ETF on Hyperliquid

Grayscale has filed an S-1 application to launch an ETF based on Hyperliquid, joining companies like Bitwise and 21Shares, which are also working on products tied to this protocol.

The planned Grayscale ETF is designed to track the price of the HYPE token and, if approved, will be listed on Nasdaq under the ticker symbol GHYP. The firm has named Coinbase as the custodian of the fund’s assets, though it has not yet disclosed the management fees.

Unlike Bitwise, Grayscale does not currently intend to include staking in its fund. However, it has not ruled out adding this feature in the future if conditions allow. Staking could enable investors to earn additional returns beyond potential price appreciation of the token.

Hyperliquid is gaining traction as it is increasingly used by both crypto platforms and traditional financial institutions. Its key advantage lies in enabling 24/7 trading, including assets linked to real-world markets such as oil and gold.

Although trading volume has declined from its August peaks, the platform still generates between $40 billion and $100 billion in weekly volume, maintaining its position as a leader in perpetual futures trading. Competition is intensifying, with new projects like Aster, Lighter, and edgeX emerging in 2025, though their volumes remain significantly lower.

The total weekly volume in the perpetual futures market currently ranges between $125 billion and $300 billion. While this is lower than in November, it is still more than double the level seen a year ago.