Inflows into the Grayscale Hyperliquid Staking ETF and its two main competitors have reversed after strong starts, with experts pointing to increased competition in the perpetual futures space. The Bitwise Hyperliquid ETF and 21Shares Hyperliquid ETF debuted in May and now combine for more than $150 million in assets under management, while the Grayscale fund is closing in on $113 million despite being barely more than two months old. JPMorgan notes that traders could ultimately prefer to transact in perpetual futures on platforms regulated in the U.S., which Hyperliquid is not, potentially straining the token. Hyperliquid remains the dominant decentralized protocol for perpetual futures trading, handling more than $633 billion in volume in the first quarter of 2026, with much of the related fees going toward token buybacks. The article suggests prediction markets could renew enthusiasm for the ETFs, citing Macquarie's projection of $1.5 trillion in yes/no exchange volume by 2030 and Hyperliquid's recent update allowing professionals to hold perpetual futures and event contracts in one marginable account.
