Foreign media reports that Grayscale stated in its latest report that Hyperliquid is expanding from a single crypto perpetual contract trading platform into a broader on-chain financial infrastructure. The article argues that the platform's goal extends beyond crypto trading, attempting to take over some of the functions of traditional exchanges and derivatives markets.
Revenue of approximately $800 million in 2025.
Grayscale stated that Hyperliquid achieved approximately $800 million in revenue in 2025 and captured a significant share of the crypto perpetual contract market. Perpetual contracts are one of the largest segments of digital asset trading. Grayscale estimates that the market's daily trading volume this year is approximately $200 billion.
The report states that Hyperliquid processed approximately $2.9 trillion in perpetual contract trading volume in 2025, with current open interest at around $7 billion. Compared to the market, which has long been dominated by centralized platforms such as Binance and Bybit, Hyperliquid is considered one of the few decentralized trading platforms that has achieved competitive scale.
The business has expanded to more assets.
The article states that Grayscale is interested not only in its market share in crypto derivatives, but also in expanding the boundaries of its platform's business. Through the HIP-3 and HIP-4 systems, developers can launch new trading markets on its network, covering tokenized stocks, commodities, and prediction markets.
Grayscale believes these products are bringing assets that were previously limited to Wall Street trading hours into a 24/7 trading environment. FalconX made a similar assessment in another report last week, stating that Hyperliquid has begun to compete with prediction market platforms such as CME Group, Kalshi, and Polymarket.
Regulation remains the biggest variable.
Both reports list regulation as a key factor for Hyperliquid's future growth. The articles mention that Hyperliquid currently blocks US users because perpetual contracts remain in a relatively gray area of regulation under US law.
However, Grayscale points out that with changes in regulatory stances and the growing interest of companies like Coinbase, Robinhood, and Kraken in compliant perpetual products, such products may still enter the US market in the future.
The report also noted that the HYPE token price remains highly volatile, and the platform's long-term growth is heavily dependent on changes in the regulatory environment. Nevertheless, both Grayscale and FalconX believe that Hyperliquid is no longer just a crypto trading platform, but rather an attempt to build a prototype of a blockchain-based, 24/7 global financial market.
