Grayscale launches lowest-fee U.S. Hyperliquid ETF as competition heats up around HYPE
Grayscale launched the Grayscale Hyperliquid Staking ETF (HYPG) on Nasdaq with a 0.29% sponsor fee, the lowest among U.S.-listed Hyperliquid ETPs. This intensifies a fee war in a fast-growing crypto ETF niche. 21Shares’ THYP charges 0.30%, while Bitwise’s BHYP launched with a temporary 0% fee that later rises to 0.34%. HYPG is designed to hold HYPE and also participate in staking, aiming to pass through staking rewards, which have averaged about 2.2% annually. Hyperliquid has become a major decentralized finance project, reportedly generating about $857 million in revenue in 2025, with roughly 99% of protocol fees used for token buybacks. Investor interest is growing in crypto-native infrastructure assets that generate revenue and offer value accrual mechanisms.
