CoinDesk
Grayscale says Hyperliquid is no longer just a decentralized perpetual futures exchange — it is rapidly evolving into a blockchain-based financial infrastructure platform that could challenge parts of traditional derivatives and exchange markets. In a new report, the digital asset manager described Hyperliquid as a fast-growing venue that generated roughly $800 million in revenue in 2025 while capturing meaningful share in crypto perpetual futures, a market segment averaging around $200 billion in daily volume.
"Hyperliquid is not directly comparable to another project in either crypto or traditional finance," Grayscale wrote. "If it continues to execute well … we think Hyperliquid could become a financial services juggernaut."
Why it matters
The scale is what sets the call apart. Hyperliquid processed roughly $2.9 trillion in perpetual futures volume in 2025 and now holds about $7 billion in open interest — numbers that put a three-year-old onchain venue in the same conversation as centralized heavyweights Binance and Bybit. Grayscale and FalconX both argue the platform's ambitions now stretch well beyond crypto: through its HIP-3 and HIP-4 systems, Hyperliquid is hosting tokenized equities, commodities and prediction-style markets that trade around the clock, encroaching on territory historically owned by CME Group and operators like Kalshi and Polymarket. FalconX strategist Martin Gaspar wrote that "Hyperliquid is seeing traction as demand for its HIP-3 markets expands to include pre-IPO markets," a category that did not exist onchain a year ago.
Market impact
The bullish framing is direct, but so is the risk line. Hyperliquid still blocks U.S. users because perpetual futures sit in a regulatory gray area under American law — a constraint that simultaneously caps near-term growth and explains why Coinbase, Robinhood and Kraken are now publicly working on regulated perpetual-style products. Grayscale flagged the HYPE token's volatility and warned that long-term expansion depends heavily on how U.S. guidance evolves.
Frequently asked questions
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Why did Grayscale call Hyperliquid a 'financial services juggernaut'?
Grayscale argued that Hyperliquid is no longer comparable to any single crypto or TradFi project. Its $800M 2025 revenue, $2.9T in perp volume and expansion into tokenized equities, commodities and prediction markets put it on a path to challenge parts of traditional derivatives and exchange venues.
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How big is Hyperliquid's perpetual futures business?
Hyperliquid processed roughly $2.9 trillion in perpetual futures volume in 2025, generated about $800 million in revenue and now carries around $7 billion in open interest. Perpetual futures overall average roughly $200 billion in daily volume, per Grayscale.
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What are HIP-3 and HIP-4 on Hyperliquid?
HIP-3 and HIP-4 are Hyperliquid system upgrades that allow developers to launch new markets directly on the network, including tokenized equities, commodities and prediction-style products. Grayscale says these are increasingly functioning as round-the-clock trading venues for assets traditionally limited to Wall…
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Can U.S. users trade on Hyperliquid?
No. Hyperliquid currently blocks U.S. users because perpetual futures operate in a regulatory gray area under American law. Grayscale noted that evolving regulatory guidance and interest from Coinbase, Robinhood and Kraken could eventually open the door to regulated perpetual products in the U.S.
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What did FalconX say about Hyperliquid?
In a separate report last week, FalconX said Hyperliquid is starting to compete with firms like CME Group and prediction-market operators including Kalshi and Polymarket. FalconX strategist Martin Gaspar highlighted traction in HIP-3 pre-IPO markets as evidence the venue is moving beyond crypto-native trading.
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