Grayscale Launches Lowest-Cost Hyperliquid ETF on Nasdaq

Grayscale has launched the Grayscale Hyperliquid Staking ETF (HYPG) on Nasdaq with a 0.29% sponsor fee — the lowest among U.S.-listed Hyperliquid ETFs, escalating a fee war in one of crypto's newest investment product categories. 

Announced on Wednesday, the fund offers exposure to the HYPE token while generating additional returns through staking, with Grayscale citing historical annual staking rewards of approximately 2.2%.

The HYPG fund enters a fast-growing corner of the crypto ETF market tied to Hyperliquid, the high-revenue decentralized trading platform behind the HYPE token.

Grayscale is charging a 0.29% fee, undercutting 21Shares’ THYP at 0.30% and Bitwise’s BHYP, which started with a zero-fee launch before rising to 0.34%.

Unlike traditional spot crypto ETFs, HYPG also includes staking exposure, targeting an estimated 2.2% annual yield alongside price performance.

The structure reflects a broader shift in crypto funds, as issuers bundle yield features with token exposure to stand out in an increasingly crowded ETF market.

HYPG is positioned as part of Grayscale’s broader expansion into crypto staking ETFs, joining a growing lineup of single-asset digital asset products across major blockchain ecosystems.

This allows the ETF to reflect potential staking rewards generated on-chain, add a yield component on top of price exposure and move beyond passive “spot-only” crypto ETF structures.

Hyperliquid has drawn attention for its fee-driven model, where about 99% of protocol fees are used for token buybacks.

Grayscale says the platform generated roughly $857 million in revenue in 2025, underscoring its scale in decentralized finance.

The launch of the Grayscale Hyperliquid ETF points to a new phase in the crypto ETF market, where competition is intensifying and products are becoming more complex.

Beyond another fund listing, issuers are now competing on fees and yield, with ETFs increasingly designed to tap into revenue-generating blockchain networks. This suggests the next wave of crypto ETFs may be structured as fee-competitive, yield-bearing instruments tied directly to real on-chain economic activity.

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