Grayscale launches HYPG Hyperliquid ETF on Nasdaq with 0.29% fee

Grayscale launched the HYPG Hyperliquid Staking ETF on Nasdaq on Wednesday, charging a 0.29% sponsor fee. The product gives investors regulated, exchange-traded exposure to Hyperliquid's native token, HYPE.

Grayscale's fee is lower than several rival products. Bitwise's BHYP offers a 0% fee for the first month and 0.34% thereafter, while 21Shares' THYP carries a 0.30% fee. Grayscale described HYPG as the most cost-efficient exchange-traded way to access HYPE.

Hyperliquid operates a decentralized derivatives exchange that supports onchain trading of perpetual futures. Perpetual futures are contracts without an expiration date that let traders speculate on price movements without taking custody of the underlying asset.

HYPE has risen into the top tier of cryptocurrencies by market capitalization, reaching about $15.8 billion and ranking near the tenth-largest token by market cap.

Zach Pandl, head of research at Grayscale, described Hyperliquid as “the breakout success story of this cycle in crypto” and highlighted the platform's technology, user base and revenue model. Pandl added that the project “maximizes the value of blockchain technology with transparency and a self-custody model that delivers benefits to users, accrues revenue and returns that revenue to token holders.”

Regulatory developments are affecting perpetual products in the United States. The Commodity Futures Trading Commission approved the first U.S.-listed perpetual futures contract for Kalshi last week. Pandl noted the approval begins to clarify regulatory treatment for perpetual products and called it an initial step toward broader U.S. access. Hyperliquid's platform is not currently available to U.S. users.

The HYPG ETF's debut joins a growing field of exchange-traded products tied to crypto infrastructure and derivatives venues. Competition among issuers has pushed fees lower as sponsors present lower costs to attract institutional and retail investors seeking regulated, exchange-traded paths to token exposure.