Key Takeaways
- Grayscale submitted SEC S-1 filing for spot Hyperliquid ETF, following Bitwise and 21Shares into the race
- The HYPE token surged approximately 21% over the past week, hovering between $40 and $43
- Market cap momentum temporarily elevated HYPE above Cardano (ADA) into top 10 territory
- Arthur Hayes, BitMEX co-founder, projects HYPE could reach $150 by August 2026
- The platform processes roughly $500 million in daily trading volume, with 97% of fees allocated to token buybacks
Grayscale Investments has submitted an S-1 registration form to the US Securities and Exchange Commission seeking approval for a spot Hyperliquid exchange-traded fund. Should regulators green-light the proposal, the fund will list on the Nasdaq exchange under the symbol GHYP, utilizing Coinbase as the designated custodian. Details regarding management fees remain undisclosed at this time.
BREAKING: Grayscale has filed an S-1 with the SEC for a Hyperliquid (HYPE) ETF. It would trade on Nasdaq under the ticker 'GHYP'. pic.twitter.com/gRJc2tmsdS
— SwanDesk (@SwanDesk) March 21, 2026
This submission positions Grayscale in competition with Bitwise and 21Shares, who previously submitted comparable applications. Bitwise initiated its filing in September before revising the documentation in December to incorporate staking provisions. 21Shares similarly structured its October filing to accommodate potential staking features.
According to Grayscale’s documentation, the GHYP product may eventually incorporate staking capabilities, though concrete implementation plans haven’t been confirmed. Including staking would enable fund participants to generate additional returns beyond capital appreciation from HYPE holdings.
Growing Competition as Token Value Increases
The surge in ETF applications coincides with HYPE’s strong market performance. Throughout the past week, the token appreciated roughly 21%, settling within the $40 to $43 price bracket. This upward trajectory temporarily propelled Hyperliquid beyond Cardano (ADA) in total market valuation, securing a fleeting position among the cryptocurrency market’s top ten projects.
Cardano experienced gains during the same timeframe, exchanging hands around $0.29, though insufficient to maintain its ranking advantage. Market analyst Ali Martinez identified a potential bullish indicator for ADA, noting that sustained support at $0.23 could trigger advancement toward $0.32 and subsequently $0.37.
My essay on why $HYPE is going to $150 by August 2026.
— Arthur Hayes (@CryptoHayes) March 9, 2026
BitMEX co-founder Arthur Hayes has established a public price forecast of $150 for HYPE by August 2026. This projection represents approximately a fivefold multiplication from previous price levels around $30. Hayes contends that Hyperliquid’s economic structure — channeling roughly 97% of platform fees into HYPE repurchases — creates a direct correlation between operational earnings and token valuation.
Trading Volume Fuels Token Economics
Hyperliquid operates as a decentralized exchange specializing in perpetual futures contracts. The platform processes between $40 billion and $100 billion in weekly trading activity, establishing it as the dominant player within this segment based on DeFiLlama metrics.
Peak daily volume figures have approached $500 million during recent sessions. Platform development continues expanding into novel territories, including integration of the S&P 500 index within its on-chain infrastructure.
Multiple competing platforms such as Aster, Lighter, and edgeX entered the market during 2025, capturing modest market share, yet Hyperliquid maintains substantial dominance throughout most trading periods.
Aggregate weekly perpetual futures volume across all decentralized platforms has fluctuated between $125 billion and $300 billion throughout this year — representing more than double the comparable period from the previous year.
HYPE presently trades within the $40–$43 corridor following its 21% weekly appreciation.
