Grayscale has submitted a filing with the Securities and Exchange Commission for a spot exchange-traded fund tied to the Hyperliquid protocol’s native token, entering a field that already includes Bitwise and 21Shares. The proposed fund, called the Grayscale HYPE ETF, would track the price of the HYPE token and trade on the Nasdaq under the ticker GHYP, according to an S-1 registration statement filed on Friday. Grayscale named Coinbase as the custodian for the product but did not disclose a management fee.
Hyperliquid is a perpetual futures protocol and blockchain that has attracted growing attention from both crypto platforms and traditional finance participants. Because it offers around-the-clock trading for tokenized real-world assets such as oil and gold, it has become an increasingly relied-upon venue when conventional markets are closed. This expanding utility forms part of the backdrop for the wave of ETF filings seeking exposure to the protocol.
Grayscale indicated in its filing that it may explore incorporating staking rewards into the GHYP product at a future point, subject to certain conditions being satisfied. If staking were added, investors in the fund could earn yield in addition to any price appreciation from the underlying HYPE token. The firm stopped short of committing to a timeline for such a move.
The other firms pursuing similar products have taken comparable approaches to staking. Bitwise filed for its Hyperliquid ETF in September and later amended the filing in December to include staking provisions. 21Shares, which submitted its own filing in October, also contemplated adding staking at a later stage. The staking question appears to be a common consideration across all three proposed products.
Trading activity on Hyperliquid has moderated from peaks reached in August, but the platform continues to record between $40 billion and $100 billion in weekly volume, according to data from DeFiLlama. That level of activity is sufficient to maintain its standing as the most actively traded perpetual futures platform in the market. Several newer competitors, including Aster, Lighter, and edgeX, emerged in 2025 and have begun drawing some share away from Hyperliquid, though they still trail significantly in volume on most weeks.
The broader perpetual futures market has also remained elevated compared with prior periods. Total weekly perps trading volume across platforms has ranged between $125 billion and $300 billion this year, a figure that falls short of November highs but still represents more than double the volumes recorded at the same point a year ago. The sustained activity underscores the continued demand for perpetual futures products in the crypto space, which may be contributing to asset managers’ interest in launching ETFs tied to leading platforms in the sector.
Originally reported by CoinTelegraph.
