Gemini has expanded its crypto services by adding staking support for Hyperliquid’s native token, HYPE. The product offers an approximate 2.1% annual percentage yield with no minimum stake requirement and charges no transfer or redemption fees. Access is available to customers in most US states, though New York residents are excluded from the offering.
Hyperliquid operates a Layer 1 blockchain designed for perpetual futures trading, utilizing a delegated proof-of-stake model secured by HyperBFT consensus. Currently, about 440 million HYPE tokens are staked, representing 44% of the total supply. This institutional push follows similar moves by Kraken, which launched HYPE staking in June 2026, and Grayscale, which introduced a HYPE ETF on Nasdaq in the same month.
The integration of HYPE staking into Gemini’s platform signals a broader trend of major centralized exchanges aligning their infrastructure with emerging Layer 1 networks focused on specific verticals like perpetual futures. By offering competitive yields without transactional friction, Gemini aims to capture institutional and retail demand for yield-bearing assets within the Hyperliquid ecosystem. The exclusion of New York highlights the persistent regulatory fragmentation that continues to constrain nationwide access to staking products in the United States.
From a market structure perspective, the convergence of exchange-based staking, direct protocol delegation, and ETF wrappers creates a multi-layered liquidity environment for HYPE. While Kraken and Grayscale have already established footholds, Gemini’s entry intensifies competition among custodial providers. Investors should monitor how these distinct access points influence validator decentralization and whether regulatory pressures in jurisdictions like New York will further bifurcate the availability of yield-generating crypto instruments.