Grayscale launches HYPG staking ETF at 0.29%, undercuts rivals

Grayscale launched the Hyperliquid Staking ETF, trading under the ticker HYPG, on June 3 with a 0.29% sponsor fee. The rate is the lowest among U.S.-listed funds tied to the HYPE token and is lower than 21Shares’ THYP, which carries a 0.30% fee, and Bitwise’s BHYP, which is waiving fees for the first month before moving to a 0.34% rate.

HYPG is structured as a staking ETF. The fund provides exposure to the spot price of HYPE and to staking rewards generated by locking the underlying tokens. Staking involves locking tokens to support network functions in return for yield; the ETF collects those rewards and passes them to shareholders according to the fund’s terms.

The trust behind HYPG was formed in January and was renamed from Grayscale HYPE ETF to Grayscale Hyperliquid Staking ETF shortly before launch. Grayscale reported the product lined up a seed holding of about $115 million in HYPE tokens at inception.

HYPG is the third U.S.-listed Hyperliquid product, following earlier ETFs from 21Shares and Bitwise. Cumulative net inflows into Hyperliquid-linked ETFs exceeded $132 million as of last month.

Grayscale described HYPE as “the asset powering 24/7 onchain markets,” referencing the token’s role in supporting large volumes of perpetual trading. The firm highlighted the fund’s 0.29% headline fee in its launch materials.

With three U.S.-listed Hyperliquid funds now available, issuers are offering different combinations of fees and features, including staking exposure and initial fee waivers, as they seek investor flows into regulated HYPE products.