Virtune’s physically backed Hyperliquid ETP began trading on the Warsaw Stock Exchange on September 17 under the ticker ETNVIRHYPE, giving Polish investors a way to gain HYPE exposure through conventional brokerage accounts. The product trades in Polish złoty and carries an annual management fee of 0.95%. Each unit represents roughly 0.0996 HYPE, with about 200,000 units outstanding and net assets near $1.56 million before the Warsaw debut.
The listing is the fourth venue for the same European product, following its April debut on Deutsche Börse Xetra under ticker VRTH, and July listings on Nasdaq Stockholm and Nasdaq Helsinki. The Warsaw debut is an access expansion rather than a new fund: investors receive a security, not HYPE in a personal wallet, and cannot transfer or use the underlying tokens on Hyperliquid. Virtune says the ETP is fully physically backed, with assets held through Coinbase Custody and BitGo Europe, while Flow Traders and Raiffeisen Bank International provide market-making.
The Warsaw listing arrives as Hyperliquid’s onchain derivatives activity remains elevated. CryptoRank data for the 30 days through September 16 put Hyperliquid’s perpetual futures volume at approximately $240 billion, ahead of Arbitrum’s $47.2 billion, Solana’s $46 billion, Lighter’s $45.6 billion, Ethereum’s $44.9 billion and edgeX’s $42.3 billion. Hyperliquid’s Assistance Fund uses trading fees to buy HYPE, creating a potential link between platform activity and token demand, though the company notes that higher volume does not automatically translate into proportional price gains.
The 0.95% annual management fee means a PLN 10,000 position costs about PLN 95 per year before broker commissions and spreads. The ETP is not a staking product, so investors should not expect staking rewards to offset the fee. PLN trading also does not hedge HYPE volatility, and Warsaw exchange hours can create price gaps if HYPE moves overnight or over weekends.
Warsaw Stock Exchange board member Michał Kobza said turnover in ETF, ETC and ETN products reached PLN 4.52 billion in the first eight months of 2026, up 137% year over year and already 36% higher than all of 2025. Virtune’s Hyperliquid ETP is the issuer’s eighth crypto ETP available in Warsaw. Still, Virtune has not disclosed Polish investor numbers, net inflows or trading volume for ETNVIRHYPE, and the listing alone does not prove local demand. Warsaw turnover and spreads will show whether Hyperliquid’s trading dominance translates into meaningful demand from traditional securities investors.
