Grayscale launched its Hyperliquid Staking ETF – ticker HYPG – on Nasdaq on June 3, entering a crowded field of US-listed HYPE products with the lowest gross management fee of the three.
HYPG carries a 0.29% annual fee. Bitwise's BHYP launched with a 0% introductory rate that reverts to 0.34% after the first month. 21Shares' THYP charges 0.30%. The gap is narrow, but on a product where all three funds hold the same underlying asset, fee compression is the primary competitive lever available to issuers.
The fund is physically backed by HYPE and is structured to participate in network staking, with earned rewards net of fees flowing into the fund's net asset value. HYPE staking has historically yielded approximately 2.2% annually, creating a potential return stream beyond price appreciation. The fund is not registered under the Investment Company Act of 1940.
Hyperliquid launched in 2024 as a decentralised perpetuals exchange and has since expanded into a broader smart contract platform. The protocol earned approximately $857 million in fees in 2025 alone, with 99% going back into the protocol via token buybacks – a structure Grayscale argues makes HYPE one of the most value-accretive assets in decentralised finance. Its shared liquidity model allows developers to build on existing trading infrastructure rather than bootstrapping new markets from scratch.
HYPE hit an all-time high of $75.51 on June 2, the day before HYPG listed on Nasdaq. The token was trading at approximately $64 on June 4, down roughly 11% from that peak amid broader crypto market weakness.
"The launch of HYPG on Nasdaq reflects our conviction that Hyperliquid represents something genuinely differentiated in the digital asset landscape," said Krista Lynch, senior vice president of capital markets at Grayscale, in a statement . The firm, which launched the first US Bitcoin and Ethereum ETPs, describes HYPG as another step in its strategy of bringing emerging digital assets into exchange-traded format.
The race for HYPE ETP assets follows a familiar pattern in crypto ETF markets: when a credible altcoin achieves mainstream recognition, issuers compete aggressively on fees in the early months before the market reaches equilibrium. Whether Grayscale can capture early momentum at 0.29% will depend in part on whether Bitwise's zero-fee introductory period draws flows first. The outcome will likely hinge on distribution relationships and brokerage platform placement as much as on the basis-point difference itself.
