Grayscale Files for Spot Hyperliquid ETF

Hyperliquid is a decentralized exchange focused on onchain perpetual futures and spot trading, with HYPE as its native token. As of June 2026, HYPE had a market capitalization of about $15.8 billion. Staking ETFs give investors exposure to the token and onchain rewards through brokerage accounts, shifting the competitive focus toward fees and yields.

Grayscale Investments listed the Grayscale Hyperliquid Staking ETF (HYPG) on Nasdaq on June 3, 2026. Its 0.29% sponsor fee is below the 0.30% charged by 21Shares’ THYP and Bitwise BHYP’s standard 0.34% fee. The fund also seeks to earn staking rewards with a historical annualized rate of about 2.2%.

Hyperliquid is a platform centered on decentralized perpetual-contract trading, with HYPE serving both governance and ecosystem functions. Expectations for a U.S. spot ETF and institutional adoption have risen in 2026. Bitwise also plans to allocate 10% of its ETF product's management fees to purchases of HYPE, creating expectations of sustained demand. Grayscale-linked wallets have increased their holdings at the same time, making capital flows an important indicator to watch in the token's rally.

As of July 19, 2026, HYPE had broken above $60, $66 and $67 in succession, repeatedly setting record highs. It had gained more than 70% since the start of the year, while its market capitalization surpassed Dogecoin's. In addition to ETF inflows and Grayscale's accumulation, HypeStrat's HYPE position generated $1 billion in unrealized profit, placing it among the leading digital-asset treasury companies. By contrast, Bitmine had an unrealized loss of about $8 billion, highlighting the performance gap between different token allocations.

Hyperliquid is a decentralized trading platform that has emerged over the past three years, starting with non-expiring cryptocurrency perpetual contracts. Its self-custody model and onchain transparency target a market previously dominated by centralized exchanges such as Binance and Bybit. Through HIP-3 and HIP-4, it has expanded into tokenized stocks, commodities and prediction markets. Its ability to shift trading onto always-on blockchains could determine whether DeFi can challenge traditional exchanges and derivatives infrastructure.

Grayscale said on May 30, 2026, that Hyperliquid processed about $2.9 trillion in perpetual-contract trading volume and generated roughly $800 million in revenue in 2025, with open interest of about $7 billion. Average daily cryptocurrency perpetual-contract volume in 2026 is about $200 billion. The report said Hyperliquid could become a financial services juggernaut if it expands and benefits from a more open regulatory environment, although U.S. users remain blocked.

Hyperliquid is a Layer 1 blockchain focused on on-chain perpetual futures trading. It recorded $2.9 trillion in trading volume in 2025, while its native HYPE token is used for staking and governance. The race among Bitwise, Grayscale and 21Shares to launch spot products reflects Wall Street's accelerating push into on-chain derivatives markets.

Bitwise's second amendment initially disclosed a 0.67% fee, which was ultimately cut to 0.34%. BHYP listed on NYSE Arca on May 15, 2026, with fees waived on the first $500 million in assets during its first month. As of July 16, it held about 2.04 million HYPE tokens valued at $123 million.