Grayscale has just fully entered the Hyperliquid ETF race. The company filed last week for a fund that would track the HYPE token, seeking listing on Nasdaq with the ticker GHYP. Basically, they want to give traditional investors access to the most active perpetual futures protocol in the market.

The interesting part here is that Grayscale isn't alone in this. Bitwise and 21Shares had already made their own filings for similar ETFs. It seems that asset managers have finally realized that demand extends beyond Bitcoin and Ethereum. The decentralized derivatives market has grown too large to ignore.

The numbers speak for themselves. Hyperliquid has maintained weekly volumes between $40 billion and $100 billion. Meanwhile, the total volume of perpetual futures in the market ranges from $125 billion to $300 billion weekly. That’s more than double what it was during the same period last year. The platform has secured a dominant position despite increasing competition from other platforms.

An important detail is that Coinbase will act as custodian for the proposed ETF. Grayscale has not yet disclosed management fees, leaving some questions open at this early stage. Some issuers prefer to prioritize speed over full transparency about costs.

Now, about staking. Grayscale has indicated it may incorporate staking rewards into the Hyperliquid ETF later, but this depends on regulatory clarity. Bitwise has already updated its filing to include staking, and 21Shares is also exploring this possibility. The idea is to offer investors a way to generate yield beyond token price appreciation.

What really stands out is how Hyperliquid has evolved. It started as a niche protocol and now functions as trading infrastructure for tokenized real-world assets. The protocol allows continuous trading of gold, oil, and other assets even when traditional markets are closed. This has attracted interest from traditional finance players seeking 24-hour exposure.

Competition has increased with platforms like Aster, Lighter, and edgeX entering the game. But the HYPE token maintains clear dominance most weeks. Network effects seem to be working well. Integration with various crypto services and the growing reliance of traders and liquidity providers have solidified the platform’s position.

The big question now is what the SEC will do with these multiple filings. Approval timelines remain uncertain. Regulators are still reviewing digital asset ETFs beyond Bitcoin, and this category is still developing. The next major move will be whether the SEC recognizes the filing and sets a review schedule. Any signals of approval could significantly influence demand for these products. It’s worth keeping a close eye on.