BHYP vs THYP vs HYPG: Which Hyperliquid ETF to Own
Three funds hold the same token at fees of 0.29%, 0.30% and 0.34%. The fee is the least interesting difference: staking arrangements, liquidity and how much of each fund is one seed investor matter more.
TL;DR. All three funds hold spot HYPE and stake part of it. Grayscale HYPG is cheapest at 0.29% and had $128.1m of cumulative flow by 20 August 2026, but 88% of that arrived in one seeding event. Bitwise BHYP costs 0.34%, runs its own validator instead of outsourcing, and has the most consistent day-to-day demand. 21Shares THYP sits at 0.30%, stakes 30–70% of holdings through Figment, and is the only one of the three with listed options. On a five-figure position the fee gap is worth single-digit dollars a year; the staking terms and the spread you pay on entry matter more.
The comparison in one table
| Bitwise BHYP | 21Shares THYP | Grayscale HYPG | |
|---|---|---|---|
| Exchange | NYSE | Nasdaq | Nasdaq |
| Listed | 15 May 2026 | 12 May 2026 | 3 June 2026 |
| Sponsor fee | 0.34% | 0.30% | 0.29% |
| Fee waiver | 0% for first month on first $500m | None disclosed | None disclosed |
| Staking operator | Bitwise Onchain Solutions (in-house) | Figment | Third-party validators |
| Fee on staking rewards | 25% | Undisclosed (roughly 70/30 split with Figment) | 25% |
| Cumulative net flow | $111.7m | $48.0m | $128.1m |
| Share of flow from one day | — | — | 88% (25 Jun 2026) |
| Listed options | No | Yes, weekly and monthly | No |
Flow figures run through 20 August 2026. Fees and staking terms come from the funds' own disclosures.
What the fee gap is actually worth
The spread between cheapest and dearest is five basis points. On a $10,000 position that's $5 a year. On $100,000, $50. Compare that with the bid-ask spread you cross getting in and out of a fund with a few million dollars of daily volume, and the ranking can flip on a single trade.
The staking arrangement moves more money than the fee does. HYPE's gross staking reward ran at 2.23% annualised as of 19 August 2026. A fund that keeps 25% of that gives up roughly 56 basis points of yield to the sponsor — more than ten times the fee difference between the three products. That's why "which is cheapest" and "which costs least to own" are different questions here.
The same pattern played out in the Bitcoin ETF fee war, where headline expense ratios converged and the real differentiator turned out to be execution quality.
Bitwise BHYP: the operator's fund
Bitwise is the only sponsor of the three that stakes the HYPE itself, through Bitwise Onchain Solutions, rather than hiring a validator service. That's a genuine structural difference, not marketing. It means one less counterparty between the fund and the network, and it means the sponsor's own operational failures — not a vendor's — are the risk you're taking.
BHYP also has the most convincing demand profile. It has more non-zero flow days than the other two funds combined, and its $111.7m arrived across dozens of ordinary sessions rather than one wire. When July went negative, BHYP absorbed most of it, which is what happens to the fund that holds the marginal buyer.
The catch is price: 0.34% is the highest of the three, and the launch waiver has expired. Full write-up in the BHYP review.
21Shares THYP: first to list, first to stall
THYP beat everyone to market on 12 May 2026 and used the head start well, pulling $56.0m in three weeks. Then it went quiet, June added $1.2m, and July was negative.
Its staking setup is the most conservative: between 30% and 70% of holdings are staked through Figment, with rewards split roughly 70/30 in the trust's favour. Keeping a large unstaked buffer means redemptions never wait on an unbonding queue, which matters more than it sounds for a fund whose shares can be redeemed on any business day.
THYP is also the only one of the three with listed options, added after launch in weekly and monthly series. If you want to write covered calls against a HYPE position or build a collar, this is the only fund of the three where you can.
21Shares also lists TXXH, a leveraged 40-Act product on the same underlying. It is not a spot fund, it resets daily, and it is not a substitute for THYP. More in the THYP review.
Grayscale HYPG: biggest, cheapest, most concentrated
HYPG has the largest cumulative flow and the lowest fee, and Grayscale marketed it as the lowest gross fee Hyperliquid ETP in the US. It also stakes the most aggressively: 94.23% of assets were staked as of 19 August 2026, and the fund now makes monthly staking reward distributions.
Then there's the concentration. On 25 June 2026 HYPG went from 470,000 shares outstanding to 5.49m in a single day, $112.7m at that day's NAV. That one event is 88% of everything the fund has raised. Outside it, HYPG has taken in a few million dollars in total.
The HYPG review goes through the fund in detail. Whether the concentration bothers you depends on what you're using the number for. It doesn't make the fund worse to own, the shares are backed by HYPE either way. It does mean the fund's flow history tells you almost nothing about ongoing demand, and it means a large share of the fund sits with a small number of holders who could leave the same way they arrived.
Staking risk, ranked
All three funds take on the same category of risk in different proportions. Staked tokens can't be sold instantly; unbonding takes time on any proof-of-stake network. If a fund has 94% of assets staked and faces heavy redemptions, it needs the unstaking queue to cooperate.
- THYP is the most cautious, with 30–70% staked by design and the rest liquid.
- BHYP stakes in-house, so the operational risk is concentrated in the sponsor rather than spread across vendors.
- HYPG stakes almost everything, which maximises reward capture and minimises the liquidity buffer.
Nothing has gone wrong so far. But this is a structure with a failure mode that spot Bitcoin ETFs simply don't have, and it's worth knowing which end of the spectrum you're on. The mechanics are covered in detail in how staking works inside a Hyperliquid ETF.
Liquidity: the cost nobody quotes
Fees are published; the spread is not. On funds this size it's the difference that actually shows up in your account. As of 20 August 2026 the three had roughly $131.8m, $72.3m and $145.9m in assets, small enough that a market order for a few thousand shares can move the print.
| Fund | Assets (20 Aug 2026) | Shares outstanding | Where liquidity comes from |
|---|---|---|---|
| BHYP | ~$131.8m | 3.20m | Highest turnover of the three; most active creation/redemption |
| THYP | ~$72.3m | 1.70m | Smaller book, but an options market adds hedging interest |
| HYPG | ~$145.9m | 5.62m | Large assets, thin turnover, most shares sit with the seed holder |
Note the mismatch in the last row. HYPG has the most assets and the least trading. Assets tell you how much HYPE the fund holds; turnover tells you how easily you can get in and out. For a position you intend to trade rather than hold for years, the second number matters more.
Two habits help regardless of which fund you pick: use limit orders, and avoid the first and last fifteen minutes of the session, when spreads on small ETFs are widest.
What would change this ranking
The comparison above is a snapshot of a market three months old. Three things would reshuffle it:
- A fee cut. Grayscale led on price at launch. If Bitwise responds, the 5bp gap disappears and execution becomes the only differentiator.
- Options on the other two. THYP's edge is the derivatives market around it. That advantage lasts only until BHYP or HYPG gets the same listings.
- A fourth issuer. Under the generic listing standards adopted in September 2025, another sponsor can list without a bespoke SEC rule change. A BlackRock or Fidelity entry would rewrite the liquidity table overnight.
How to choose
- You want the lowest headline cost and don't mind concentration: HYPG at 0.29%, with monthly reward distributions.
- You want the fund with real, recurring two-way flow: BHYP, where liquidity has been most consistent.
- You want options, or a bigger unstaked buffer: THYP is the only one that offers either.
- You're placing a large order: check the live spread on all three first. On funds this size, the spread is usually a bigger cost than a year of fees.
Daily flows and the current split between the three are on our Hyperliquid ETF tracker.
FAQ
Which Hyperliquid ETF is the cheapest?
Grayscale HYPG at a 0.29% sponsor fee, just ahead of 21Shares THYP at 0.30% and Bitwise BHYP at 0.34%. But all three also take a cut of staking rewards, and that cut is worth several times the fee difference.
What is the difference between BHYP and THYP?
BHYP (Bitwise, NYSE, 0.34%) stakes in-house through Bitwise Onchain Solutions and has the steadiest day-to-day flows. THYP (21Shares, Nasdaq, 0.30%) listed three days earlier, stakes 30–70% of holdings through Figment, and is the only Hyperliquid ETF with listed options.
Is HYPG better than BHYP because it is bigger?
Not necessarily. HYPG's $128.1m of cumulative flow is 88% one seeding day in June 2026, while BHYP's $111.7m came from many ordinary sessions. Size measured that way says more about who seeded the fund than about ongoing demand.
Do all three Hyperliquid ETFs stake their HYPE?
Yes, but differently. Bitwise and Grayscale each keep 25% of the staking reward as a fee; 21Shares stakes 30–70% of holdings through Figment with roughly a 70/30 split in the trust's favour. Grayscale had 94.23% of assets staked as of 19 August 2026.
Which Hyperliquid ETF has options?
21Shares THYP is the only one of the three with listed options, available in weekly and monthly series. BHYP and HYPG do not have them.
Can I switch between Hyperliquid ETFs without tax consequences?
In a taxable account, selling one fund to buy another is a disposal and triggers a gain or loss like any share sale. Inside an IRA or 401(k) it generally does not. Rules vary by country, so confirm with your own tax adviser.
Sources and further reading
- Grayscale, HYPG fund page: fee, staked percentage and gross staking reward, etfs.grayscale.com.
- Bitwise, BHYP launch announcement and staking disclosure, bitwiseinvestments.com.
- 21Shares, THYP product page, 21shares.com.
- Live flows: Hyperliquid ETF flows. Internal: Hyperliquid ETF explained, how to read HYPE flows.
