Grayscale has announced the launch of its new Hyperliquid-focused exchange traded product on the Nasdaq. Listed under the ticker HYPG, the Grayscale Hyperliquid Staking ETF debuts with a 0.29 percent sponsor fee, making it the lowest-cost option among similar Hyperliquid products traded in the United States. The move marks the beginning of a fresh fee competition in HYPE-themed investment vehicles.
Fee war heats up
According to company statements, HYPG enters the market with a fee structure even lower than the competing Hyperliquid funds offered by 21Shares and Bitwise. On May 12, 21Shares’ THYP Hyperliquid ETF began trading on the Nasdaq with a 0.30 percent expense ratio. Bitwise followed three days later, launching its BHYP product on the New York Stock Exchange, which starts with a zero percent fee for the first month before increasing to 0.34 percent.
These figures mean Grayscale’s 0.29 percent fee stands as the lowest ongoing cost among the three products. As a result, a significant price war has kicked off among Hyperliquid-linked investment offerings for the first time.
Staking component sets fund apart
Distinct from classic crypto funds that simply hold the HYPE asset, the HYPG ETF differentiates itself by also participating in the network’s staking process. Grayscale noted that, through this approach, investors gain exposure not just to HYPE itself, but also to staking rewards generated by the blockchain, all within an ETF structure.
Glossary: Staking refers to locking up assets on a blockchain network for a set period to help secure the network and validate transactions. Users or related investment products can earn rewards during this process, according to the rules of the network.
Grayscale stated that historically, staking HYPE has generated an average annual yield of 2.2 percent, but this rate can fluctuate depending on network conditions and market dynamics.
Krista Lynch, senior vice president of capital markets at Grayscale, stated that launching HYPG on the Nasdaq reflects their belief that Hyperliquid offers a distinct value proposition in the digital asset space and that the protocol is designed to support on-chain trading and market activity at scale.
Why is Hyperliquid gaining attention?
Hyperliquid initially launched as a decentralized perpetual futures platform. Over time, it evolved into a broader blockchain ecosystem supporting smart contracts, tokenized assets, and new financial markets. This transformation is seen as a key driver of growing interest in the protocol behind the HYPE token.
According to data shared by Grayscale, the protocol generated approximately 857 million dollars in revenue throughout 2025. The company also reported that nearly 99 percent of protocol fees were directed toward token buybacks, a mechanism advocates say directly links network usage to value accrual for HYPE.
Institutional focus shifts
The introduction of HYPG is seen as yet another sign that institutional investors are broadening their horizons beyond Bitcoin and Ether. There’s a growing appetite for crypto infrastructure projects that generate revenue and feature mechanisms akin to those found in traditional financial networks. Hyperliquid’s expansion in perpetual futures and its diversification into various financial products further drive investor interest in this space.
