Grayscale Seeks to Bring HYPE Crypto Trading Frenzy to Mainstream Brokerage Accounts
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) centered on HYPE, the native token of the rapidly growing Hyperliquid network. The proposed fund, to be listed on Nasdaq under the ticker GHYP, aims to bring exposure to the world’s hottest crypto trading frenzy directly to retail and institutional brokerage accounts.
The Hyperliquid Network: A New Powerhouse in Crypto Derivatives
Hyperliquid has quickly emerged as a dominant player in decentralized crypto trading, particularly within derivatives markets. The network supports both perpetual futures and spot trading, as well as a second layer that enables Ethereum-style smart contracts. Perpetual futures contracts, or “perps,” are a popular derivative instrument that allow investors to speculate on asset prices without needing to own the underlying asset. Their infinite duration without expiration, combined with high leverage and 24/7 accessibility, has made perps immensely popular in the crypto space.
According to data from DeFiLlama, weekly derivatives trading volume on Hyperliquid has soared past $50 billion, with over $6.5 billion in trades occurring within the past 24 hours. Artemis data underscores the platform’s revenue dominance, reporting $1.6 million in fees over the past day—substantially outperforming prominent blockchains such as BNB Chain ($335,000) and Bitcoin ($192,000).
Bridging Crypto and Traditional Markets
In an innovative move, Hyperliquid has broadened its offerings to include perpetual futures contracts tied to traditional assets like oil, gold, and recently, an S&P 500 perpetual contract. This development enables traders to speculate on traditional financial markets around the clock, beyond typical trading hours when conventional exchanges are closed. This capability has contributed significantly to the network’s explosive growth and revenue generation.
Grayscale’s Plans and Market Impact
Grayscale’s newly filed ETF will hold HYPE tokens, offering investors a more accessible means of gaining exposure to the Hyperliquid ecosystem through familiar brokerage platforms. While the fund’s fee structure has yet to be disclosed, Grayscale indicated intentions to potentially stake some of its HYPE holdings in the future, although this is not currently permitted.
Other notable asset managers, including Bitwise and 21Shares, have also filed for HYPE-based ETFs or ETPs. 21Shares already operates a HYPE exchange-traded product in Europe, charging a 2.5% total expense ratio.
HYPE Token’s Bullish Outlook
The HYPE token has been among the best-performing crypto assets this year, rising approximately 57% to around $40, outpacing major tokens such as Bitcoin and Ether, which have declined roughly 20% and 28%, respectively. Industry experts remain optimistic about HYPE’s prospects. Arthur Hayes, co-founder of BitMEX and Chief Investment Officer of Maelstrom, highlighted the token’s strong revenue streams, active trading volume, and disciplined token supply as catalysts that could propel its price to as high as $150. Conclusion
Grayscale’s pursuit of a Nasdaq-listed HYPE ETF signals growing institutional interest in the Hyperliquid network’s distinctive blend of crypto-native and traditional asset perpetual contracts. With its unprecedented trading volumes, revenue generation, and expanding asset classes, Hyperliquid is positioned to play a pivotal role in the evolution of decentralized finance and crypto derivatives markets.
As always, investors should conduct thorough due diligence and consider the volatility and risks inherent to cryptocurrency and derivative products before participating.
Reporting by Francisco Rodrigues; Edited by Aoyon Ashraf; Published by CoinDesk