Grayscale Launches HYPG ETF Targeting Hyperliquid Staking

Grayscale debuts HYPG, the lowest-fee Hyperliquid ETF in the U.S. at 0.29%, offering investors exposure to HYPE tokens and staking rewards.

The new fund provides exposure to HYPE—the native token of the decentralized exchange Hyperliquid—while allowing investors to indirectly benefit from income generated through asset staking.

This product launch arrives as interest in Hyperliquid surges, driven by the rapid evolution of decentralized derivative markets and a growing appetite for regulated investment vehicles linked to crypto assets. At the time of writing, HYPE is trading around $72.91, marking a 1.17% increase over the last 24 hours and a nearly 23% gain over the week. This performance highlights intensified interest from both institutional and individual investors. Notably, the token’s price has surpassed Solana, which is currently trading at $72.7, although Hyperliquid’s market capitalization still trails SOL by $24 billion.

Grayscale Enters a Price War

HYPG launched with an annual fee of 0.29%, positioning it as the most affordable Hyperliquid exchange-traded product on the U.S. market.

This fee structure allows the fund to undercut competing offerings from 21Shares and Bitwise, which charge management fees of 0.30% and 0.34%, respectively. The aggressive pricing strategy underscores the sharpening competition among crypto ETF issuers as they vie for capital by lowering costs and providing access to emerging digital assets.

Hyperliquid Emerges as a DeFi Powerhouse

Hyperliquid has established itself as one of the fastest-growing platforms in the decentralized finance sector. The protocol is recognized for its high-performance infrastructure, which features near-instant trade finality and a fully on-chain order book.

The platform has already processed trillions of dollars in perpetual contract trading volume, making it a formidable competitor to centralized crypto exchanges and other DeFi protocols. Investor interest remains high; prior to Grayscale’s entry, other Hyperliquid-based investment products attracted over $130 million in net inflows within just the first few weeks of their debut.

How the Staking Component Functions

Unlike traditional crypto funds, HYPG will actively participate in the staking process on the Hyperliquid network. By locking a portion of its assets, the fund supports protocol security while generating additional rewards.

These rewards, net of costs and fees, can be reflected in the fund’s Net Asset Value (NAV), offering a potential secondary source of yield for investors. However, this structure carries specific risks. Staking mechanisms often involve lock-up periods, which could limit liquidity during periods of extreme market volatility.

High Potential, High Risk

Despite strong institutional interest, Hyperliquid remains a high-risk crypto asset subject to significant price volatility.

Furthermore, investors should note that holding shares in HYPG does not constitute direct ownership of the HYPE token. The fund provides economic exposure to the asset’s performance and potential staking income but does not grant access to the underlying tokens themselves.

The launch of HYPG signals a new phase in the crypto ETF market, where the focus is shifting beyond Bitcoin and Ethereum toward specialized blockchain ecosystems and yield-generating DeFi strategies.