Grayscale: Hyperliquid is on Track to Become a Major Financial Player

Hyperliquid, a decentralized trading platform that originated as a crypto perpetual futures exchange, is gaining recognition on Wall Street as a potential disruptor in the broader financial infrastructure landscape, according to a report by Grayscale.

Grayscale highlights Hyperliquid's rapid growth and expansion potential.

In a recent report, Grayscale indicated that Hyperliquid generated approximately $800 million in revenue during 2025 and is capturing significant market share within the crypto perpetual futures sector, a major area of digital asset trading.

“Hyperliquid is not directly comparable to another project in either crypto or traditional finance,” Grayscale noted. “If it continues to execute well … we think Hyperliquid could become a financial services juggernaut.”

Key Insights:

• Hyperliquid's revenue for 2025 reached about $800 million, as it expands beyond crypto trading.
• Grayscale and FalconX report that Hyperliquid is gaining traction in perpetual futures and branching into tokenized equities, commodities, and prediction markets that operate continuously.
• Analysts view regulatory challenges as both a risk and a potential catalyst for growth, as Hyperliquid currently restricts U.S. users.

Perpetual futures, commonly referred to as “perps,” are derivatives that allow traders to speculate on asset prices without expiration dates. This market has become essential to crypto trading, with an average daily volume of around $200 billion this year, as reported by Grayscale.

While centralized exchanges like Binance and Bybit have traditionally dominated this market, Hyperliquid has emerged as a significant decentralized player, emphasizing self-custody and blockchain transparency.

In 2025, Hyperliquid processed nearly $2.9 trillion in perpetual futures volume and currently holds about $7 billion in open interest, according to Grayscale's findings.

Grayscale pointed out that Hyperliquid's ambitions extend far beyond just crypto trading. The platform is venturing into tokenized equities, commodities, and prediction markets through its HIP-3 and HIP-4 systems, which enable developers to create new markets directly on the platform. These offerings are increasingly serving as continuous trading venues for assets typically limited to traditional market hours.

A separate report from FalconX echoed these sentiments, stating that Hyperliquid is starting to compete with established firms like CME Group and prediction market operators such as Kalshi and Polymarket.

“Hyperliquid is gaining traction as demand for its HIP-3 markets expands to include pre-IPO trading,” noted Martin Gaspar, a strategist at FalconX.

Both reports highlight regulation as a pivotal factor influencing Hyperliquid's future growth trajectory. Currently, the platform does not allow U.S. users due to the ambiguous regulatory status of perpetual futures markets in the U.S. However, Grayscale suggests that evolving regulatory frameworks and increasing interest from companies like Coinbase (COIN), Robinhood (HOOD), and Kraken could pave the way for regulated perpetual products in the U.S.

Despite this potential, risks persist. Grayscale pointed out that Hyperliquid’s token, HYPE, is highly volatile, and the platform's long-term success is closely tied to forthcoming regulatory developments.

Nonetheless, both firms agree that Hyperliquid is transitioning beyond its initial perception as merely another crypto exchange. Analysts are now recognizing it as an early model for establishing a 24/7 global financial market utilizing blockchain technology.