Grayscale Aims to Bring Hyperliquid’s Crypto Trading Frenzy to Mainstream Brokerage Accounts
By Francisco Rodrigues | Edited by Aoyon Ashraf | March 21, 2026
Grayscale, a leading crypto asset manager, has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch a new exchange-traded fund (ETF) focused on HYPE, the native token of the Hyperliquid network. This proposed Grayscale HYPE ETF, intended for listing on Nasdaq under the ticker symbol GHYP, seeks to provide retail investors direct exposure to the burgeoning ecosystem of Hyperliquid—a decentralized exchange that has been witnessing explosive growth in trading volume and revenue.
Hyperliquid: The New Frontier in Decentralized Trading
The Hyperliquid network has emerged as a dominant player in the decentralized finance (DeFi) space, particularly in derivatives trading. It supports a wide range of perpetual futures contracts and spot markets via its core layer, while its second layer integrates Ethereum-style smart contracts. Unlike traditional futures contracts, these perpetual contracts never expire and allow traders to speculate on asset prices with high leverage 24/7, a feature that has captivated traders worldwide.
Recent data highlights the platform’s rapid expansion: weekly derivatives trading volume has surged beyond $50 billion, including over $6.5 billion in trades within just the last 24 hours, according to DeFiLlama. This immense trading activity translates into substantial revenue generation, with Hyperliquid earning approximately $1.6 million in fees in the last day alone—significantly outpacing major blockchains such as BNB Chain and Bitcoin.
Why the HYPE Token?
HYPE serves as the native asset powering Hyperliquid’s ecosystem. The token benefits from a disciplined supply mechanism and stands to gain further utility as Grayscale indicated plans to potentially stake some of its holdings in the future, enhancing returns for investors. Although the current S-1 filing does not specify the proposed ETF’s fee structure, competitors such as Bitwise and 21Shares already offer HYPE-based exchange-traded products in Europe with expense ratios around 2.5%.
The trading frenzy on Hyperliquid isn’t limited to cryptocurrencies. The platform recently added perpetual contracts tied to traditional financial assets like oil, gold, and the S&P 500, allowing investors to speculate on a wide variety of markets around the clock—even when most traditional exchanges are closed. This expanded offering has helped position Hyperliquid as a key bridge between crypto and conventional finance.
Market Sentiment and Price Predictions
The meteoric rise of the platform and its native token has captured the attention of market observers and crypto influencers alike. Arthur Hayes, co-founder of BitMEX and Maelstrom’s Chief Investment Officer, recently forecasted that HYPE could climb as high as $150, a notable increase from its current trading price near $40. This represents a 57% gain year-to-date, outperforming major cryptocurrencies such as Bitcoin and Ethereum, which have both experienced declines during the same period.
What This Means for Investors
Grayscale’s move to bring HYPE to the ETF market could significantly broaden access to the token by integrating it into traditional brokerage accounts, allowing a wider range of investors to participate in Hyperliquid’s rapid ascent. The Nasdaq listing would also bring an additional layer of regulatory oversight and legitimacy, potentially attracting institutional interest.
With other firms like Bitwise and 21Shares already exploring HYPE-related products, the growing competitive landscape underscores increasing recognition of Hyperliquid’s prominence in crypto derivatives trading.
As decentralized finance continues to innovate, Grayscale’s HYPE ETF represents a key step in bridging complex crypto assets with mainstream investment frameworks, providing investors with a novel way to capitalize on the lucrative and rapidly evolving world of decentralized perpetual contracts and multi-asset trading.
Crypto Market Snapshot:
- Bitcoin (BTC): $70,657.74 (+3.41%)
- Ethereum (ETH): $2,148.66 (+4.18%)
- XRP: $1.43 (+2.90%)
- Solana (SOL): $91.78 (+5.83%)
Source: CoinDesk Market Data
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