Grayscale has filed an S-1 to launch a spot Hyperliquid exchange-traded fund, joining Bitwise and 21Shares in pursuing an ETF tied to the Hyperliquid perpetual futures protocol and its blockchain. The proposed fund would track the Hyperliquid (HYPE) token and, if the SEC approves it, would trade on Nasdaq under the ticker GHYP, according to Grayscale’s filing submitted on Friday.
The filing names Coinbase as the custodian but does not disclose a management fee. Grayscale says it does not currently plan to include staking rewards in the ETF distribution, though it left open the possibility of adding staking later if certain conditions are met. Adding staking would allow GHYP holders to earn yield on top of any token price gains.
Other issuers have taken similar paths: Bitwise initially filed for a Hyperliquid ETF in September and amended its application in December to incorporate staking, while 21Shares flagged the potential to include staking in an October filing.
Hyperliquid has seen growing adoption across crypto platforms and is increasingly used by some traditional finance participants for after-hours tokenized real-world-asset trading, offering around-the-clock markets for assets such as oil and gold. Although Hyperliquid’s volumes have cooled since August peaks, DeFiLlama data indicate the protocol still logs roughly $40 billion to $100 billion in weekly volume, keeping it the largest perpetuals futures venue by volume. Competing platforms that surfaced in 2025 — including Aster, Lighter and edgeX — have grabbed portions of market share but generally report much lower weekly volumes.
Aggregate weekly perpetuals trading this year has ranged roughly between $125 billion and $300 billion, below the November highs but more than double last year’s volumes. Grayscale’s S-1 comes amid an active derivatives environment and growing institutional interest in spot products tied to on-chain perpetual futures ecosystems.
Readers are encouraged to verify filing details independently.