Grayscale moves to put Hyperliquid’s HYPE token into mainstream brokerages
Grayscale has filed an S-1 with the U.S. Securities and Exchange Commission to launch an exchange-traded fund that would hold HYPE, the native token of decentralized exchange Hyperliquid. The proposed fund would be listed on Nasdaq under the ticker GHYP, opening the door for retail and institutional investors to access HYPE inside brokerage accounts.
The filing says Grayscale may stake some fund holdings in the future, though it currently cannot do so. It does not disclose a proposed management fee. Grayscale won’t be the only manager chasing a HYPE product: Bitwise and 21Shares have also filed for HYPE ETFs, and 21Shares already offers a HYPE exchange-traded product in Europe with a 2.5% total expense ratio.
Why HYPE and Hyperliquid are drawing attention
HYPE powers Hyperliquid, a fast-growing chain and decentralized exchange known for its perpetual futures and spot markets. The protocol combines a core layer for perps and spot trading with a second layer that supports Ethereum-style smart contracts. Perpetual futures (“perps”)—derivatives without expiration that allow leveraged bets on asset prices—have become a major driver of crypto trading volume because they run 24/7 and support high leverage.
Traders are using Hyperliquid not only to trade crypto but also to take round‑the‑clock positions on traditional assets such as oil, gold and even an S&P 500 perpetual contract that the platform recently added. That use case has helped spark a trading frenzy: weekly derivatives volume on Hyperliquid topped $50 billion recently, with more than $6.5 billion traded in the past 24 hours, according to DeFiLlama.
Revenue and market reaction
That activity has translated into outsized revenue for the Hyperliquid chain—about $1.6 million in the last 24 hours—far above rivals like BNB Chain ($335,000) and Bitcoin ($192,000), per Artemis data. The surge in on-chain trading and fees has prompted bullish commentary from market participants: Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, argued that strong revenue, genuine trading activity and disciplined token economics could push HYPE toward $150.
HYPE currently trades around $40 and has climbed about 57% year-to-date—outperforming bitcoin (down ~20%) and ether (down ~28%) over the same period.
What this means
If approved, a Grayscale HYPE ETF would bring an emerging DeFi-native token—and exposure to a DEX focused on perpetual markets—into mainstream brokerage flows, potentially widening access and liquidity. It also highlights the broader institutional interest in crypto-native infrastructure and tokenized access to derivatives venues that blur the line between traditional markets and decentralized finance.
Regulatory and competitive questions remain: the SEC will review the filing in the context of evolving guidance on crypto ETFs, and fees, custody and staking mechanics will be key details investors watch as other managers pursue similar products.
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