Grayscale is set to launch its own Hyperliquid exchange-traded fund, setting a sponsor fee of 0.29%, coming in just under other firms that have debuted similar funds.
On Monday, Grayscale filed an amendment to its S-1 registration statement for its Grayscale Hyperliquid Staking ETF with the Securities and Exchange Commission, with changes including the new fee and the ticker symbol, HYPG.
The ETF will be the third of its kind to launch, following Bitwise's BHYP Hyperliquid ETF, which has a 0% fee for the first month and thereafter a 0.34% fee, and 21Shares' THYP with a fee of 0.30%.
In a Monday post on X, Bloomberg Intelligence ETF Analyst James Seyffart said he is anticipating that Grayscale will launch its fund this week.
"Launch likely imminent for Grayscale's Hyperliquid ETF," Seyffart said. "When I say imminent, I mean that I am expecting the launch this week," he added.
Hyperliquid is a decentralized derivatives exchange that lets people trade perpetual futures onchain. It has a native token called HYPE, the tenth largest with a market cap of $16.1 billion, according to The Block's price data.
Perpetuals, or perps, are a type of futures contract that don't have an expiration date and allow people to bet on the price movement of assets without owning them directly.
They've become increasingly popular in crypto derivatives trading — and regulators have since weighed in.
Last week, the Commodity Futures Trading Commission opened the door for those contracts, allowing crypto and prediction market heavyweights like Coinbase and Kalshi to launch related products for the first time in the United States.
As for ETFs, HYPE funds have attracted record numbers as of last month, with over $132 million in cumulative net inflows.