Grayscale has submitted an S-1 registration statement for a proposed HYPE ETF that would hold Hyperliquid’s native token and seek a Nasdaq listing under the ticker GHYP.
According to the filing, the trust is intended to track the value of HYPE held by the vehicle, minus expenses. The prospectus also says the product could include staking rewards in the future if certain conditions are met, though staking is not currently active for the trust.
The filing follows wider industry interest: Reuters reported in October that 21Shares had also filed for a HYPE ETF, reflecting asset managers’ efforts to package token exposure as institutional appetite expands beyond Bitcoin and Ether.
On-chain metrics help explain that interest. DeFiLlama data show Hyperliquid processed roughly $191.4 billion in perpetual volume over the past 30 days, about $9.4 billion in the past 24 hours, and roughly $4.1 trillion cumulatively, with open interest near $7 billion.
Grayscale’s prospectus highlights Hyperliquid’s role in on-chain derivatives. The network operates as a fully on-chain order book venue focused on perpetual futures and spot markets, rather than the automated market maker model used by many decentralized exchanges.
Market price has reflected that momentum: HYPE last traded near $39, down about 0.6% on the day but still up roughly 45% since late February. The recent rally has accompanied Hyperliquid’s expansion beyond crypto-native markets, as traders use its 24/7 platform to speculate on commodities and other real-world exposures.
Hyperliquid also reached a new milestone, with its recently launched S&P 500 perpetual market topping $100 million in 24-hour volume and quickly becoming one of the blockchain’s 10 largest markets.
Disclosure: This article was edited by Estefano Gomez. For more on our editorial process, see cryptobriefing.com/editorial-policy.