Grayscale said Wednesday it launched a Hyperliquid (HYPE) exchange-traded product (ETP) with the lowest fee among its U.S.-listed competitors, escalating a price war in one of crypto’s newest and fastest-growing ETF categories.
The asset manager announced the Grayscale Hyperliquid Staking ETF (HYPG) on Nasdaq, revealing a 0.29% sponsorship fee and confirming the ticker HYPG. The fee undercuts rival Hyperliquid products from both 21Shares and Bitwise and marks the first meaningful fee competition in the emerging market for HYPE investment products.
21Shares’ Hyperliquid ETF, THYP, began trading on the Nasdaq on May 12 with an expense ratio of 0.30%. Bitwise’s BHYP launched three days later on the New York Stock Exchange (NYSE) with a promotional fee of 0% for its first month, but will increase to 0.34%. On a normalized basis, Grayscale’s fee of 0.29% is now the lowest among the three offerings.
The rapid emergence of several Hyperliquid funds reflects growing investor interest in the protocol behind the HYPE token. Hyperliquid began as a decentralized perpetual futures exchange, but has expanded into a broader blockchain ecosystem supporting smart contracts, tokenized assets, and emerging financial markets.
Unlike traditional crypto ETFs that simply have an underlying asset, HYPG is designed to generate additional returns through stakes. The fund will seek exposure to HYPE while participating in the network’s staking process, allowing investors to capture staking rewards through the ETF structure. Grayscale said HYPE stake rewards have historically averaged around 2.2% annually.
The launch comes as Hyperliquid has emerged as one of the most watched projects in decentralized finance. According to Grayscale, the protocol generated approximately $857 million in revenue during 2025, making it one of the highest-grossing applications in crypto.
Much of the investor interest has centered on Hyperliquid’s financial model. Grayscale said that around 99% of protocol fees are directed towards token buybacks, a mechanism that proponents argue directly links network usage to HYPE’s value addition.
“The launch of HYPG on Nasdaq reflects our belief that Hyperliquid represents something truly differentiated in the digital asset landscape, a protocol built to support onchain trading and market activity at scale,” Krista Lynch, Grayscale’s senior vice president of capital markets, said in a statement.
The fund’s debut adds another sign that institutional investors are increasingly looking beyond bitcoin and ether toward crypto-native infrastructure projects that generate revenue and resemble traditional financial networks. Hyperliquid’s growth in perpetual futures trading, combined with its expansion into tokenized assets and other financial products, has led some analysts to see it as a potential building block for a broader onchain market infrastructure.
