Grayscale Debuts HYPG on Nasdaq With Lowest Hyperliquid ETF Fee

TLDR

• Grayscale launches HYPG on Nasdaq with the lowest Hyperliquid ETF fee yet today
• HYPG enters Nasdaq as Grayscale lowers the cost of listed HYPE exposure for funds
• Grayscale’s HYPG adds HYPE staking exposure through a new Nasdaq ETP structure
• HYPG undercuts Bitwise and 21Shares as Hyperliquid ETF competition grows fast
• Grayscale brings HYPE staking access to Nasdaq through its new HYPG fund launch

Grayscale launched HYPG on Nasdaq, adding a lower-fee route to Hyperliquid exposure through a listed exchange-traded product. The fund tracks HYPE, while it also seeks staking rewards from network participation. The launch adds pressure to a growing Hyperliquid ETF market.

HYPG Enters Nasdaq With A Lower Fee

Grayscale Hyperliquid Staking ETF began trading under the ticker HYPG after the firm announced its Nasdaq debut. The product gives market participants exposure to HYPE without direct token ownership. Grayscale stated that HYPG does not represent a direct investment in HYPE.

According to the statement, HYPG carries a 0.29% gross sponsor fee, placing it below rival Hyperliquid-linked products. Bitwise charges 0.34% after a short zero-fee period, while 21Shares lists THYP at 0.30%. Consequently, Grayscale framed HYPG as the lowest-fee product in its category.

The fund does not fall under the Investment Company Act of 1940. Therefore, HYPG lacks the same protections that registered ETFs and mutual funds provide. Grayscale also warned that the product carries high volatility and possible total loss risk.

HYPE Gains New Market Access Through HYPG

HYPE serves as the native token of the Hyperliquid protocol, which launched in 2024. Hyperliquid runs as a decentralized derivatives exchange focused on onchain perpetual futures trading. Moreover, the network also supports broader market creation through shared liquidity infrastructure.

HYPG connects that token exposure with staking activity on the Hyperliquid network. The fund seeks to reflect earned staking rewards, after fees and expenses, through its net asset value. Grayscale said HYPE staking rewards have historically averaged about 2.2% per year.

Hyperliquid has expanded quickly across volume, fees, and open interest since launch. The protocol earned about $857 million in 2025, according to Grayscale’s statement. Besides, most fees reportedly flowed back into the protocol through buybacks.

Hyperliquid ETF Competition Builds After Regulatory Shift

The HYPG launch comes as more firms introduce Hyperliquid-linked products for public markets. Bitwise and 21Shares already listed competing funds with slightly higher ongoing fees. Hence, Grayscale entered the market with pricing as its main point of difference.

Hyperliquid has also gained attention as perpetual futures move toward wider regulated access in the United States. The CFTC recently allowed the first U.S.-listed perpetual futures contract through Kalshi. However, Hyperliquid itself still does not serve U.S. users.

Grayscale described Hyperliquid as a major onchain trading protocol with rising institutional relevance. The firm also linked HYPG to broader demand for blockchain-based financial infrastructure. As competition grows, fees may shape the next stage of Hyperliquid ETF adoption.

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