Grayscale has set a 0.29% management fee in its latest filing for a Hyperliquid spot ETF. Bloomberg senior ETF analyst James Seyffart noted that this rate “slightly undercuts” competitors 21Shares and Bitwise, which have proposed fees of 0.3% and 0.34%, respectively. According to Seyffart, fee disclosure updates often indicate that a fund is nearing launch, making it “likely imminent” for the Grayscale Hyperliquid ETF.
Hyperliquid is a Layer 1 blockchain specializing in decentralized perpetuals trading, and its native token HYPE has attracted significant volume since launch. Grayscale’s proposed ETF would offer traditional investors regulated exposure to HYPE. The firm faces direct competition from 21Shares and Bitwise, both of which have filed for ETFs tracking the same asset. Fee differentials are becoming a critical factor in attracting early inflows.
Seyffart emphasized that Grayscale already has a strong track record with crypto spot ETFs, having successfully launched Bitcoin and Ethereum products. If its Hyperliquid ETF wins approval first, the 0.29% cost advantage could help it capture significant market share from the outset. For institutional investors, even small fee differences compound into notable savings over time.
The emerging fee competition mirrors a broader trend in crypto ETFs, where issuers now fight on product-level details for mid- and small-cap tokens. Although the Hyperliquid ETF has not yet received final approval from the U.S. Securities and Exchange Commission, the progression of fee filings is widely seen as a strong signal that a launch is near.