Grayscale Files For Spot Hyperliquid ETF

Unlike Bitwise, Grayscale doesn’t plan to incorporate staking for its Hyperliquid ETF but hasn’t ruled out integrating it in the future.

Crypto asset manager Grayscale has filed for a spot Hyperliquid exchange-traded fund, joining Bitwise and 21Shares in seeking to offer a product tied to the Hyperliquid perpetual futures protocol and blockchain.

The Grayscale HYPE ETF would track the price movement of the Hyperliquid (HYPE) token and trade under the ticker GHYP on the Nasdaq if approved, according to Grayscale’s S-1 registration statement filed with the Securities and Exchange Commission on Friday.

Grayscale listed Coinbase as the custodian but didn’t disclose a management fee for the proposed Hyperliquid product.

Grayscale’s S-1 filing for a Hyperliquid ETF. Source: SEC

Grayscale’s filing comes as Hyperliquid continues to be integrated by crypto platforms and be increasingly relied on by TradFi when traditional markets are closed, as it offers 24/7 trading for tokenized real-world assets like oil and gold.

Grayscale said it may consider incorporating staking rewards into its Hyperliquid ETF at a later date, provided certain conditions are met.

Related: Morgan Stanley files amended S-1 for MSBT Bitcoin ETF

Staking would enable GHYP investors to earn yield on top of potential price appreciation from the HYPE token.

Bitwise filed for its Hyperliquid ETF in September and amended it in December to include staking, while 21Shares also contemplated incorporating staking at a later date in its October filing.

Hyperliquid continues to dominate perps trading

While trading volume on Hyperliquid has cooled off from its August highs, it continues to see between $40 billion and $100 billion in weekly volume — maintaining its position as the most traded perps futures platform, DeFiLlama data shows.

Several competitor platforms like Aster, Lighter and edgeX emerged in 2025, eating into Hyperliquid’s dominance, but still see far less trading volume on most weeks.

Total weekly perps trading volume has been hovering between the $125 billion and $300 billion mark this year — not quite as high as in November but still more than double the trading volumes seen this time a year ago.

Weekly change in perps trading volume since February 2021. Source: DeFiLlama

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