Grayscale announced Wednesday that it has launched a hyperliquid exchange-traded product (ETP) (HYPE) with the lowest fees 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 sponsor fee of 0.29% and confirming the HYPG ticker. The fees are lower than competing hyperliquid products from 21Shares and Bitwise and mark the first significant fee competition in the emerging market for HYPE investment products.
21Shares’ hyperliquid ETF, THYP, began trading on 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 0.29% fee 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. Hyperliquide started as a decentralized perpetual futures exchange but has expanded into a broader blockchain ecosystem that supports smart contracts, tokenized assets, and new financial markets.
Unlike traditional crypto ETFs that simply hold an underlying asset, HYPG is designed to generate additional returns through staking. The fund will seek exposure to HYPE while participating in the network’s staking process, allowing investors to capture staking rewards via the ETF structure. Grayscale said HYPE staking rewards have historically averaged around 2.2% per year.
This launch comes as Hyperliquide has become one of the most closely watched projects in decentralized finance. According to Grayscale, the protocol generated approximately $857 million in revenue in 2025, making it one of the highest-earning crypto applications.
Much of the investor interest has focused on Hyperliquide’s business model. Grayscale said that approximately 99% of protocol fees go toward token redemption, a mechanism that supporters say directly connects network usage to HYPE’s accumulation of value.
“The launch of HYPG on Nasdaq reflects our belief that Hyperliquid represents something truly differentiated in the digital asset landscape, a protocol designed to support on-chain trading and market activity at scale,” Krista Lynch, senior vice president of capital markets at Grayscale, said in a statement.
The fund’s debut adds another sign that institutional investors are increasingly looking beyond bitcoin and ether to 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 view it as a potential building block for broader on-chain market infrastructure.
