Grayscale launched its new Hyperliquid ETF, ticker HYPG, on Nasdaq today, and the news carries more weight than a routine addition to the crypto fund lineup. Grayscale is coming to market with a sponsor fee of 29 basis points, just below 21Shares’ THYP at 30 basis points. Bitwise’s BHYP is offering 0% for its first month, then moves to 34 basis points. What stands out is not just the narrow spread in fees, but the fact that pricing competition is already taking shape in this brand-new ETF category. With Hyperliquid, the contest is visible from the outset.
Asset managers appear to see enough demand for regulated HYPE exposure to bring multiple products to market. That marks a notable step for the protocol itself, which had been viewed as a niche crypto project before gaining broader attention. Now Grayscale’s Nasdaq launch puts HYPE in front of mainstream investors who can access it through standard brokerage accounts rather than crypto-native venues. The speed of that competitive setup suggests this is not being treated as a marginal product launch.
As early trading begins, the key question is whether investor demand is strong enough to support several HYPE funds competing side by side.