Grayscale nears Hyperliquid ETFs launch as fee race tightens

Grayscale has moved closer to launching its Hyperliquid exchange-traded fund after adding a 0.29% sponsor fee and HYPG ticker to its amended registration filing.

The Securities and Exchange Commission filing submitted Monday shows that Grayscale updated its S-1 registration statement for the Grayscale Hyperliquid Staking ETF. The amendment adds the fund’s fee structure and proposed ticker, bringing the product nearer to the U.S. market as demand for HYPE-linked funds grows.

Grayscale undercuts rival HYPE ETF fees

According to Grayscale’s amended filing, the proposed ETF will charge a 0.29% sponsor fee. The fee sits below the 0.30% charged by 21Shares’ THYP and below Bitwise’s BHYP, which charges 0% for the first month before moving to 0.34%.

Bloomberg Intelligence ETF analyst James Seyffart said in a Monday post on X that he expects Grayscale’s fund to launch this week. Seyffart described the launch as likely imminent after the latest amendment appeared.

The planned fund would become the third U.S.-listed Hyperliquid ETF, following products from 21Shares and Bitwise. Grayscale’s lower fee gives the firm a price advantage as issuers compete for early HYPE ETF assets.

Hyperliquid ETFs draw early investor demand

21Shares launched its Hyperliquid ETF on Nasdaq on May 12 under the ticker THYP. The firm also launched a 2x leveraged version under the ticker TXXH.

As previously reported by crypto.news, 21Shares said THYP pulled in more than $5 million within days of its debut. Eli Ndinga, global head of research at 21Shares, said the early demand showed investor interest in round-the-clock access to crypto-linked markets.

Ndinga also argued that Hyperliquid priced the Iran shock 48 hours before traditional venues, while CME markets were closed. He described the protocol as an important 24/7 infrastructure for traders and investors.

HYPE-linked ETFs had attracted more than $132 million in cumulative net inflows by last month, according to the figures cited in the report.

Hyperliquid operates as a decentralized derivatives exchange where users trade on-chain perpetual futures. Its native token, HYPE, had a market value of about $16.1 billion and ranked as the tenth-largest crypto asset by market cap, according to the report.

Perpetual futures do not expire, unlike traditional futures contracts. Traders use them to take exposure to asset price moves without owning the asset directly.