Grayscale Seeks to Bring Hyperliquid’s Crypto Trading Frenzy to Mainstream Investors via Nasdaq ETF
March 21, 2026 — Grayscale, a leading digital 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 the HYPE token, the native asset of the rapidly growing Hyperliquid network. The proposed fund, tentatively named the Grayscale HYPE ETF and to be listed on Nasdaq under the ticker symbol GHYP, aims to bring the world’s hottest cryptocurrency trading activity directly to brokerage accounts of retail and institutional investors.
What Is Hyperliquid and HYPE?
Hyperliquid operates a decentralized exchange (DEX) platform known for its hyperliquidity and significant derivatives trading volume, especially in perpetual futures contracts. These “perps” enable traders to speculate on asset prices without expiration dates or owning the underlying assets, allowing for continuous, high-leverage trading around the clock. Hyperliquid’s core infrastructure supports both perpetual futures and spot markets, while a second layer facilitates Ethereum-style smart contracts.
Unprecedented Growth in Trading Volume and Fees
Hyperliquid has seen explosive growth in trading activity, with weekly derivatives trading volume surpassing $50 billion and over $6.5 billion traded in the past 24 hours alone, according to data from DeFiLlama. This surge in trading has translated into substantial fee revenue, with the network generating $1.6 million in fees over the last 24 hours—far outpacing other major blockchain ecosystems like BNB Chain ($335,000) and Bitcoin ($192,000), as reported by Artemis data.
Grayscale ETF Proposal and Market Implications
Grayscale’s filing highlights its intention to hold the HYPE token within the fund and mentions the possibility of staking some of its holdings in the future, although staking is not permitted at the ETF’s inception. The filing does not disclose the proposed management fee. Other digital asset managers, including Bitwise and 21Shares, have also filed for HYPE-based ETFs, with 21Shares currently offering a HYPE product in Europe carrying a 2.5% total expense ratio.
The growing interest in Hyperliquid extends beyond crypto assets, with traders increasingly using the platform to bet on traditional financial instruments such as oil, gold, and recently added the S&P 500 perpetual futures contract. This 24/7 accessibility to both crypto and traditional markets is a key value proposition driving the platform’s popularity.
Industry Buzz and Price Outlook
Market observers and crypto industry veterans have taken note of Hyperliquid’s performance and the growing frenzy surrounding HYPE. Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, recently opined that strong revenue generation, active trading volume, and disciplined tokenomics could propel the HYPE token price to approximately $150. Currently, the token trades near $40 and has appreciated roughly 57% year-to-date, significantly outperforming major crypto assets like Bitcoin and Ethereum, which have declined around 20% and 28%, respectively.
What This Means for Investors
The launch of a Nasdaq-listed ETF dedicated to HYPE promises to increase accessibility for traditional investors seeking exposure to one of the fastest-moving digital asset sectors—decentralized derivatives trading. Grayscale’s move reflects broader institutional acceptance of innovative crypto trading models and may accelerate mainstream adoption of products tied to decentralized finance (DeFi) networks such as Hyperliquid.
As the SEC review process unfolds and the ETF potentially debuts on Nasdaq, investors will be watching closely to see if the fund can capture demand and further drive interest in perpetual futures markets facilitated by decentralized platforms.
Francisco Rodrigues contributed reporting. Edited by Aoyon Ashraf.
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