The Grayscale Hyperliquid Staking ETF (HYPG) will begin trading on June 4. The total management fee is 0.29%, making it the lowest-fee product among the currently listed HYPE ETFs in the United States. It is lower than Bitwise’s BHYP at 0.34% (after the first month free) and 21Shares’ THYP at 0.30%. HYPG is the third Hyperliquid ETF.
HYPG Fee Comparison and Overview of Peer ETFs: Full View of Fees for Three Products
Based on verified public information, the fee rates for three Hyperliquid ETFs listed in the United States are as follows:
Grayscale HYPG 0.29% (total management fee, industry lowest);
21Shares THYP 0.30%;
Bitwise BHYP is free for the first month, after which it charges 0.34%.
In its announcement, Grayscale confirmed that the 0.29% fee is calculated based on the total management fee. Investors may also need to pay brokerage fees and other expenses. HYPG is not registered under the 1940 Investment Company Act (the 40 Act), so it is not subject to the same regulation and protections as ETFs and mutual funds under the 40 Act.
HYPG Listing Schedule Confirmed: June 1 SEC S-1 Amendment and Statements by Bloomberg Analyst
On June 1, 2026, Grayscale filed an S-1 amendment with the SEC. This update added the 0.29% total management fee rate and HYPG’s official stock ticker.
Bloomberg ETF analyst James Seyffart posted on X on June 1, saying that HYPG’s listing “seems just around the corner,” and stated that he expects Grayscale to bring the fund to market within this week.
Hyperliquid Background Data: HYPE Token Market Cap of $16.1 billion, Ranking 10th
Hyperliquid is a decentralized derivatives exchange that allows traders to trade perpetual contracts (derivatives contracts with no expiration) on-chain. According to The Block’s price data, the native token HYPE has a market cap of $16.1 billion, ranking 10th globally. The U.S. Commodity Futures Trading Commission (CFTC) approved companies such as Coinbase and Kalshi to offer perpetual contract products for the first time in the U.S. last week, which is one of the background factors related to the regulatory environment.
Frequently Asked Questions
How are HYPG staking rewards allocated—can investors receive them directly?
According to Grayscale’s official disclosure, any potential staking rewards are obtained by the fund and will not be distributed directly to investors. In addition, during the staking period, HYPE will be locked and cannot be sold or transferred, creating a liquidity risk.
What is the fee difference between HYPG and Bitwise BHYP and 21Shares THYP?
The fees are: HYPG 0.29%, THYP 0.30% (higher by 1 basis point), and BHYP 0.34% (higher by 5 basis points after the first month free). All three are ETF-wrapped products of Hyperliquid’s native token HYPE.
Is HYPG protected under the 1940 Investment Company Act?
No. Based on Grayscale’s official disclosure, HYPG is not registered under the 1940 Investment Company Act (the 40 Act). Therefore, it is not subject to the same regulation and protections as ETFs and mutual funds under the 40 Act. Grayscale also warns that investing in HYPG involves significant risk and volatility and is not suitable for investors who cannot bear the possibility of losing their entire investment.
