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Grayscale debuted its Hyperliquid Staking ETF under the ticker HYPG on Nasdaq on Wednesday, setting a 0.29% sponsor fee that undercuts the two competing products already live. Bitwise's BHYP charges 0% for its first month then 0.34%, while 21Shares' THYP sits at 0.30%. Grayscale called HYPG the "most cost-efficient way for investors to access exposure to HYPE through an exchange-traded product."
The fund gives US investors a regulated vehicle for Hyperliquid, the onchain perpetual-futures exchange whose native HYPE token now ranks as the tenth-largest cryptocurrency by market cap at $15.8 billion. The launch comes five days after the CFTC issued the first US-listed perpetual futures license to Kalshi — a regulatory shift Grayscale's head of research Zach Pandl framed as the "first step" toward bringing Hyperliquid itself to US users, who are currently blocked from the platform.
Why it matters
Hyperliquid is not just another altcoin — it's a decentralised derivatives venue where users trade perpetual futures onchain with self-custody. Pandl, who called it "the breakout success story of this cycle in crypto," positioned the product alongside stablecoins and tokenised assets as the third major crypto innovation now exporting into traditional markets. The fee war between Grayscale, Bitwise, and 21Shares is a classic early-ETF-cycle signal: issuers are competing for AUM on a brand-new ticker, the way they did with spot Bitcoin ETFs in early 2024.
Market impact
The combination of a sub-30bps fee, a Nasdaq listing, and a US regulatory opening for perps gives HYPE a credible institutional on-ramp it has not had before. With US users still geo-blocked from Hyperliquid itself, the ETF becomes the primary way traditional allocators can take exposure — and the fee compression suggests issuers are pricing in a competitive AUM grab rather than defending margins. Watch early flow data into HYPG, BHYP, and THYP for the first real read on institutional demand for perp-venue tokens.
Frequently asked questions
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What is Grayscale's new Hyperliquid ETF and what does it cost?
The Grayscale Hyperliquid Staking ETF (HYPG) debuted on Nasdaq with a 0.29% sponsor fee, lower than the 0.34% charged by Bitwise's BHYP and the 0.30% on 21Shares' THYP.
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Why is Hyperliquid significant in crypto?
Hyperliquid is a decentralised derivatives exchange where users trade perpetual futures onchain with self-custody. Its native HYPE token has grown to a $15.8B market cap, ranking tenth among cryptocurrencies.
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What did the CFTC decide on perpetual futures?
Last week the CFTC issued the first US-listed perpetual futures contract to Kalshi, opening the door for crypto and prediction-market firms including Coinbase to launch similar products in the US for the first time.
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Why is the ETF fee war between Grayscale, Bitwise, and 21Shares notable?
Three competing Hyperliquid ETFs have launched within weeks of each other, and all are pricing below 0.35%. That price-for-AUM pattern mirrors the early-ETF cycle in spot Bitcoin products and signals issuers are competing for share, not defending margins.
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Can US investors use Hyperliquid directly today?
No. Hyperliquid remains geo-blocked for US users, which is why the new ETF products matter — they give traditional allocators a regulated way to gain HYPE exposure without direct platform access.
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