Hyperliquid could become a ‘financial services juggernaut’ as DeFi expands, says Grayscale

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Hyperliquid could become a ‘financial services juggernaut’ as DeFi expands, says Grayscale The digital asset manager says Hyperliquid is emerging as a blockchain-based financial infrastructure platform with the potential to expand beyond crypto trading and challenge parts of traditional derivatives and exchange markets. What to know: - Hyperliquid, a decentralized trading platform that began as a crypto perpetual futures exchange, generated about $800 million in revenue in 2025 and is increasingly seen as a broader financial infrastructure play. - Reports from Grayscale and FalconX say Hyperliquid is rapidly gaining share in perpetual futures while expanding into tokenized equities, commodities and prediction-style markets that trade around the clock. - Analysts view regulation as the key risk and catalyst for Hyperliquid, which currently blocks U.S. users, even as they argue it is evolving from a niche crypto exchange into an early blueprint for a 24/7 global financial market built on blockchain. Hyperliquid (HYPE), a decentralized trading platform that began as a crypto perpetual futures exchange less than three years ago, is increasingly being viewed by Wall Street analysts as a broader financial infrastructure play that could challenge parts of traditional exchanges and derivatives markets. In a new report, Grayscale described Hyperliquid as a fast-growing blockchain-based platform that generated roughly $800 million in revenue in 2025 while capturing meaningful market share in crypto perpetual futures, one of the largest segments of digital asset trading. “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.” Perpetual futures, or “perps,” are derivatives contracts that allow traders to speculate on asset prices without expiration dates. The market has become a cornerstone of crypto trading, averaging roughly $200 billion in daily volume this year, according to Grayscale. Historically, the market has been dominated by centralized exchanges such as Binance and Bybit. Hyperliquid, however, earlier this year emerged as one of the first decentralized exchanges to compete at scale while offering self-custody and onchain transparency. The platform processed roughly $2.9 trillion in perpetual futures volume in 2025 and now holds about $7 billion in open interest, according to the report. Grayscale argued Hyperliquid’s ambitions now extend far beyond crypto trading. The platform has expanded into tokenized equities, commodities and prediction-style markets through its HIP-3 and HIP-4 systems, allowing developers to launch new markets directly on the network. Grayscale said those products are increasingly functioning as round-the-clock trading venues for assets traditionally confined to Wall Street hours. FalconX reached a similar conclusion in a separate report last week, saying Hyperliquid is beginning to compete with firms such as CME Group and prediction market operators including Kalshi and Polymarket. “Hyperliquid is seeing traction as demand for its HIP-3 markets expands to include pre-IPO markets,” FalconX strategist Martin Gaspar wrote. Both reports pointed to regulation as a critical factor for Hyperliquid’s future growth. Hyperliquid currently blocks U.S. users because perpetual futures markets operate in a regulatory gray area under American law. But Grayscale said evolving guidance from regulators and growing interest from firms such as Coinbase (COIN), Robinhood (HOOD) and Kraken suggest regulated perpetual-style products could eventually enter the U.S. market. Even so, risks remain. Grayscale noted that Hyperliquid’s token, HYPE, remains highly volatile and warned that the platform’s long-term growth depends heavily on future regulatory changes. Still, both firms suggested Hyperliquid has moved beyond being viewed as just another crypto exchange. Instead, analysts increasingly see it as an early attempt to build a 24/7 global financial market on blockchain rails. More For You Established crypto firms will merge with traditional finance, but neither Wall Street bankers nor corporate giants will take over the crypto industry, said Binance’s Head of VIP and Institutional, Catherine Chen. What to know: - Binance is doubling down on growth during a crypto downturn, aiming to expand its verified active user base from about 310 million to 3 billion by 2030. - The exchange is targeting a more than $2 billion gap between traditional finance and crypto infrastructure spending with a new OMS toolkit and...

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