TheBlock
Grayscale debuted its Hyperliquid Staking ETF under the ticker HYPG on Nasdaq Wednesday, pricing its sponsor fee at 0.29% — undercutting both Bitwise's BHYP (0.34% after a one-month 0% promo) and 21Shares' THYP (0.30%). Grayscale is calling HYPG the "most cost-efficient way for investors to access exposure to HYPE through an exchange-traded product."
Why it matters
Hyperliquid is a decentralized derivatives exchange built around onchain perpetual futures — contracts with no expiration date that let traders bet on asset prices without direct ownership. Its native token HYPE has climbed to the tenth-largest cryptocurrency by market cap at $15.8 billion, a scale that makes it a credible institutional target. Grayscale head of research Zach Pandl called Hyperliquid the "breakout success story of this cycle in crypto," citing its technology, user base, revenue generation, and the fact that revenue flows back to token holders — a model he described as maximizing the value of blockchain technology with transparency and self-custody.
The timing is deliberate. Last week the CFTC opened the door for US-listed perpetual futures contracts, granting the first such approval to Kalshi. Pandl framed that as a "first step" toward bringing Hyperliquid's platform to US users — it is currently unavailable in the US. He also positioned perps as the third major crypto innovation being exported to traditional markets, after stablecoins and tokenized assets.
Market impact
With three competing Hyperliquid ETFs now live — HYPG, BHYP, and THYP — the fee war signals strong institutional conviction around HYPE as an asset class. For HYPE holders, the ETF wrapper brings a new category of demand from investors who cannot or will not hold tokens directly.
CoinDesk
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