Anchorage Digital Is the Institutional Home for Hyperliquid

Hyperliquid has quickly become one of the most important new ecosystems in crypto, establishing itself as the dominant onchain perpetuals exchange by bringing the performance, liquidity, and execution quality historically found on centralized venues fully onchain. In doing so, Hyperliquid has captured the attention of traders, builders, and institutions looking for a faster, more transparent, and more programmable market structure. And the ecosystem now extends far beyond perps and spot markets: with HyperEVM, Hyperliquid is expanding into a full DeFi ecosystem across lending, liquid staking, vaults, and more, powering its ambition to house all of finance where users can build, trade, and create value in one integrated ecosystem.

For institutions, the question is no longer whether Hyperliquid matters. It is how to participate: with the security, regulatory standards, and operational controls they require. 

That is the gap Anchorage Digital is closing. 

Anchorage Digital provides seamless access to HYPE custody across HyperCore and HyperEVM, staking and liquid staking support, institutional-grade self-custody, trade execution, ETF custody and settlement, and token launch infrastructure, through a single platform. That position has made Anchorage Digital the infrastructure layer of choice for many of the ecosystem's most important players.

Today, Hyperliquid commands a leading share of all onchain perpetuals volume and ranks among the largest and most active decentralized exchanges in the world. The result speaks for itself: Hyperliquid now commands roughly 40% of all onchain perpetuals volume, generating over $250B in monthly volume and $800M in annualized revenue, making it the largest and most profitable decentralized exchange in the world

Institutional demand has followed, and it is accelerating. Hyperliquid ecosystem volume at Anchorage Digital grew more than 300% MoM in May, a clear signal that institutions have moved from evaluating the ecosystem to deploying into it. The firms entering Hyperliquid today are not experimenting. They are allocating capital, launching products, and building long-term positions in HYPE and the broader ecosystem.

The Institutional Access Challenge

Hyperliquid’s growth has created a new institutional access challenge.

For crypto-native users, accessing the Hyperliquid ecosystem can be relatively straightforward. For institutions, participation is more complex. Custody, staking, trading, settlement, compliance, DeFi access, and token support often sit across disconnected providers and workflows, creating operational friction at exactly the moment institutional interest is accelerating. Institutions cannot meet their regulatory, fiduciary, and operational obligations by stitching together point solutions. They need connected infrastructure that brings the full lifecycle of participation together on a single platform built to institutional standards.

That is precisely what Anchorage Digital provides.

How Anchorage Digital Solves It

Anchorage Digital brings the pieces of Hyperliquid participation together across five core offerings:

Federally regulated HYPE custody. Institutions cannot participate meaningfully in HYPE without custody that meets their regulatory, fiduciary, and operational requirements. Anchorage Digital Bank, N.A. provides OCC-chartered qualified custody supporting HYPE, giving asset managers, ETF issuers, and regulated institutions a compliant foundation for participation.

Trade execution through Anchorage Digital Prime. Because direct access to Hyperliquid is not available to U.S. participants and deep HYPE liquidity is concentrated across offshore venues, institutions need a trusted execution and settlement pathway to gain exposure. Anchorage Digital Prime provides spot and derivatives execution and settlement support, helping close the access gap for institutions that cannot trade on the venue directly.

HYPE staking on HyperCore. Institutions want access to native HYPE staking without compromising custody standards or operational control. Anchorage Digital enables clients to stake HYPE directly through its platform while maintaining institutional-grade security.

Self-custody and DeFi access through Porto. Sophisticated institutions also need direct ecosystem access, including buying and staking HYPE, spot and perpetuals trading on HyperCore, and DeFi participation across HyperEVM. Porto, Anchorage Digital’s institutional-grade self-custody wallet, gives clients that flexibility without forcing a tradeoff between access and control.

Token launch infrastructure for HyperEVM builders. Builders on HyperEVM need more than technical deployment. They need a path to institutional distribution, custody, and staking support from day one. Kinetiq was first to leverage our token management offering for KNTQ. More are coming.

Partnering Across the Ecosystem

Anchorage Digital's role isn't confined to any single segment of Hyperliquid,  it runs across the ecosystem's most important builders, issuers, and allocators. As participation deepens, the same institutional infrastructure supports treasury companies, ETF issuers, protocols, and investors alike.

‍Treasury companies. Hyperliquid Strategies Inc. and Hyperion DeFi have partnered with Anchorage Digital as their institutional infrastructure provider.

‍ETF issuers. Anchorage Digital powers HYPE ETF custody and settlement for 21Shares, Bitwise, and Grayscale. The Bitwise Hyperliquid ETF (BHYP) has also onboarded Anchorage Digital Prime as a liquidity provider for its ETF flows, an early example of the institutional-grade rails this ecosystem now runs on.

‍Protocols. Kinetiq, a leading liquid staking protocol on HyperEVM and an active HIP-3 deployer, has integrated with Anchorage Digital to let clients liquid stake HYPE directly through their regulated custody account. Kinetiq is one of a growing number of protocol partnerships across the ecosystem.

‍Institutional investors. HYPE is among the largest assets under custody at Anchorage Digital. Anchorage Digital operates one of the largest validator operations on the network, and a significant and growing number of institutional investors stake their HYPE directly through the platform.

Putting HYPE to Work

Staking HYPE unlocks more than yield, it unlocks materially lower trading fees across Hyperliquid's perps and spot markets. The discount scales with the amount staked, across four tiers, up to a maximum of 40% off taker fees for wallets holding 500,000+ HYPE. At that top tier, base taker fees drop from 0.045% to 0.027%, a meaningful advantage for any institution trading significant volume on the platform.

Anchorage Digital's linked staking and trading feature, now live, is the only offering of its kind from a qualified custodian. Clients simply link their Anchorage Digital staking account to any external trading account, no bridging, no changes to custody status, no interruption to staking operations. All HYPE remains in qualified custody throughout. For institutions already staking with Anchorage Digital, it is a straightforward way to put an existing position to work across two dimensions simultaneously.

What’s Next: HIP-3 and HIP-4 Infrastructure

Beyond staking and trading fee discounts, Hyperliquid's HIP-3 allows any entity with 500,000 HYPE staked to deploy up to three permissionless perpetual futures markets on HyperCore, across tokenized equities, commodities, pre-IPO assets, and more. Since launching in October 2025, HIP-3 markets have produced over $200B in cumulative volume.

Similarly, HIP-4, launched May 2026, extends that framework to fully collateralized, expiry-based outcome markets on HyperCore, Hyperliquid's move into prediction markets and a further signal of its ambition to become a comprehensive onchain trading platform. These markets offer meaningful capital efficiency: a position on an event months out can be cross-margined with perps and spot rather than sitting locked until resolution. Deployers likewise earn 50% of the fees their markets generate.

Anchorage Digital is positioned to participate in both through their regulated ability to interact with smart contracts. For HIP-3 and HIP-4 deployers, custodying and staking HYPE through Anchorage Digital adds a layer of institutional credibility to their infrastructure, giving their investors confidence in the foundation underlying their markets.

The Institutional Hyperliquid Stack Is Here

Hyperliquid is moving quickly. The winners in this next phase will be the platforms that combine speed with trust, innovation with security, and ecosystem access with operational discipline.

Anchorage Digital is building that foundation, and institutions are already here.

Get in touch. If you are an institution participating in Hyperliquid, or a team building in the Hyperliquid ecosystem, the Anchorage Digital team wants to hear from you.