The American asset management company Grayscale has launched the long-awaited ETF with staking on Hyperliquid on Nasdaq under the ticker HYPG. The fund’s fee is only 0.29%, making it the cheapest ETF based on HYPE among all similar products traded in the U.S..
The fund’s launch comes amid the continued growth of the HYPE token. In recent weeks, the asset has reached new all-time highs, despite bitcoin’s weak performance and overall crypto market instability.
HYPG Becomes the Third HYPE ETF in Three Weeks
The HYPG fund from Grayscale is already the third ETF based on Hyperliquid to launch on the U.S. market in less than a month.
The first to enter the race was 21Shares, which launched the THYP fund on Nasdaq on May 12 with a fee of 0.30%. Three days later, Bitwise introduced the ETF BHYP on the New York Stock Exchange. Initially, the company temporarily waived fees to attract investors, but after the promotion ends, the rate will rise to 0.34%.
Against this backdrop, the HYPG fee of 0.29% turned out to be the lowest among all ETF on HYPE available to investors in the U.S..
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A series of launches in such a short time shows that the battle for investors has already begun in the market. The difference between Grayscale and 21Shares fees is minimal, but the very fact of its existence shows that issuers are counting on high demand and are trying to capture their share of the market as quickly as possible.
How the HYPG ETF Differs
Unlike classic crypto ETFs, which simply hold the asset in their portfolio, the HYPG fund additionally participates in the Hyperliquid staking mechanism.
The HYPE tokens in staking help support the network’s operation and security. For this, the network pays rewards, which, after deducting fund fees and expenses, are reflected in the value of its net assets.
According to Grayscale, the average staking yield for HYPE from May 2025 to April 2026 was about 2.2% per year. The company cites statistics from the Staking Rewards platform.
HYPE Rises as Bitcoin Loses Ground
This week, the HYPE token hit a new all-time high, nearly reaching $76. At the time of publication, it was trading around $72, just 3% below the record, according to TradingView.
Bitcoin showed the opposite trend over the same period. The price of BTC fell below $67,000, losing almost 3% in a day.
The recently launched ETF based on HYPE were able to take advantage of this growth. Since trading began on May 12, the THYP fund has gained about 75%, and ETF BHYP, launched on May 15, has grown by about 60%, according to Stocktwits.
In May, funds linked to Hyperliquid attracted more than $132 million in net capital inflows. This happened against the backdrop of record outflows from bitcoin and Ethereum—ETF, highlighting growing investor interest in the Hyperliquid ecosystem.
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The market capitalization of HYPE is now about $16.1 billion. Thanks to this, the token has surpassed Dogecoin and climbed to ninth place among the largest cryptocurrencies by market value.
Why Hyperliquid Is Growing So Fast
Hyperliquid launched in 2024 as a decentralized perpetual futures exchange. Since then, the project has significantly expanded its ecosystem, adding support for smart contracts, tokenized assets, and other on-chain infrastructure elements.
According to Grayscale, in 2025 the protocol earned about $857 million in revenue.
At the same time, almost 99% of these funds were directed to buy back HYPE tokens. This model directly links user activity and network revenue to the token’s value.
Grayscale’s Senior Vice President of Capital Markets Krista Lynch said the company considers Hyperliquid one of the most interesting projects in the digital asset industry.
According to her, the protocol was specifically designed for large-scale on-chain trading and can handle high volumes of market activity without losing efficiency.
Interest in the project is growing not only among institutional investors. According to Stocktwits, in the past seven days, the number of users tracking HYPE on the platform has increased by more than 1600%.
Trader sentiment also remains extremely positive. Stocktwits rates the current market sentiment for HYPE as “extremely bullish.”
