Hyperliquid ETF Race Heats Up as Grayscale Targets HYPG Launch

Key Insights

• Grayscale plans to launch a Hyperliquid ETF under the ticker HYPG.
• Hyperliquid reported a record $3 billion in real-world asset market open interest.
• HYPE price remains near record highs after gaining 72% over the past month.

Hyperliquid (HYPE) has emerged as one of the strongest-performing major cryptocurrencies over the past month, rising 72% and outperforming assets such as Cardano and Dogecoin. The rally has coincided with growing institutional interest, as Grayscale Investments prepares to enter the Hyperliquid exchange-traded fund (ETF) market.

The asset manager is expected to launch its proposed Hyperliquid ETF this week under the ticker HYPG. The development comes as competition intensifies among issuers seeking exposure to one of the fastest-growing decentralized trading ecosystems.

Grayscale Hyperliquid ETF (HYPG) Launch Expected This Week

Crypto asset manager Grayscale Investments is preparing for the launch of a Hyperliquid exchange-traded fund (ETF) this week. Bloomberg strategist James Seyffart shared this development, citing an updated regulatory filing.

Seyffart said the ETF launch appears “likely imminent” after Grayscale amended the filing for the sixth time. According to the updated filing, the ETF will trade under the ticker HYPG and charge a 0.29% management fee.

Grayscale Hyperliquid ETF | Source: SEC

Seyffart noted that the fee is slightly lower than competing Hyperliquid ETFs from 21Shares and Bitwise Asset Management, which charge 0.30% and 0.34%, respectively.

The 21Shares and Bitwise Hyperliquid ETFs, launched in mid-May, have collectively attracted nearly $140 million in net inflows. This shows a strong investor demand for the HYPE token. These inflows have also been responsible for pushing the HYPE price higher, outperforming the broader crypto index.

Grayscale’s proposed HYPG ETF is also seeking to stake HYPE tokens to generate yield. Asset managers of late have adopted this strategy in order to attract greater investor demand.

Riding the Optimism Around HYPE Price Rally

By launching their own Hyperliquid ETFs, asset managers are riding the optimism around the HYPE price rally. Blockchain analytics firm Santiment reported that the recent HYPE price rally to $75 comes with strong social activity and optimism in the crypto community.

According to the analytics firm, HYPE’s social dominance has climbed to its highest level of 2026. Santiment noted that several key fundamental developments in the Hyperliquid ecosystem have also been responsible for this rally.

Hyperliquid social sentiment jumps | Source: Santiment

The firm attributed the rally to several key developments, including rising perpetual futures trading volume. Moreover, the expansion of Hyperliquid’s decentralized trading infrastructure also aided the rally. Additional catalysts cited by Santiment include the launch of new trading products, increasing protocol revenue, and speculation surrounding future ecosystem growth.

Hyperliquid Hyperliquid on Twitter / X

Hyperliquid announced that open interest in its real-world asset (RWA) markets has reached a new all-time high of $3 billion. The platform noted that its HIP-3 initiative has set a new open interest record every month since its launch in October 2025.

Can HYPE Price Rally Further to $100?

Hyperliquid (HYPE) token has continued its upside after breaking past its previous all-time high at $60. With all the supporting factors in favour, experts are bullish that the HYPE price can further rally to $100.

Popular market analyst Ali Martinez stated Hyperliquid continues to post new record highs as the token moves deeper into price discovery territory. According to the analyst, previously identified sell signals have now been invalidated by the strength of the ongoing rally. This has further reinforced the bullish structure for HYPE price.

Hyperliquid token price structure | Source: Ali MArtinez

The analyst noted that the next potential upside targets for HYPE price are $97 and $163. Martinez is bullish that the current momentum could continue, driving the token to new highs.

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