Grayscale debuts cheapest Hyperliquid ETF as rival...

Grayscale’s Hyperliquid Staking ETF (HYPG) began trading on Nasdaq on Wednesday, becoming the lowest-cost exchange-traded product offering investors exposure to $HYPE, which powers the leading decentralized perpetual futures exchange, while targeting staking rewards from participation in the protocol.

“Hyperliquid represents something genuinely differentiated in the digital asset landscape, a protocol built to support onchain trading and market activity at scale,” Krista Lynch, Senior Vice President of Capital Markets at Grayscale, commented on the launch. “HYPG is structured to provide investors a straightforward way to access the growth potential of $HYPE and participate in its staking activity through an exchange-traded product, carrying the lowest gross fee in its category.”

The fund charges a 0.29% gross management fee, coming in just under 21Shares’ THYP at 0.30% and lower than Bitwise’ BHYP at 0.34% after its introductory waiver period.

Bitwise currently leads the Hyperliquid ETF market with almost $85 million in net inflows as of June 3, according to data tracked by Farside Investors. Meanwhile, 21Shares’ fund has attracted about $57 million since its launch.

Hyperliquid, founded in 2024, has quickly become a major decentralized blockchain, operating at scale across trading volume, fees, and open interest. It functions as an integrated trading and smart contract ecosystem with shared liquidity infrastructure for developers.

In 2025, the protocol generated approximately $857 million in fees, with 99% allocated to token buybacks, contributing to $HYPE’s strong value capture in DeFi. The consistent revenue stream reflects strong user demand and adoption.

According to DefiLlama, Hyperliquid layer-1 ranked among the top blockchain chains by app revenue in May, generating $53 million, trailing only Solana at $91 million and ahead of Ethereum, Polygon and Base.

Largest chains by App Revenue in May:1. Solana – $91M2. Hyperliquid L1 – $53M3. Ethereum – $52M4. Polygon – $26M5. Base – $23M pic.twitter.com/u5QMonEUo9

— DefiLlama.com (@DefiLlama) June 2, 2026

$HYPE held steady at around $72 at press time, capping an 184% year-to-date gain that has outpaced leading crypto assets like Bitcoin, Ether, and Solana.