Grayscale is moving to bring Hyperliquid’s trading mania to mainstream brokerages.
The crypto asset manager filed an S-1 with the U.S. Securities and Exchange Commission to launch an exchange-traded fund that would hold the HYPE token and list on Nasdaq under the ticker GHYP. The filing notes Grayscale could stake some holdings in the future, though it cannot do so today. Management fees were not disclosed. Other firms that have applied for HYPE ETFs include Bitwise and 21Shares; the latter already runs a HYPE exchange-traded product in Europe with a 2.5% total expense ratio.
Why HYPE matters
HYPE is the native token of Hyperliquid, the decentralized network behind the popular Hyperliquid exchange. The platform’s architecture separates a core layer for perpetual futures and spot trading from a second layer that supports Ethereum-style smart contracts. That design has helped Hyperliquid attract large derivatives flows.
Perpetual futures—or “perps”—are a key part of the pitch. These derivatives have no expiry, permit high leverage, and trade 24/7, letting traders speculate continuously on price moves without owning the underlying asset. Hyperliquid has expanded beyond crypto, adding contracts tied to traditional assets such as oil, gold and, more recently, an S&P 500 perpetual—allowing round-the-clock exposure to markets that are otherwise closed.
Explosive volume and revenue
Hyperliquid’s growth has translated into eye-popping activity: weekly derivatives volume topped $50 billion, with more than $6.5 billion traded in the last 24 hours, per DeFiLlama. That flow has also produced outsized on-chain revenue—about $1.6 million over the prior 24 hours—outpacing BNB Chain ($335,000) and Bitcoin ($192,000), according to Artemis.
Market reaction and token performance
The frenzy has fueled bullish commentary from market figures. Arthur Hayes, BitMEX co-founder and Maelstrom CIO, highlighted Hyperliquid’s revenue, trading activity and token supply dynamics as reasons HYPE could climb to $150. HYPE is trading around $40 and has jumped roughly 57% year-to-date, while bitcoin and ether have fallen about 20% and 28%, respectively.
What this could mean
If approved and launched, Grayscale’s GHYP would give traditional brokerage customers a regulated, ETF-style way to gain exposure to a token tied directly to a high-volume decentralized derivatives venue. The file adds to a growing race among asset managers to package on-chain native tokens for mainstream investors as decentralized perpetual markets continue to expand—even amid broader geopolitical tensions and volatile macro conditions.
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