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HYPG vs THYP

Grayscale Hyperliquid Staking ETF

HYPGANasdaq

21Shares Hyperliquid ETF

THYPANasdaq

Overlap

100%by weight

Expense ratio

HYPG −0.01pt a year

HYPG0.29%THYP0.30%

Avg volume · 30D

HYPG 1.2×the volume

HYPG97.3KTHYP80.9K

HYPG vs THYP Performance

Jul 31, 2026 – Oct 30, 2026

+73.4%HYPG+73.7%THYP

Jul 31, 2026 to Oct 30, 2026. HYPG +73.4%. THYP +73.7%. Use the arrow keys to read each point.0%20%40%Jul 2026Sep 2026Oct 2026
Expense ratio
HYPG 0.29%, better
THYP 0.30%
Fund size
HYPG $207M
THYP $66M
Holdings
HYPG 1
THYP 1
Avg volume (30D)
HYPG 97.3K sh, better
THYP 80.9K sh
NAV per share
HYPG $32.01
THYP $52.25
52W range

ETF.net Grade

HYPG: Cost 96, Risk 68, Mission not scored, Tradability 72, Holdings not scored, Durability 61. THYP: Cost 86, Risk 77, Mission not scored, Tradability 72, Holdings 45, Durability 41.
Pillar letters and Scores for HYPG, THYP, with each pillar’s weight
PillarHYPGTHYP
Cost30% weightA96HigherA86
Mission25% weightNot scoredNot scored
Risk15% weightB68A77Higher
Tradability15% weightA72A72
Holdings10% weightNot scoredC45
Durability5% weightB61HigherC41

Rank among Crypto Spot funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. HYPG and THYP are both graded against the same 25 Crypto Spot funds, so their Grades compare head to head.

Crypto Spot⁠

Category · 25 funds
See all 25 ›

HYPG ranks 2nd and THYP 3rd of 25 funds in the Crypto Spot Category.

  1. Rank 1AXRPZFranklin XRP ETFScore 86
  2. Rank 2AHYPGGrayscale Hyperliquid Staking ETFScore 81
  3. Rank 3ATHYP21Shares Hyperliquid ETFScore 77
  4. Rank 4AXRPBitwise XRP ETFScore 75

Our read on each fund

ETF.net Research

HYPGAGrayscale Hyperliquid Staking ETF

THYPA21Shares Hyperliquid ETF

In short

HYPG No data

THYP The first US spot ETF for HYPE, the token behind the Hyperliquid perpetuals exchange. It holds the coin directly, stakes a slice of it, and charges less than the typical spot-crypto fund.

Stated mandate

HYPG No data

THYP The Trust seeks to track HYPE's performance through the FTSE Hyperliquid Index, net of expenses and liabilities, and may reflect staking rewards at the Sponsor's discretion.

Why people hold it

HYPG No data

  • THYP First US-listed spot Hyperliquid ETF: HYPE exposure inside an ordinary brokerage account, with no wallet, no private keys and no crypto exchange login.21shares.com
  • Staking is built into the wrapper. A portion of the trust's HYPE is staked on the network, and rewards are passed to shareholders in cash rather than kept inside the token.21shares.com
  • The 0.30% sponsor fee sits below the 0.35% median for spot-crypto ETFs and under BHYP, which tracks the same FTSE Hyperliquid Index.
  • Coins are held by Anchorage Digital Bank and BitGo Bank & Trust, federally chartered trust banks built for digital assets.21shares.com

Worth knowing

HYPG No data

  • THYP One token, one protocol. Value moves with the price of HYPE, the native asset of a young derivatives exchange, so drawdowns can be deep and fast.decrypt.co
  • Launched in 2026, so there is little history to judge it by, and how much of the HYPE gets staked is set at the sponsor's discretion.
  • It is a grantor trust, not a registered investment company, so the shareholder protections that come with 1940 Act funds do not apply here.

Full HYPG profile⁠

Full THYP profile⁠

HYPG vs THYP Holdings

How HYPG and THYP differ

Overlap by weight

100%

Shared holdings make up 100% of HYPG and 100% of THYP.

Level by level

  • Asset classAlternatives100%
  • Holdings1 in both100%

Sector

No Sector split for HYPG and THYP.

Country, concentration and asset class

Country by domicile

No country split for HYPG and THYP.

Concentration

Weight in the 10 largest Holdings

  • HYPG100.0%
  • THYP100.0%

Securities held

  • HYPG1
  • THYP1

Asset class

HYPG
Alternatives
THYP
Alternatives

Holdings

  • Only in HYPG0
  • In both1
  • Only in THYP0

Only in HYPG

0 securities, 0.0% of HYPG by weight

Only in THYP

0 securities, 0.0% of THYP by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in HYPG and THYP, widest gap first
HoldingMore in HYPGMore in THYP
HyperliquidSame weight

All HYPG holdings⁠All THYP holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HYPG vs THYP Cost

Overpaying THYP vs HYPG

$197

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • HYPG 0.29%

    $5,952

  • THYP 0.30%

    $6,149

$10,000
30 years

Cost over time

  • HYPG 0.29%
  • THYP 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530THYP $6,149HYPG $5,952

Year by year

YearHYPGTHYPOverpaying
10$527$545$18
20$2,044$2,113$69
30$5,952$6,149$197

Expense ratio

  • 0.29%HYPG, cheaper
  • 0.30%THYP
  • Middle half of Crypto Spot funds
  • Median 0.35%

HYPG 2nd cheapest of 25 funds

THYP 3rd cheapest of 25 funds

HYPG vs THYP Dividends

Last 12 months to Oct 30, 2026
Last payment
HYPG $0.04
THYP $0.19
Ex-dividend
HYPG Oct 5, 2026
THYP Sep 29, 2026
Paid on
HYPG Oct 6, 2026
THYP Sep 30, 2026
Frequency
HYPG Monthly
THYP Quarterly

Distribution history

Per share, 2026, same scale for both

HYPGMonthly · 3 paymentsAll HYPG payments⁠
One bar per payment. 3 payments in 2026 YTD. Aug 4, 2026 $0.03; Sep 3, 2026 $0.03; Oct 5, 2026 $0.04. Use the arrow keys to read each point.$0$0.202026YTD
THYPQuarterly · 2 paymentsAll THYP payments⁠
One bar per payment. 2 payments in 2026 YTD. Jun 29, 2026 $0.04; Sep 29, 2026 $0.19. Use the arrow keys to read each point.$0$0.202026YTD

HYPG vs THYP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

Market sensitivityBeta, 5 years
HYPG 3.80THYP −0.29

HYPG and THYP in the news

All news⁠

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