Grayscale has proposed a 0.29% management fee for its Hyperliquid ETF, a rate that lands below two competing funds already in the pipeline. The fee undercuts 21Shares' 0.3% and Bitwise's 0.34%.
Fee competition tightens
The numbers are small, but in the ETF world they matter. Grayscale's 0.29% is one basis point cheaper than 21Shares' 0.3% and five basis points below Bitwise's 0.34%. For a $1,000 investment, the difference is a few cents a year, but for big institutional allocations the savings add up.
None of the three funds have launched yet. The fee proposals are part of registration filings with regulators. Investors will watch to see if competitors respond with their own cuts, or if this price point becomes the benchmark for Hyperliquid-linked products.
The proposal puts Grayscale in a familiar role: the incumbent trying to hold share against newer entrants by trimming costs. But the race is still early, and the final fee structures may shift before any ETF actually begins trading.
