Grayscale says Hyperliquid could become a ‘financial services juggernaut’
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