TLDR
- Grayscale’s HYPG gives investors Nasdaq-listed exposure to HYPE without requiring direct token ownership or self-custody.
- The ETF enters the Hyperliquid product race with a 0.29% sponsor fee, below rival offerings.
- HYPG seeks to capture staking rewards, which may be reflected in the fund’s net asset value.
- Hyperliquid has gained attention through onchain perpetual futures trading, protocol revenue, and expanding market activity.
- Grayscale frames Hyperliquid as part of the wider movement of financial markets toward blockchain-based infrastructure.
Grayscale has launched the Grayscale Hyperliquid Staking ETF on Nasdaq, giving investors a listed product tied to HYPE, the native token of the Hyperliquid protocol. The exchange-traded product, trading under the ticker HYPG, arrives as issuers compete to offer regulated market access to crypto assets linked to decentralized derivatives activity.
The firm said HYPG carries a sponsor fee of 0.29%, placing it below rival Hyperliquid-linked products from Bitwise and 21Shares. Bitwise’s BHYP has a temporary 0% fee for its first month before moving to 0.34%, while 21Shares’ THYP lists a 0.30% fee.
HYPG Enters Nasdaq With Lower Fee Structure
Grayscale said the fund offers exposure to HYPE through an exchange-traded product while also seeking to capture staking rewards from participation in the Hyperliquid network. The company described HYPG as a cost-efficient route for investors seeking access to the token through brokerage accounts rather than direct crypto wallets.
The product is not registered under the Investment Company Act of 1940, which means it does not carry the same protections as registered ETFs and mutual funds. Grayscale’s materials state that the fund involves high risk, volatility, and the possibility of a full investment loss.
HYPG does not represent direct ownership of HYPE, even though its performance is linked to the asset. Any staking rewards earned by the fund, after expenses and applicable fees, may be reflected in its net asset value.
Hyperliquid Draws Attention From Crypto Investors
Hyperliquid is a decentralized derivatives exchange that allows users to trade perpetual futures onchain. Perpetual futures do not expire, allowing traders to take positions on asset price movements without directly holding the underlying assets.
Grayscale Head of Research Zach Pandl described Hyperliquid as the breakout success story of the current crypto cycle, citing its technology, user base, and revenue. He said the project reflects demand for blockchain-based systems that combine transparency, self-custody, fee generation, and token-linked economics.
Hyperliquid’s HYPE token has grown into one of the largest crypto assets by market capitalization, according to market data cited in the provided report. Grayscale also stated that Hyperliquid generated about $857 million in fees during 2025, with most of those fees routed back into the protocol through buybacks.
Perpetual Futures Add Regulatory Focus
The launch comes as perpetual futures gain broader attention in the United States. The Commodity Futures Trading Commission recently allowed the first U.S.-listed perpetual futures contract, opening a route for firms such as Kalshi and Coinbase to pursue similar products.
Pandl called that decision an early step toward clearer treatment of the type of product offered by Hyperliquid. Hyperliquid itself is not currently available to U.S. users, making listed products one way for investors to gain indirect market exposure.
Grayscale said the protocol could become part of onchain financial infrastructure as trading, liquidity, and market creation move onto blockchain-based systems. With HYPG now trading on Nasdaq, the firm has placed Hyperliquid exposure alongside its wider range of digital asset investment products.
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