Grayscale Hyperliquid ETF Nears Launch with 0.29% Fee

Highlights:

• Grayscale’s Hyperliquid ETF filing adds the HYPG ticker and a 0.29% sponsor fee.
• James Seyffart expects Grayscale’s HYPE fund to begin trading this week.
• HYPE-linked ETFs have drawn nearly $140 million in combined net inflows.

Crypto asset management firm Grayscale may enter the fast-growing HYPE fund market this week after updating its U.S. registration filing. The firm added a ticker, HYPG, and a 0.29% sponsor fee to its latest S-1 amendment. Bloomberg Intelligence ETF analyst James Seyffart said the launch looks likely imminent. He also added that he expects trading to begin this week.

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The update moves Grayscale closer to joining a small group of issuers offering regulated exposure to Hyperliquid’s native token. The fund would follow products from 21Shares and Bitwise, which started trading in May.

Grayscale Hyperliquid ETF Enters A Tighter Fee Race

Grayscale’s proposed 0.29% fee sits slightly below its two main rivals. 21Shares charges 0.30% for THYP, while Bitwise charges 0% for one month before moving to 0.34%. As a result, Grayscale may enter the market with a small pricing edge.

The amended filing also lists the fund as the Grayscale Hyperliquid Staking ETF. The structure suggests the product will seek exposure to HYPE while staking holdings for protocol rewards. However, the fund still depends on regulatory and operational steps before it starts trading.

Breaking: Launch likely imminent for @Grayscale's Hyperliquid ETF. Amendment number 6 just dropped. Ticker will be $HYPG. Fee will be 0.29%. hyperliquid:native pic.twitter.com/RVxuIbt7k4

— James Seyffart (@JSeyff) June 1, 2026

Seyffart pointed to the sixth amendment as a sign that launch preparations have reached a late stage. The filing also names HYPG as the proposed ticker. Therefore, market attention has shifted toward the possible debut window.

HYPE Demand Rises As Rival Funds Pull In Cash

The new filing follows strong inflows into existing HYPE products. According to data from Sosovalue, Hyperliquid-linked ETFs have attracted more than $130 million in cumulative net inflows. On June 1, both ETFs recorded total net inflows worth $1.28 million.

In May, 21Shares said THYP attracted more than $5 million within days of its launch. Its research head, Eli Ndinga, said demand showed investor interest in constant access to crypto-linked markets. Moreover, he described Hyperliquid as part of around-the-clock trading infrastructure.

Grayscale also continues talks with Hyper Holdings Global LP over a possible seed deal. The transaction would involve about 2 million HYPE tokens worth nearly $115 million. The tokens would convert into ETF shares before trading begins.

Hyperliquid Growth Supports Fresh Fund Interest

Hyperliquid has gained attention as an on-chain perpetual futures platform. Traders use perpetual contracts to gain price exposure without owning the underlying asset. Therefore, the platform now plays a larger role in crypto derivatives activity.

Data from Dune Analytics shows Hyperliquid regularly handles more than $170 billion in monthly trading volume. Meanwhile, the platform said its real-world asset open interest reached a record $3 billion on June 2. Since HIP-3 launched in October last year, the figure has set fresh monthly records.

RWA open interest on Hyperliquid reached a new ATH of $3B

HIP-3 has set a new OI record every month since its launch in October 2025 pic.twitter.com/a89wZZjyQg

— Hyperliquid (@HyperliquidX) June 2, 2026

HYPE price has also climbed alongside stronger ETF demand. The altcoin hit a new all-time high of $75.30 on Monday. Its market capitalization stands at $16.7 billion, placing it among the ten largest cryptocurrencies.

Meanwhile, Grayscale’s planned launch comes during weaker flows for larger crypto ETF categories. U.S. spot Bitcoin ETFs have seen ten straight trading days of withdrawals. Ether ETFs have also posted a 14-day outflow streak.

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