Major cryptocurrency asset manager Grayscale has filed with the U.S. Securities and Exchange Commission (SEC) to list the Grayscale HYPE ETF. The proposed exchange-traded fund would track the price of the native Hyperliquid (HYPE) token, the utility asset of the high-performance Layer 1 blockchain focused on decentralized perpetual futures (perps) trading.
According to the S-1 registration statement filed on Friday, March 20, 2026, the fund would trade on the Nasdaq under the ticker symbol GHYP if approved. Grayscale plans to use Coinbase Custody as the fund's custodian and will rely on CoinDesk's Benchmark pricing data for valuation.
The filing places Grayscale alongside other major crypto ETF issuers Bitwise and 21Shares, who filed for similar Hyperliquid ETFs in late 2025. Bitwise amended its filing in December 2025 to include staking rewards, while 21Shares also contemplated future staking. Grayscale's filing notes that HYPE staking is currently prohibited for the fund, but includes a "Staking Condition" that could allow for the incorporation of staking rewards at a later date, enabling investors to earn yield on top of potential token appreciation.
Hyperliquid has established itself as the largest venue for onchain perpetual futures trading, according to data from The Block. While weekly trading volume has cooled from its August 2025 highs, DeFiLlama data shows it consistently processes between $40 billion and $100 billion in weekly volume, maintaining its lead despite competition from newer platforms like Aster, Lighter, and edgeX. Total weekly onchain perps volume across all platforms has ranged between $125 billion and $300 billion in 2026.
The filing highlights Hyperliquid's growing integration by crypto platforms and its use by traditional finance (TradFi) entities for 24/7 trading of tokenized real-world assets like oil and gold when traditional markets are closed. It's important to note that the Hyperliquid protocol itself is currently barred to U.S. users, though its recently formed Hyperliquid Policy Center is engaged in lobbying efforts in Washington D.C.
The regulatory environment under the SEC, now led by Chair Paul Atkins (an appointee of President Donald Trump), has been more receptive to crypto-related funds, though the approval of products with staking features has progressed more slowly.
