Grayscale has set a 0.29% sponsor fee for its planned Hyperliquid staking ETF, slightly undercutting rival products from Bitwise and 21Shares, according to an amended filing with the Securities and Exchange Commission on Monday. Bitwise charges 0.34% on its Hyperliquid fund, while 21Shares levies 0.30%.
Third Hyperliquid ETF set to join market
The Grayscale fund, which will trade under the ticker HYPG, is poised to become the third Hyperliquid-focused ETF in the market. Bitwise’s BHYP currently waives its fee entirely for the first month of trading, and 21Shares already lists its version under the ticker THYP.
Bloomberg Intelligence analyst James Seyffart said the timing of Grayscale’s regulatory amendment suggests HYPG could launch as soon as this week, adding to expectations that the ETF may begin trading in the near term.
Fee war echoes spot bitcoin ETF battle
Grayscale’s pricing move signals an intensifying fee battle reminiscent of the launch phase of spot bitcoin ETFs, where expense ratios were a primary competitive tool. Even small annual fee differences can compound into large sums over time for large pools of capital, putting pressure on issuers to keep costs low.
Market watchers are expected to track early trading volumes and net flows into HYPG closely, comparing its traction with Bitwise’s BHYP and 21Shares’ THYP. While Bitwise’s temporary 0% fee offers a strong short-term draw, longer-term asset gathering is likely to hinge on factors such as tracking precision, secondary-market liquidity, and brand strength.
Hyperliquid and its role in crypto derivatives
Hyperliquid is a decentralized derivatives platform that enables onchain trading of perpetual futures contracts. The network is powered by its native token HYPE, which has a market value of about $16.1 billion and ranks as the tenth-largest cryptocurrency by market capitalization.
Perpetual futures, or “perps,” differ from traditional futures because they have no expiration date. These contracts allow traders to speculate on price movements without owning the underlying asset, and they have become a dominant product type in the global crypto derivatives ecosystem.
Regulatory opening for perpetual futures in the U.S.
The landscape for these products is shifting as the Commodity Futures Trading Commission recently approved the introduction of crypto perpetual futures in the United States. That decision provides a regulated framework for domestic venues and prediction markets to list derivatives tied to digital assets, potentially broadening access for compliant market participants.
This regulatory green light is seen as a key step in legitimizing a segment that represents a large share of global crypto trading but has historically been difficult for U.S.-based platforms to offer in a fully compliant way.
Growing flows into Hyperliquid-based products
Interest in Hyperliquid-linked ETFs has been building, with total net inflows into such funds surpassing $132 million last month. The pace highlights sustained demand for blockchain-related exchange-traded products even as broader crypto market activity has cooled.
While combined spot and derivatives trading volume on centralized exchanges fell 20.1% in May to $5.27 trillion, onchain derivatives platforms, including Hyperliquid, registered a 14.7% increase in volume to $594 billion over the same period. The data points to a rotation of activity from centralized venues toward decentralized perpetuals.
Capital rotation within digital assets
The launch of HYPG comes as capital appears to be shifting within the digital asset space. Over the past two weeks, spot bitcoin ETFs have seen outflows of roughly $2.8 billion, while newer alternative crypto ETFs, including those referencing HYPE, have attracted fresh inflows.
The addition of a third HYPE-based ETF could deepen liquidity and potentially narrow bid-ask spreads for the underlying token, reinforcing its role within the expanding market for crypto derivatives and staking-focused products.
Want deeper insight into crypto funds and regulation? Explore our guide on exchange-traded funds in crypto next.
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