Grayscale Prices Hyperliquid ETF at 0.29%, Sets HYPG

Grayscale filed an amended S-1 with the Securities and Exchange Commission on Monday, setting a 0.29% sponsor fee and the ticker HYPG for the Grayscale Hyperliquid Staking ETF. The filing identifies the fund as the third Hyperliquid-focused ETF to seek a U.S. listing.

The fund is structured to provide investors exposure to Hyperliquid, a decentralized derivatives exchange that supports on-chain trading of perpetual futures. Perpetual futures have no expiration date and allow traders to take leveraged positions on asset prices without owning the underlying token.

Grayscale's 0.29% sponsor fee is lower than fees announced by two competing issuers. Bitwise's BHYP opened with a 0% fee for the first month and will charge 0.34% thereafter. 21Shares' THYP carries a 0.30% fee.

ETF analyst James Seyffart posted on X that he expects the Grayscale fund to launch soon, writing, “Launch likely imminent for Grayscale's Hyperliquid ETF,” and adding, “When I say imminent, I mean that I am expecting the launch this week.”

Hyperliquid's native token HYPE had a reported market capitalization of about $16.1 billion. Funds tied to HYPE recorded more than $132 million in cumulative net inflows as of last month.

Last week, the Commodity Futures Trading Commission took actions allowing U.S. firms to offer certain related contracts, creating a path for exchanges and platforms to roll out products tied to crypto derivatives.

Grayscale's amended registration does not set a public launch date. The fee and ticker are part of the firm's launch preparations; the fund remains subject to regulatory approvals and market and listing arrangements.