Hyperliquid Surges Past $73 as Grayscale Files 0.29% HYPE ETF and Open Interest Hits $3.5B

Hyperliquid News

Grayscale is preparing to launch a Hyperliquid staking exchange-traded fund as soon as this week, undercutting rivals with a sponsor fee of 0.29%. An amended S-1 registration filed with the Securities and Exchange Commission on Monday lists the ticker HYPG and confirms the lower expense ratio, which sits beneath the 0.34% headline rate on the Bitwise BHYP product and the 0.30% charged by the 21Shares THYP fund. The aggressive pricing positions Grayscale to capture flow from a fast-growing category of altcoin products, and analysts tracking the filings expect the launch to clear final hurdles within days.

HYPE attracted fresh capital even as the broader digital asset complex bled assets last week, with investors pulling roughly $1.67 billion from crypto investment products in the second-largest weekly outflow of 2026. Total redemptions over the past three weeks reached $4.21 billion, dragging assets under management down to $141 billion from $148 billion. Bitcoin funds absorbed the brunt of the selling at $1.44 billion in outflows, while Ethereum products shed $257.3 million. Against that backdrop, only five tokens drew more than $1 million in fresh capital, with XRP leading at $20.3 million and Hyperliquid placing second with $10.8 million.

The token cleared a textbook bull pennant pattern over the weekend, projecting a measured-move target near $105 by mid-summer. The setup formed after a sharp late-May rally established the flagpole, followed by a consolidation that produced lower highs and higher lows inside a symmetrical triangle. The breakout above the upper trend line came on rising volume, which technicians read as conviction behind the move. A 45% extension from current levels remains the textbook objective, although a brief retest of the 20-day exponential moving average near $58.32 would not invalidate the structure as long as that floor holds on a closing basis.

The catalyst behind the latest leg higher came from Washington. The Commodity Futures Trading Commission approved KalshiEX's BTCPERP on May 29, the first Bitcoin perpetual contract cleared for a U.S.-registered exchange, while simultaneously issuing no-action relief allowing a Coinbase affiliate to route domestic customers into offshore perps and options through Deribit. HYPE rallied more than 30% from Thursday's lows into a record print near $73.50, outperforming Bitcoin by roughly 270% year-to-date. Coinbase shares gained 4% and Robinhood added 11% on the regulatory news, signaling that legal perpetuals on U.S. soil are now treated as a tailwind rather than a competitive threat.

The rally also pushed Hyperliquid past Dogecoin in market capitalization, securing a top-10 ranking on a value backed by cash flow rather than meme momentum. The Layer-1 chain has processed trillions in cumulative volume and generated over $1.16 billion in revenue since launch, with nearly all trading fees routed to an Assistance Fund that conducts continuous buybacks and burns. The protocol now hosts more than two million addresses, daily volumes routinely exceed $1 billion, and HyperEVM is opening the door to broader DeFi integrations. The flip over Dogecoin underscores how 2026 investors are rewarding tokens with measurable revenue.

Derivatives positioning reinforces the directional bias building in spot markets. Open interest across Hyperliquid futures climbed to a record $3.5 billion, up from roughly $1.41 billion at the start of the year, reflecting a sharp rise in leveraged capital chasing price discovery. The platform has also become the second-largest blockchain by application revenue on a 30-day rolling basis, a metric that previously favored a small cluster of established Layer-1 networks. Spot ETF inflows have crossed $132 million in cumulative net subscriptions, and the imminent Grayscale launch is expected to widen the distribution channel for institutional allocators previously sidelined from on-chain perpetual venues.

From a technical standpoint, HYPE trades at $73.57 with a 6.75% daily gain and a $16.3 billion market capitalization, supported by a bullish MACD signal and a confirmed uptrend. Immediate resistance sits at $74.69, with extension targets at $79.40 and $88.03 should the breakout sustain. Initial support rests at $72.78, followed by $68.56 and $64.19. The RSI reading of 77.6 places the token deep in overbought territory, raising the probability of a near-term consolidation before the next leg. A daily close below $68.56 would weaken the pennant thesis, while a clean break above $79.40 opens the path toward the $105 measured-move target.