Key Takeaways
- Grayscale’s HYPG launched June 3, with a 0.29% fee, the lowest of any US HYPE product.
- The fund undercuts 21Shares’ 0.30% THYP and Bitwise’s BHYP, deepening a HYPE ETF price war.
- HYPG is the third U.S.-listed Hyperliquid fund, with HYPE ETFs already topping $132 million in inflows.
A Fee War Heats up Around HYPE
Grayscale has launched its Hyperliquid Staking exchange-traded fund (ETF), with the product now trading live under the ticker HYPG. The fund carries a 0.29% sponsor fee, which Grayscale says is the lowest gross management fee among all HYPE-based exchange-traded products currently listed in the United States.
Grayscale has been promoting the launch aggressively, describing HYPE as “the asset powering 24/7 onchain markets,” pointing to the platform’s role in driving trillions of dollars in perpetual trading volume.
The 0.29% fee is a pointed competitive move as it edges below the 0.30% charged by 21Shares‘ THYP and undercuts Bitwise’s BHYP, which waives its fee for the first month before moving to 0.34%. By setting the lowest headline rate, Grayscale is quite clearly betting that cost-conscious investors will favor its product even as the field of HYPE funds grows crowded.
What Sets HYPG Apart
Beyond price, HYPG is structured as a staking ETF, meaning it gives investors exposure to both the spot price of HYPE and the staking rewards generated by the underlying token. Staking, the process of locking up tokens to help secure a blockchain network in exchange for yield, is a feature US issuers have increasingly sought to fold into crypto ETFs as regulators grow more comfortable with the structure.
The fund’s path to market was quick. The trust behind it was formed in January and renamed from Grayscale HYPE ETF to Grayscale Hyperliquid Staking ETF shortly before today’s launch. Reports indicate the product lined up a seed investment of roughly $115 million in HYPE tokens, giving it scale from day one.
HYPG is the third US-listed Hyperliquid ETF, following earlier launches from 21Shares and Bitwise. That makes the token one of the few altcoins to attract multiple competing US funds within weeks of its first product reaching the market.
Strong Early Demand for HYPE Funds
Bitcoin.com News has reported over the past month that Hyperliquid ETF inflows have outpaced bitcoin ETFs during their debut trading weeks. Moreover, cumulative net inflows into HYPE-linked ETFs have already surpassed $132 million as of last month, a notable figure for a token that only recently entered the regulated wrapper.
That momentum helps explain the aggressive fee competition. With three funds now chasing the same investors, issuers are using price as a primary lever, a dynamic that mirrors the fee battles seen earlier among spot bitcoin and ether ETFs. For investors, the competition has translated into cheaper access to a token that was trading only on crypto-native venues a short time ago.
The next test is whether HYPG’s low fee and staking feature can pull flows away from its rivals. With Grayscale, 21Shares, and Bitwise now competing head-to-head, the winner may be decided less by branding than by cost, yield, and which fund can keep its inflows growing as the novelty of HYPE ETFs wears off.
