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Grayscale, one of the world's largest digital asset managers, has labeled Hyperliquid "the breakout success story of the modern digital assets industry," according to a research report covering the perpetual futures platform's 2025 performance.
The report highlights roughly $2.9 trillion in perps volume handled during 2025 and approximately $7 billion in open interest — figures that put Hyperliquid in the third or fourth position globally among crypto perpetuals platforms. HYPE's annualized volatility runs about 2x Bitcoin's, while the validator set remains relatively concentrated and the core software is still closed-source.
Why it matters
A flagship Grayscale report naming Hyperliquid as a category leader is the kind of legitimacy stamp institutional allocators wait for before sizing a position. Until now, Hyperliquid's growth story has been told almost entirely on-chain and on crypto-native media. Grayscale reframing it inside the traditional digital-asset research format gives the same data points a different audience.
Market impact
The perps volume and open-interest numbers place Hyperliquid inside a tier previously occupied by Binance, OKX, and Bybit for derivatives flow. The volatility note and the closed-source caveat matter too: institutional desks will read those as diligence items, not disqualifiers, but they shape how fast pension and endowment capital can move in.
Frequently asked questions
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What did Grayscale say about Hyperliquid?
Grayscale called Hyperliquid "the breakout success story of the modern digital assets industry" in a research report, citing roughly $2.9 trillion in 2025 perps volume and about $7 billion in open interest.
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How big is Hyperliquid in crypto perpetuals?
Grayscale ranked Hyperliquid as the third- or fourth-largest crypto perpetuals platform globally by volume and open interest, alongside major centralized derivatives venues.
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What risks did Grayscale flag on Hyperliquid?
The report noted HYPE's annualized volatility runs about 2x Bitcoin's, the validator set is relatively concentrated, and the core software is still closed-source.
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Why does a Grayscale endorsement matter for a DeFi protocol?
Grayscale is the world's largest digital asset manager; its research reaches institutional allocators who typically size positions only after traditional research format coverage — a legitimacy stamp that expands the addressable buyer base.
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What could change Hyperliquid's institutional trajectory next?
Watch for continued open-interest growth, validator-set decentralization, and any move toward open-sourcing the core software — each would lower the diligence barriers traditional desks cite before sizing in.
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