Grayscale announced the launch of HYPG, an exchange product that tracks the Hyperliquid ecosystem, claiming it to be the lowest-fee Hyperliquid product in the US. In addition to providing HYPE exposure, the product will also allow users to earn additional returns through staking, reflecting the growing institutional interest in on-chain trading infrastructure.

HYPG joins rate competition

CoinDesk reports that competition surrounding HYPE products in the US market is accelerating with the emergence of multiple Hyperliquid-related funds. Grayscale's newly launched HYPG does not simply involve passively holding tokens; instead, it incorporates staking rewards into the product structure.

The company stated that HYPE's historical annualized staking return is approximately 2.2%. This means that in addition to gaining exposure to the token price, investors can also share a portion of the on-chain staking revenue through the fund structure.

Institutions focus on agreement revenue

Hyperliquid initially started with decentralized perpetual contract trading and has since expanded into a broader blockchain ecosystem, supporting smart contracts, tokenized assets, and more financial market applications. Recently, several institutions have begun to regard it as one of the key projects in on-chain trading infrastructure.

According to data cited by Grayscale, Hyperliquid generated approximately $857 million in revenue in 2025, placing it among the highest-grossing applications in the crypto industry. For institutional investors, protocols with clear revenue streams are more likely to be added to their watchlists.

Fee-based buybacks become the focus

The company also mentioned that approximately 99% of the protocol's transaction fees will be used for token buybacks. Supporters believe that this model directly links network usage to HYPE's value accumulation, which is one of the reasons why the market continues to pay attention to Hyperliquid.

Krista Lynch, Senior Vice President of Capital Markets at Grayscale, said that the launch of HYPG on Nasdaq reflects the company’s assessment of Hyperliquid, namely its strong differentiation in the digital asset space and its ability to support larger-scale on-chain transactions and market activities.

Additional information:The original article refers to the product as ETP. According to the report, Grayscale emphasizes its fee advantage compared to similar Hyperliquid products listed in the US, rather than the lowest fee rate in the entire crypto ETF market.