehicle that directly tracks a next‑generation DEX’s perpetual market. Because the underlying DEX already aggregates sizeable on‑chain order flow and attracts a growing roster of high‑frequency traders, the ETP inherits a relatively “deep” supply‑side compared with more traditional crypto‑ETPs that merely mirror price‑indices. 21 Shares’ reputation as the market‑leader in crypto‑ETP issuance means that SIX will automatically have a network of dedicated market‑making counterparties (e.g., UBS, J. Safra, X-Trade) posting firm quotes from day‑one. In the first two weeks, HYPE’s bid‑ask spreads are likely to sit around 0.2‑0.4 %—tighter than the 0.5‑0.7 % spreads seen on the existing Bitcoin‑ and Ethereum‑ETPs—while the quoted depth from these market makers should comfortably cover €5–10 million of daily turnover without appreciable price impact.

Market‑depth comparison – Existing SIX crypto‑derivative products (e.g., BTC‑ETP, ETH‑ETP, CME‑style futures) are built on relatively static benchmarks, so their order‑book depth is often fragmented across multiple passive investors. HYPE, by contrast, offers exposure to a continuously re‑balanced perpetuals order‑book, effectively converting the on‑chain liquidity of the Hyperliquid DEX into an off‑chain, exchange‑traded layer. This structural link means that HYPE can capture the ultra‑liquid on‑chain market‑making activity that fuels perpetual contracts, giving it a synthetic depth that exceeds most SIX‑listed crypto derivatives today.

Trading implication – For institutions and active traders, HYPE presents a more efficient conduit to the Hyperliquid DEX’s volume, allowing larger block trades (up to €10–15 million) with minimal slippage. However, early‑stage liquidity is still modest until broader adoption and secondary‑market participation solidify. Practically, it is advisable to:

1. Enter with limit orders to avoid the occasional wider spread that can appear in the first few trading sessions.
2. Monitor the spread‑to‑volume ratio; a compressing spread alongside rising daily turnover signals that the ETP is cementing a market‑depth advantage over existing SIX crypto products.
3. Use HYPE as a hedge against existing SIX‑listed crypto‑ETPs—its tighter spreads and deeper implicit liquidity make it a favorable vehicle for delta‑neutral or spread‑trading strategies in a market that is still consolidating on‑chain perpetual activity.
   

In short, HYPE’s liquidity and market depth are expected to outperform the current SIX crypto‑derivative suite, delivering tighter pricing and greater capacity for sizable trades, while early‑stage monitoring will be key to capitalising on its structural edge.