Grayscale entered the ring on Wednesday with its own Hyperliquid linked exchange-traded fund, setting a new low for fees as competition intensifies among firms rolling out similar products.
The Grayscale Hyperliquid Staking ETF, with the ticker symbol HYPG, debuted on Nasdaq, the firm said in a statement. The ETF has a sponsor fee of 0.29%, lower than its competitors. Bitwise's BHYP Hyperliquid ETF, which has a 0% fee for the first month and thereafter a 0.34% fee, and 21Shares' THYP has a fee of 0.30%.
Grayscale said its ETF is the "most cost-efficient way for investors to access exposure to HYPE through an exchange-traded product," in the statement.
Hyperliquid is a decentralized derivatives exchange that lets users trade perpetual futures onchain. Hyperliquid's native token, called (HYPE), has grown to be the tenth largest cryptocurrency with a market cap of $15.8 billion, according to The Block's price data.
Perpetuals, or perps, have become increasingly popular in crypto derivatives trading. They are a type of futures contract that don't have an expiration date and allow people to bet on the price movement of assets without owning them directly.
