Grayscale launches HYPG Hyperliquid ETF on Nasdaq, undercutting rivals on fees

Grayscale entered the ring on Wednesday with its own Hyperliquid-linked exchange-traded fund, undercutting rivals on fees as competition among similar products heats up. The Grayscale Hyperliquid Staking ETF, ticker HYPG, debuted on Nasdaq, the firm said in a statement. The ETF carries a sponsor fee of 0.29%, lower than its competitors. Bitwise's BHYP Hyperliquid ETF charges 0% for the first month and 0.34% thereafter, while 21Shares' THYP comes in at 0.30%.

Grayscale said its ETF is the "most cost-efficient way for investors to access exposure to HYPE through an exchange-traded product," according to the statement.

Hyperliquid is a decentralized derivatives exchange that lets users trade perpetual futures onchain. Its native token, HYPE, has grown to become the tenth-largest cryptocurrency with a market cap of $15.8 billion, according to The Block's price data.

Perpetuals — perps to their friends — have become increasingly popular in crypto derivatives trading. They are a type of futures contract with no expiration date, allowing traders to bet on the price movement of an asset without owning it directly.

Zach Pandl, head of research at Grayscale, called Hyperliquid the "breakout success story of this cycle in crypto," citing its technology, users, and revenue. "This is the type of project that many investors in crypto have been looking for, for a period of time, something that really maximizes the value of blockchain technology with transparency and a self-custody model that delivers great benefits to users, that accrues revenue and that delivers that revenue back to token holders," Pandl said in an interview with The Block.

Last week, the Commodity Futures Trading Commission opened the door for perpetual contracts in the U.S., allowing crypto and prediction market heavyweights like Coinbase and Kalshi to launch related products for the first time.

Pandl called that a "first step" toward eventually bringing the platform to the U.S. Hyperliquid is not currently available to people in the U.S. "The CFTC granted the first US-listed perpetual futures contract to Kalshi on Friday of last week, so we are beginning the process of giving real regulatory clarity around the product that Hyperliquid offers," Pandl said.

Looking ahead, Pandl pointed to the broader institutional adoption of crypto. "The crypto industry is increasingly exporting its innovations to traditional markets," Pandl said. "The first two examples were stablecoins and tokenized assets — and the third example is perpetual futures."

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