Crypto asset manager Grayscale has filed to launch a spot Hyperliquid exchange-traded fund, joining Bitwise and 21Shares in seeking to provide an ETF tied to the Hyperliquid perpetual futures protocol and its blockchain. The proposed Grayscale HYPE ETF would track price moves of the Hyperliquid (HYPE) token and — if approved by the SEC — trade on Nasdaq under the ticker GHYP, according to Grayscale’s S‑1 registration statement filed Friday.
Grayscale named Coinbase as custodian in the filing but did not disclose a management fee for the proposed product. The firm said it currently does not plan to include staking rewards in the ETF but left open the possibility of adding staking later if certain conditions are satisfied. Staking would allow GHYP holders to earn yield in addition to potential token price appreciation.
Bitwise initially filed for a Hyperliquid ETF in September and updated its filing in December to include staking. 21Shares likewise suggested staking could be incorporated later in its October filing.
Hyperliquid has been increasingly adopted by crypto platforms and is being relied upon by some TradFi participants for after‑hours tokenized real‑world asset trading, offering 24/7 markets for assets such as oil and gold. While Hyperliquid’s trading volumes have cooled from August peaks, DeFiLlama data shows the protocol still records roughly $40 billion to $100 billion in weekly volume, keeping it the largest perps futures venue by volume. Competing platforms that emerged in 2025 — including Aster, Lighter and edgeX — have taken some market share but generally report far lower weekly volumes.
Aggregate weekly perps trading this year has ranged roughly between $125 billion and $300 billion, below the November highs but more than double the volumes from the prior year. Grayscale’s filing arrives amid this active derivatives landscape and growing institutional interest in spot products tied to on‑chain perpetual futures ecosystems.
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