Grayscale: Hyperliquid could become a 'financial services…

Grayscale has called Hyperliquid a potential "financial services juggernaut," arguing the decentralized trading platform is evolving from a crypto perpetual futures exchange into a full-stack blockchain-based financial infrastructure play. The platform generated roughly $800 million in revenue in 2025 and processed approximately $2.9 trillion in perpetual futures volume, now holding around $7 billion in open interest.

Hyperliquid has expanded well beyond crypto perps, launching tokenized equities, commodities, and prediction-style markets through its HIP-3 and HIP-4 systems — effectively building round-the-clock trading venues for assets traditionally confined to Wall Street hours. FalconX strategist Martin Gaspar echoed the thesis, noting Hyperliquid is beginning to compete directly with CME Group, Kalshi, and Polymarket, and seeing early traction in pre-IPO markets.