Grayscale Launches Low-Fee Hyperliquid ETF as Race for HYPE Investment Products Heats Up

Grayscale has entered the growing market for Hyperliquid investment products with the launch of its new Hyperliquid Staking ETF, trading under the ticker HYPG on Nasdaq. The debut adds another contender to an increasingly competitive field of exchange-traded funds designed to provide exposure to Hyperliquid’s native token, HYPE.

The newly launched fund stands out for its pricing. Grayscale has set the sponsor fee at 0.29%, undercutting rival products currently available to investors. Competing offerings include Bitwise’s BHYP ETF, which carries a promotional 0% fee during its first month before rising to 0.34%, and 21Shares’ THYP ETF with a 0.30% management fee.

According to Grayscale, HYPG offers investors one of the most cost-effective routes to gain exposure to HYPE through a regulated exchange-traded product structure.

Hyperliquid has emerged as one of the fastest-growing projects in the digital asset industry. The decentralized derivatives platform specializes in onchain perpetual futures trading, allowing users to speculate on asset price movements without directly holding the underlying assets. Its native token, HYPE, has rapidly climbed the cryptocurrency rankings and now ranks among the largest digital assets by market capitalization.

Perpetual futures contracts, commonly referred to as “perps,” have become a major force within crypto derivatives markets. Unlike traditional futures contracts, perpetuals do not expire, enabling traders to maintain positions indefinitely while gaining exposure to market movements.

Grayscale’s Head of Research, Zach Pandl, described Hyperliquid as one of the standout success stories of the current crypto cycle. He pointed to the platform’s technology, expanding user base, and revenue-generating capabilities as key drivers behind its growth.

Pandl noted that investors have long searched for blockchain-based projects that combine transparency, self-custody, and sustainable revenue generation. In his view, Hyperliquid represents a model where value created by the platform can ultimately benefit token holders.

The launch comes at a time when regulatory attitudes toward perpetual futures in the United States appear to be evolving. Recent developments from the Commodity Futures Trading Commission have paved the way for the introduction of U.S.-listed perpetual futures products, opening new opportunities for companies operating in both the crypto and prediction market sectors.

While Hyperliquid’s platform remains unavailable to U.S. users, Pandl suggested that growing regulatory clarity around perpetual futures could eventually create a pathway for broader adoption of similar products in the American market.

Looking ahead, Grayscale sees perpetual futures as the latest example of crypto-native innovation finding its way into traditional finance. Following the rise of stablecoins and tokenized assets, the firm believes perpetual contracts could become the next blockchain-based product category to gain significant traction among institutional investors.