Grayscale HYPG and Payward’s Hyperliquid plans highlight two routes into HYPE

Grayscale’s Hyperliquid Staking ETF, trading on Nasdaq as HYPG, provides one route to HYPE exposure as other companies explore using Hyperliquid’s infrastructure for regulated U.S. trading. Recent fund filings and a separate proposal from Payward show how those two approaches are developing.

HYPG began trading on 3 June 2026. Grayscale designed the product to hold HYPE, Hyperliquid’s native asset, and participate in network staking. A September custody agreement, disclosed in an October prospectus supplement, adds another service provider to the fund’s arrangements.

How HYPG’s exposure and staking work

Grayscale describes Hyperliquid as a blockchain built around onchain trading infrastructure, including perpetual futures. Through HYPG, investors hold exchange-traded shares linked to the fund’s HYPE holdings rather than holding the tokens directly.

The fund charges an annual sponsor fee of 0.29%, according to its SEC disclosures. Staking introduces a separate layer of costs: the same disclosures state that the sponsor’s staking fee, custodian fee and staking provider’s share together account for 25% of gross staking rewards.

Those charges are distinct from the annual sponsor fee. Gross network rewards therefore should not be treated as the return shareholders receive. Grayscale says staking rewards are earned by the fund and may contribute to its net asset value after applicable costs; future rewards are not guaranteed.

October filing expands custody arrangements

A prospectus supplement dated 5 October says BitGo Bank & Trust may serve as an additional custodian for HYPG’s HYPE holdings. Anchorage Digital remains the primary custodian. The sponsor had not determined the total amount it would move to BitGo when the supplement was filed.

The filing also makes clear that the trust is not registered under the Investment Company Act of 1940. Its risks include custody failures and circumstances in which creation or redemption difficulties could cause share prices to diverge from the underlying asset value.

Payward proposes a separate route into U.S. onchain futures

On 16 September, Payward, Kraken’s parent company, announced plans to deploy onchain perpetual futures markets for U.S. clients, beginning with Hyperliquid HIP-3 markets.

Under the proposed structure, Bitnomial would create and administer the markets and clear and settle the contracts. NinjaTrader Clearing would carry customer accounts. Access would be restricted to appropriately onboarded accounts on the relevant allowlists.

Payward explicitly says the proposal remains subject to regulatory approval. Its announcement does not establish that these markets are already available to U.S. customers.

Different products, different risks

HYPG shares and proposed perpetual futures serve different purposes. Fund shareholders obtain exposure through a listed security, while futures customers would trade derivatives under a separate market structure. Neither development removes HYPE price volatility, staking-related liquidity constraints or operational risk.

For readers following institutional access to Hyperliquid, the important distinctions are the product being offered, the fees involved and which approvals or operating arrangements are already in place.

Sources: Grayscale launch announcement; SEC prospectus supplement; HYPG quarterly filing and fee disclosures; Payward announcement.

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