Grayscale launches lowest-fee U.S. Hyperliquid ETF as competition heats up around HYPE

Hyperliquid ETF as competition heats up around HYPEThe Nasdaq-listed fund charges a 0.29% sponsor fee, undercutting rival Hyperliquid ETFs from 21Shares and Bitwise.By Helene Braun, AI Boost|Edited by Nikhilesh De Jun 3, 2026, 12:00 p.m. 2 min read Make preferred on What to know: Grayscale said Wednesday it launched the Grayscale Hyperliquid Staking ETF (HYPG) on Nasdaq with a 0.29% sponsor fee, undercutting rival Hyperliquid funds from 21Shares and Bitwise.HYPG seeks to provide exposure to the HYPE token while generating additional returns through staking, with Grayscale citing historical staking rewards of about 2.2% annually, the company said.The new fund highlights rising institutional interest in Hyperliquid, a high-revenue decentralized finance protocol whose fee-driven token buyback model is seen by some analysts as a key building block for on-chain market infrastructure.Grayscale said Wednesday it launched a Hyperliquid (HYPE) exchange-traded product (ETP) with the lowest fee among its U.S.-listed competitors, escalating a price war in one of crypto's newest and fastest-growing ETF categories.

The asset manager announced the Grayscale Hyperliquid Staking ETF (HYPG) on Nasdaq, disclosing a 0.29% sponsor fee and confirming the ticker HYPG. The fee undercuts rival Hyperliquid products from both 21Shares and Bitwise and marks the first meaningful fee competition in the emerging market for HYPE investment products.

21Shares' Hyperliquid ETF, THYP, began trading on Nasdaq on May 12 with a 0.30% expense ratio. Bitwise's BHYP launched three days later on the New York Stock Exchange (NYSE) with a promotional 0% fee for its first month but will rise to 0.34%. On a normalized basis, Grayscale's 0.29% fee is now the lowest among the three offerings.