What happened with Grayscale’s Hyperliquid Staking ETF (HYPG)?

Grayscale’s Hyperliquid Staking ETF began trading on 3 June under the ticker HYPG. The fund gives investors regulated US market exposure to HYPE, the token linked to Hyperliquid’s onchain trading ecosystem.

Why does Grayscale’s Hyperliquid Staking ETF (HYPG) matter for HYPE investors?

HYPG matters because it gives investors another way to access HYPE through a regulated ETF structure. It also shows growing institutional interest in Hyperliquid, especially as multiple issuers now compete for HYPE-linked investor flows.

What fee does Grayscale’s Hyperliquid Staking ETF (HYPG) charge?

Grayscale launched HYPG with a 0.29% sponsor fee. The article says Grayscale described this as the lowest gross management fee among US-listed HYPE exchange-traded products.

How does HYPG compare with 21Shares THYP and Bitwise BHYP?

HYPG charges 0.29%, which is slightly below the 0.30% fee on 21Shares THYP. Bitwise’s BHYP temporarily waives its fee before moving to 0.34%, making Grayscale’s product the cheapest headline option after that waiver period ends.

What makes Grayscale’s Hyperliquid Staking ETF (HYPG) different from a standard spot ETF?

HYPG is structured as a staking ETF, so it aims to provide exposure to HYPE’s spot price and staking rewards. Staking means tokens are locked to help support a blockchain network in return for potential yield.

Image for illustrative purposes only. Not a real photo.

Grayscale debuts HYPE staking ETF amid escalating fee war

Written by Isaac FrancisPublished Jun. 3 2026

Grayscale’s Hyperliquid Staking ETF began trading on 3 June under the ticker HYPG, adding another regulated US product linked to the fast-growing HYPE token.

The fund launched with a 0.29% sponsor fee, which Grayscale described as the lowest gross management fee among US-listed HYPE exchange-traded products.

The move placed Grayscale directly against rival issuers already competing for investor attention in the expanding Hyperliquid ETF market.

21Shares currently charges 0.30% for its THYP product, while Bitwise’s BHYP offers a temporary fee waiver before moving to 0.34%.

Grayscale’s lower fee suggests the company wants to attract cost-sensitive investors as more HYPE products enter the market.

The launch also adds fresh pressure to a price battle that increasingly resembles earlier competition among spot bitcoin and ether ETF issuers.

"The asset powering 24/7 onchain markets,"

Grayscale said, referring to HYPE and Hyperliquid’s role in perpetual futures trading.

Hyperliquid has gained attention for its onchain trading activity, with the platform linked to large volumes across perpetual markets.

HYPG differs from standard spot exposure because it is structured as a staking ETF.

That structure gives investors exposure to HYPE’s market price while also seeking staking rewards from the underlying token.

Staking involves locking tokens to help support a blockchain network in exchange for potential yield.

Crypto ETF issuers have increasingly explored staking features as regulators become more open to products that combine token exposure with yield mechanics.

The fund reached the market quickly after its trust was formed in January.

The product was also renamed from Grayscale HYPE ETF to Grayscale Hyperliquid Staking ETF shortly before launch.

Reports said the fund secured around $115 million in HYPE tokens as seed capital, giving it a sizeable starting base.

HYPG became the third US-listed Hyperliquid ETF after earlier products from 21Shares and Bitwise.

That puts HYPE among a small group of altcoins with several competing US exchange-traded products in a short period.

Recent reports said Hyperliquid ETF inflows had outpaced bitcoin ETF inflows during their early trading weeks.

Cumulative net inflows into HYPE-linked ETFs reportedly passed $132 million last month, showing early investor interest in regulated exposure to the token.

The inflow figures help explain why issuers are moving quickly to cut fees and promote product differences.

Investors now have several HYPE ETF choices, with cost, staking yield, brand strength, and liquidity likely to shape demand.

Grayscale’s main test will be whether HYPG can pull assets away from 21Shares and Bitwise as the market becomes more crowded.

The broader contest may show whether investors prefer the lowest fee, the strongest yield profile, or the issuer with the most trusted crypto ETF brand.

For HYPE, the launch marks another step from crypto-native trading venues into traditional investment products available through regulated markets.

At the time of reporting, Hyperliquid price was $72.19.