Grayscale calls Hyperliquid DeFi's biggest breakout story!

Grayscale, one of the world's largest digital asset managers, has named Hyperliquid the "breakout success story of the modern digital assets industry" — a significant endorsement from a firm that tracks the sector as closely as anyone. The report highlights Hyperliquid's explosive rise as a perpetual futures platform, with roughly $2.9 trillion in perps volume handled in 2025 alone and approximately $7 billion in open interest, placing it among the third- or fourth-largest crypto perpetuals venues globally.

Grayscale also flagged the risks investors should weigh alongside the growth story. HYPE's annualized volatility runs at roughly twice that of Bitcoin, Hyperliquid's validator set remains relatively concentrated, and its core software is still closed-source — structural factors that matter for anyone sizing a position.