Grayscale said on Wednesday it launched a Hyperliquid exchange-traded product (ETP) (HYPE) with the lowest fee among its US-listed competitors, intensifying a price war in one of cryptocurrencies’ newest and fastest-growing ETF categories.
The asset manager announced the Grayscale Hyperliquid Stake ETF (HYPG) on Nasdaq, revealing a 0.29% sponsor fee and confirming the symbol HYPG. The fee undercuts rival Hyperliquid products from 21Shares and Bitwise and marks the first significant fee competition in the emerging market for HYPE investment products.
The 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 multiple Hyperliquid funds reflects growing investor interest in the protocol behind the HYPE token. Hyperliquid 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 through the ETF structure. Grayscale said HYPE staking rewards have historically averaged about 2.2% annually.
The launch comes as Hyperliquid has become one of the most closely watched projects in decentralized finance. According to Grayscale, the protocol generated approximately $857 million in revenue during 2025, making it one of the highest-grossing applications in crypto.
Much of investor interest has focused on Hyperliquid’s economic model. Grayscale said that about 99% of the protocol’s fees go toward token buybacks, a mechanism that supporters say links network usage directly to HYPE’s value accumulation.
“The launch of HYPG on Nasdaq reflects our belief that Hyperliquid represents something genuinely differentiated in the digital asset landscape, a protocol built 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 toward revenue-generating crypto-native infrastructure projects that 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 component for broader on-chain market infrastructure.
