📊 ETF 🌍 United States

Grayscale proposes 0.29% fee for Hyperliquid ETF, undercutting 21Shares and Bitwise

Grayscale files for Hyperliquid ETF with a competitive 0.29% fee, undercutting rivals 21Shares (0.30%) and Bitwise (0.34%), signaling an imminent HYPE ETF launch and increased institutional access to the Hyperliquid token.

📅 June 2, 2026 🕐 1 min read

4 assets impacted (Crypto, Etf). Net bias: 2 Bullish, 1 Bearish, 1 Neutral. Strongest signal: HYPE/USD ↑ 7/10 (75% confidence).

📊 Affected Assets (4)

HYPE/USD

Bullish 🤖 75%

📆 Mid-term 🌍 Global ✨ Inferred

Multiple ETF filings with competitive fees increase the likelihood of broader institutional access to the Hyperliquid token. Lower costs could attract more inflows if the ETFs launch, boosting demand for HYPE.

Catalysts

▲ Grayscale, 21Shares, and Bitwise ETF filings raising visibility
▲ Fee competition likely to lower barriers for institutional entry

Risk Factors

▼ SEC could delay or reject the ETF applications
▼ DeFi token sentiment could sour independently of ETF news

▼ Show FAQ (3) ▲ Hide FAQ

How does the ETF competition affect HYPE price?

If the ETFs are approved and attract inflows, the underlying HYPE token could see price appreciation due to increased buying pressure from fund creation.

What is the Hyperliquid token used for?

HYPE is the native token of the Hyperliquid layer-1 blockchain, used for governance, staking, and as gas in a decentralized perpetuals exchange.

Why might HYPE outperform other altcoins?

ETF-driven demand could set HYPE apart, but performance also depends on Hyperliquid’s adoption and DeFi market trends.

Grayscale HYPE ETF

Bullish 🤖 85%

📅 Short-term 🌍 US · Explicit

Grayscale proposed a 0.29% fee, the lowest among Hyperliquid ETF filers, giving it a competitive edge to attract cost-conscious investors if the SEC approves the fund.

Catalysts

▲ 0.29% fee undercutting 21Shares and Bitwise
▲ Analyst sees imminent launch as likely

Risk Factors

▼ SEC may not approve any spot HYPE ETF
▼ Rivals could slash fees further

▼ Show FAQ (3) ▲ Hide FAQ

What advantage does Grayscale's fee offer?

The 0.29% fee saves investors 1–5 basis points annually versus competing products, making it the cheapest option for gaining HYPE exposure.

When might the Grayscale HYPE ETF launch?

James Seyffart expects a launch is imminent, but exact timing depends on the SEC’s review process.

Is Grayscale likely to win the fee war?

Its pricing sets a benchmark; success will hinge on first-mover advantage, brand trust, and whether competitors match the fee.

21Shares HYPE ETF

Neutral 🤖 80%

📅 Short-term 🌍 US · Explicit

21Shares’ proposed 0.30% fee is marginally higher than Grayscale’s but still competitive. The firm’s established reputation in crypto ETFs could sustain demand despite not being the cheapest.

Catalysts

• 0.30% fee near parity with Grayscale
• 21Shares’ track record with crypto ETPs

Risk Factors

• Grayscale’s lower fee may attract the majority of inflows
• Potential fee cuts could squeeze margins

▼ Show FAQ (3) ▲ Hide FAQ

Is 21Shares’ Hyperliquid ETF still attractive?

Yes, the 0.30% fee is only slightly above Grayscale, and 21Shares’ experience may appeal to investors who prioritize issuer credibility.

Will 21Shares lower its fee?

If Grayscale’s product gains traction, 21Shares may reduce its fee to stay competitive, as seen in previous Bitcoin ETF fee wars.

How does 21Shares compare to Bitwise’s offering?

21Shares’ fee is 0.04% lower than Bitwise’s 0.34%, giving it a clear cost advantage over Bitwise.

Bitwise HYPE ETF

Bearish 🤖 80%

📅 Short-term 🌍 US · Explicit

Bitwise’s 0.34% fee is the highest among the three filers, putting it at a disadvantage in a cost-sensitive market unless its product offers unique benefits or higher liquidity.

Catalysts

▼ Bitwise’s broad crypto ETF suite
▼ Investor loyalty to established Bitwise products

Risk Factors

▲ Fee differential could deter new inflows
▲ Competitors undercutting on price may capture market share

▼ Show FAQ (3) ▲ Hide FAQ

Why is Bitwise charging a higher fee?

Bitwise may rely on its brand and infrastructure, but the 0.34% fee lacks a clear competitive edge unless accompanied by superior features.

Will Bitwise lower its fee?

It is possible if demand shifts toward cheaper funds; fee adjustments are common in the ETF industry during competition.

Should investors avoid Bitwise’s HYPE ETF?

Not necessarily; long-term investors may accept the higher fee if Bitwise provides better execution or other advantages, but the fee gap is notable.

🎯 Key Takeaways

Grayscale’s proposed 0.29% fee on its Hyperliquid ETF undercuts 21Shares’ 0.30% and Bitwise’s 0.34%.
The fee differential positions Grayscale as the cheapest provider of HYPE exposure.
Analyst James Seyffart suggests the competitive fee signals an imminent ETF launch.
21Shares and Bitwise may face pressure to lower fees to remain competitive.
A spot HYPE ETF could boost institutional demand for the Hyperliquid token.
The fee competition mirrors the broader crypto ETF landscape seen with Bitcoin and Ether products.
Investors stand to benefit from lower management fees across all three filings.

📝 Executive Summary

Grayscale proposed a fee of 0.29% on its Hyperliquid ETF, which “slightly undercuts” rivals 21Shares and Bitwise that carry respective fees of 0.3% and 0.34%, says analyst James Seyffart.

❓ FAQ

What fee has Grayscale proposed for its Hyperliquid ETF?

Grayscale filed for a 0.29% management fee, which is 0.01% below 21Shares and 0.05% below Bitwise.

Why does analyst James Seyffart believe the HYPE ETF is imminent?

He cites the aggressive fee pricing as a strong signal that Grayscale expects quick approval and wants to secure first-mover advantage.

How does the Hyperliquid ETF differ from other crypto ETFs?

It offers exposure to Hyperliquid’s native token HYPE, which powers a DeFi-focused blockchain for decentralized derivatives, unlike ETFs for major cryptocurrencies like Bitcoin or Ethereum.

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