#ETF与衍生品 Bitwise's Hyperliquid ETF is coming, with a fee rate of 0.67%. This node is worth paying attention to. From the perspective of derivatives trading, the productization of ETFs means that more institutional funds may flow in, which will change the trading depth and liquidity structure.

I have observed the performance of many traders on Hyperliquid—this on-chain derivatives platform has a truly unique style, with high leverage and low fees attracting a group of aggressive traders. But this also poses a problem: when the ETF launches and introduces incremental funds, the strategies that were effective in a small pool may need to be adjusted.

From a copy-trading perspective, I suggest a two-step approach. First, continue to follow the top traders who are currently performing stably, but increase the sensitivity of stop-losses—more market participants mean volatility could rise; second, wait for 2-3 weeks after the ETF is officially listed to observe how veteran traders respond to the new liquidity environment. This is the best time to adjust copy-trading strategies.

A fee rate of 0.67% is not cheap, but compared to traditional derivatives products, it is already very competitive. The issue is not the fee rate but whether the traders you follow can continue to generate stable excess returns in a changing market. That’s the real point worth betting on.