Grayscale launches Hyperliquid staking ETF, undercutting rival fees

• Grayscale launches HYPG ETF on Nasdaq, offering direct HYPE exposure with staking rewards in a regulated format.
• The fund's 0.29% fee intensifies competition among Hyperliquid ETFs, undercutting offerings from 21Shares and Bitwise.
• Bitwise and 21Shares' Hyperliquid ETFs have now recorded $141 million in cumulative net inflows since the funds began trading.

Grayscale announced the launch of its Hyperliquid Staking ETF (HYPG) on Wednesday, now trading on Nasdaq. The fund offers investors direct exposure to HYPE and incorporates staking rewards, which the company claims have historically ranged from 2.2% to 2.3% annually.

"HYPG represents an opportunity to provide efficient exposure to HYPE in an ETP wrapper," Grayscale noted on its website.

Grayscale enters Hyperliquid ETF market with competitive fees

Grayscale's entry intensifies competition in the emerging Hyperliquid ETF market. With a management fee of 0.29%, HYPG undercuts rival offerings from 21Shares and Bitwise Asset Management, whose products carry fees of 0.30% and 0.34%, respectively.

The lower fee structure is expected to attract cost-sensitive institutional and retail investors seeking efficient access to one of crypto's fastest-growing assets. 

Grayscale CEO Peter Mintzberg pointed to Hyperliquid's fundamentals as a key driver of conviction, highlighting approximately $857 million in protocol fees generated in 2025, alongside a rapidly expanding ecosystem of permissionless markets.

"Our conviction comes from real-world traction: approximately $857M in protocol fees generated by HyperliquidX in 2025, a vast ecosystem of permissionless 24/7 markets, and growing institutional adoption," Mintzberg wrote on X, describing Hyperliquid as a "financial juggernaut in the making."

The launch comes amid surging interest in HYPE, which climbed to a new all-time high above $75 on Tuesday, driven by strong trading activity and institutional purchases.

Early performance from previously launched funds underscores the momentum. Bitwise Bloomberg ETF analyst James Seyffart noted that initial Hyperliquid ETFs from 21Shares (THYP) and Bitwise (BHYP) have generated $141 million in cumulative net inflows.

Bitwise's BHYP ETF, in particular, has gained traction, surpassing $100 million in assets under management (AuM) within weeks of launch.

HYPE is changing hands at $72 at the time of writing, with weekly gains stabilizing at 20%.