Hyperliquid (HYPE) ETFs Explained: THYP, BHYP and HYPG vs Holding HYPE

Hyperliquid

There are three US spot ETFs that hold HYPE, the token of the Hyperliquid exchange: 21Shares THYP, Bitwise BHYP and Grayscale HYPG. All three now stake part of what they hold, they charge between 0.29% and 0.34% a year, and together they held roughly $450 million at the end of October 2026. Which one makes sense, and whether any of them beats simply holding HYPE, mostly comes down to what kind of account you are investing from.

Which Hyperliquid (HYPE) Spot ETFs Exist and Where Do They Trade?

An SEC EDGAR full-text search on November 2, 2026 turned up three spot HYPE registrants, and no filing from any other issuer:

Fund	Ticker	Exchange	First trading day	Annual fee
21Shares Hyperliquid Staking ETF	THYP	Nasdaq	May 12, 2026	0.30%
Bitwise Hyperliquid ETF	BHYP	NYSE Arca	May 15, 2026	0.34%
Grayscale Hyperliquid Staking ETF	HYPG	Nasdaq	June 3, 2026	0.29%

THYP launched as the "21Shares Hyperliquid ETF" and was renamed the Hyperliquid Staking ETF in late August 2026, per its 8-K filed August 26. HYPG was registered earlier under the name Grayscale HYPE ETF. 21Shares also lists TXXH, a 2x leveraged daily fund. That is a trading product that resets every day, not a way to hold HYPE, and it is outside the scope of this page.

Outside the US, 21Shares runs a separate Hyperliquid Staking ETP on the SIX Swiss Exchange under the ticker HYPE, at a 2.50% fee according to its European product page.

Source: 21Shares, used under fair use for educational purposes

How Does Each Fund Hold HYPE?

Each trust holds HYPE through a qualified custodian and stakes part of it through a staking provider, keeping some tokens unstaked so it can meet redemptions. Unstaking HYPE is not instant: delegated tokens have a one-day lockup, then sit in a seven-day unstaking queue before they can be sold, which both THYP's fund page and BHYP's prospectus list as a liquidity risk.

21Shares THYP

Custody sits with Anchorage Digital Bank and BitGo Bank & Trust, and Figment is the staking provider, per the trust's 10-K filed September 23, 2026. On November 2 the fund page showed 74.99% of assets staked and $59.9 million under management. THYP pays staking rewards out in cash at least quarterly, net of expenses, and the fund notes a quarter can pay nothing.

Bitwise BHYP

Anchorage Digital Bank holds the HYPE and BNY Mellon holds the cash, per the prospectus filed May 14, 2026. The staking agent is Attestant, a Bitwise affiliate. The fund targets 70% of assets staked and keeps the rest as a liquidity reserve. Rewards are added to net asset value after staking expenses and may be distributed periodically.

Source: Bitwise, used under fair use for educational purposes

Grayscale HYPG

Anchorage Digital is the primary custodian, and BitGo was added as a second custodian from October 5, 2026, per the prospectus supplement of that date. The filing does not name the staking providers. On November 2 the fund page showed 89.02% staked, the highest share of the three, and a banner saying HYPG now pays staking rewards out monthly.

Source: Grayscale, used under fair use for educational purposes

What Does Each HYPE ETF Charge?

There are two costs, and the second one is easy to miss.

The sponsor fee is the headline number: 0.29% for HYPG, 0.30% for THYP and 0.34% for BHYP, as shown on each fund page on November 2, 2026. On a $10,000 position that is $29, $30 or $34 a year. BHYP waived its fee on the first $500 million of assets from May 15 to June 14, 2026, per its 10-Q, so launch-week coverage quoting 0% is out of date.

The staking-reward share is the other cost. Each fund keeps part of the rewards its HYPE earns to pay the staking provider, custodians and sponsor: 30% for THYP according to its 10-K, and 25% for BHYP and for HYPG according to their prospectuses.

Put those together and a fund passes on noticeably less than the network's staking rate. Taking each issuer's own figures for November 2, the rough arithmetic looks like this:

Bitwise publishes its own net figure, and its fund page put BHYP's net staking reward rate at 1.18%, which matches the arithmetic. Treat the other two rows as estimates built from published inputs, not as figures the issuers stated. The rates move daily.

How Are HYPE ETF Flows Reported, and What Do Recent Flows Show?

Each fund reports its own shares outstanding and assets daily on its fund page. Daily flow totals across the three are compiled by third-party trackers and then picked up by crypto news sites, which do not always say where their numbers came from.

The most recent weekly figure we could verify comes from TokenPost, published November 1, 2026, covering the week of October 26 to 30:

• Net across all three: about $595,000 out
• THYP: about $913,400 out
• HYPG: about $277,500 out
• BHYP: about $595,900 in

TokenPost put total net assets at about $450 million and cumulative net inflows at about $303 million. It does not name its data source, so treat those totals as reported rather than confirmed.

A week of flows this size is small against the funds' assets: the net outflow was a little over a tenth of a percent of the reported $450 million. Flows say something about demand from brokerage investors. They say nothing reliable about where HYPE's price goes next, and this page does not try to.

ETF vs Holding HYPE vs Staking HYPE on Hyperliquid

There are three ways to own the exposure, and each solves a different problem.

Buying a HYPE ETF fits an account that cannot hold tokens: a regular brokerage account, an IRA, or a 401(k) window that offers it. You get HYPE's price through a ticker you can buy next to everything else you own, with a custodian holding the tokens. You pay the sponsor fee every year and you get only part of the staking yield.

Holding HYPE directly on Hyperliquid has no annual fee. You pay a spot trading fee when you buy (0.070% taker at the base tier) and when you sell, and you hold your own keys. Our guide to buying HYPE covers the steps, and the HYPE market page shows the live price and volume.

Staking HYPE yourself puts your whole balance to work. Hyperliquid's validatorSummaries API showed 27 active validators on November 2, 2026, with predicted yields between 2.13% and 2.24% a year after each validator's commission, and about 439 million HYPE staked in total. Unstaking takes the same seven-day queue the funds deal with. The HYPE staking guide walks through delegating, and liquid staking is an option if you want a tradeable receipt token instead of a locked stake.

On $10,000 at November's rates, staking directly earns roughly $220 a year. A fund passes through roughly $120 to $150 and then charges $29 to $34, so the gap is somewhere around $100 to $130 a year.

Who Should Use Which?

• Investing from a brokerage or retirement account that cannot hold crypto. An ETF is the practical route. Among the three, the differences are the fee and how much of the fund is staked. HYPG had both the lowest fee and the highest staked share on November 2. THYP pays its rewards out in cash, BHYP adds them to NAV, and HYPG now pays monthly, which matters if you would rather receive income than see it compound inside the fund.
• Comfortable holding a wallet, and eligible to use Hyperliquid. Holding and staking HYPE yourself keeps the whole yield and has no annual fee. You take on key management and the unstaking delay. Start with what HYPE is and how Hyperliquid works if you are new to it.
• Comparing every HYPE wrapper, including the PURR treasury stock and the PURRDAT perp. See PURR stock vs HYPE token vs HYPE ETF.

Two related developments sit outside the ETF wrapper. Paxos added HYPE to the infrastructure brokerages use to offer crypto on October 1, 2026, which would let an app sell the token itself rather than a fund share; no brokerage has announced it yet. And separate plans to bring Hyperliquid-based markets to US users through regulated venues are tracked on our page on whether Hyperliquid is coming to the US. Both are subject to regulatory approval and neither has a date.