A major development in crypto derivatives: a leading asset manager has submitted paperwork for a perpetual futures DEX ETF with ticker BHYP, charging 67 basis points annually. This marks the first time a decentralized exchange focused on perpetuals is being structured for traditional finance distribution.

The underlying platform delivered impressive numbers this year—generating $650 million in revenue with an aggressive 99% flowing into token buybacks. This buyback strategy matters because the project faces meaningful unlock pressure: 10 million tokens hit the market each month.

Here's the calculus: monthly token dilution versus potential ETF inflow absorption. If the ETF gains traction among institutional traders, those inflows could effectively cushion months' worth of selling pressure from team unlocks. The question becomes whether institutional adoption of on-chain perpetuals can move fast enough to offset tokenomics headwinds.