Grayscale eyes Hyperliquid with new HYPE ETF filing

Grayscale has filed an S-1 registration statement for a HYPE ETF, a proposed product that would hold Hyperliquid’s native token and list on Nasdaq under the symbol GHYP.

The filing shows the trust is designed to track the value of HYPE held by the vehicle, less expenses, and notes that the product may eventually include staking rewards if certain conditions are met, though staking is not currently active for the trust.

The filing adds to a broader push to bring Hyperliquid into traditional markets. Reuters reported in October that 21Shares had also filed for a HYPE ETF, showing that asset managers are moving quickly to package exposure to the token as institutional appetite broadens beyond Bitcoin and Ether.

That interest is tied to Hyperliquid’s growth on chain. DefiLlama data shows the network has processed about $191.4 billion in perpetual volume over the past 30 days, about $9.4 billion over the past 24 hours, and roughly $4.1 trillion cumulatively, with open interest near $7 billion.

The Grayscale prospectus also underscores how central Hyperliquid has become to the onchain derivatives trade. The filing describes the network as a fully onchain order book venue built around perpetual futures and spot markets, rather than the automated market maker model used by many decentralized exchanges.

Price action has followed that momentum, with HYPE last trading near $39, down about 0.6% on the day but still up roughly 45% since late February.

The latest rally has also come as Hyperliquid expands beyond crypto native markets. Investor interest has risen as traders use the platform’s 24/7 venue to speculate on commodities and other real-world exposures.

Hyperliquid also reached a new milestone today, with its newly launched S&P 500 perpetual market topping $100 million in 24-hour volume and quickly becoming one of the chain’s 10 largest markets.