Grayscale Launches Hyperliquid Staking ETF with 0.29% Fee, Lowest in U.S.

TL;DR:

• Grayscale launched HYPG, its Hyperliquid staking ETF, with a 0.29% fee — the lowest among HYPE-linked products listed in the U.S.
• The fund competes directly with 21Shares’ THYP (0.30%) and Bitwise’s BHYP (0.34%), deepening a price war in the market.
• HYPE-linked ETFs have already accumulated more than $132 million in net inflows, surpassing the initial debut of bitcoin ETFs.

Grayscalelaunched its Hyperliquid Staking ETF under the ticker HYPG, with an annual fee of 0.29%. The asset manager presents it as the lowest-cost product among all HYPE-based ETFs currently listed in the United States, a distinction aimed squarely at attracting price-sensitive investors in a market that already has three competing funds.

The fund’s structure sets it apart from simple price exposure to the asset. HYPG is a staking ETF, meaning investors gain access both to HYPE’s price movements and to the returns generated by locking the token on the network. Staking has become a key feature for U.S. issuers as regulators show greater comfort with this type of structure within regulated investment vehicles.

Grayscale Hyperliquid Staking ETF (Ticker: $HYPG), the $HYPE ETP with the lowest gross management fee in the U.S.¹, starts trading tomorrow. $HYPE is the asset powering 24/7 onchain markets, with @HyperliquidX driving trillions in perpetual trading volume²

Direct $HYPE… pic.twitter.com/u56CntzEXK

— Grayscale (@Grayscale) June 2, 2026

The path to market was swift. The trust behind HYPG was established in January and was renamed from Grayscale HYPE ETF to its current name shortly before launch. According to industry reports, the fund reportedly secured a seed investment of approximately $115 million in HYPE tokens, giving it scale from its very first day of trading.

The 0.29% fee is a carefully calculated decision to position the fund against its direct rivals: 21Shares‘ THYP charges 0.30%, while Bitwise‘s BHYP waives the cost during the first month before applying a fee of 0.34%. By setting the lowest rate in the segment, Grayscale is betting that the price difference will tip investors’ decisions in its favor.

HYPG is the third Hyperliquid ETF listed in the U.S., making HYPE one of the few altcoins to attract multiple funds competing in the regulated American market within a matter of weeks. Cumulative inflows into HYPE-linked ETFs have already surpassed $132 million, an impressive figure for a token that until recently traded exclusively on platforms native to the crypto ecosystem.

This dynamic mirrors the fee war that defined the launch of spot Bitcoin and Ethereum ETFs. With three firms competing directly, price has become the primary differentiating variable, and the winner may ultimately be determined by the combination of cost, staking yield, and the ability to sustain consistent flows as the novelty of the product fades.