Hyperliquid remains the largest on-chain perps venue despite slower volumes and growing competition from rivals. If approved, the fund would trade in this space, offering investors regulated exposure to Hyperliquid’s on-chain perpetuals through an ETF.
Grayscale has entered the race to launch an ETF tied to Hyperliquid, signaling growing competition in the on-chain perpetuals market. As competition intensifies and volumes cool, market participants will be watching how the introduction of an ETF could influence liquidity, pricing, and access to on-chain perpetuals. The development underscores the ongoing push to bring traditional investment structures into the rapidly evolving crypto derivatives landscape.
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