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

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.

Perpetual futures, often called “perps,” are a type of trading contract that lets people bet on whether the price of an asset will go up or down, without having to worry about an expiration date. They’ve become extremely popular in the crypto world, with around $200 billion changing hands each day this year, according to Grayscale.

For a long time, Binance and Bybit have been the main players in the cryptocurrency exchange world. But earlier this year, Hyperliquid arrived as one of the first decentralized exchanges capable of competing with them, while also giving users full control of their funds and providing clear, verifiable transactions on the blockchain.

In 2025, the platform facilitated approximately $2.9 trillion in perpetual futures trading, and currently has around $7 billion in open interest, as stated in the report.

Grayscale argued Hyperliquid’s ambitions now extend far beyond crypto trading.

As a researcher, I’ve been following the platform’s growth, and it’s exciting to see how it’s moved beyond its initial scope. Through systems called HIP-3 and HIP-4, we’re now seeing tokenized versions of things like stocks and commodities, plus entirely new prediction markets, all being launched directly on the network by developers. Grayscale has pointed out that these new products are essentially becoming 24/7 trading platforms for assets that used to only trade during regular Wall Street hours.

Last week, FalconX published a report with similar findings, noting that Hyperliquid is starting to challenge established companies like CME Group and prediction market platforms such as Kalshi and Polymarket.

Hyperliquid is gaining popularity as more people use its HIP-3 markets, which now include opportunities to trade in pre-IPO companies, according to FalconX strategist Martin Gaspar.

Both reports pointed to regulation as a critical factor for Hyperliquid’s future growth.

Hyperliquid doesn’t currently allow users in the U.S. because the rules around perpetual futures trading are unclear in American law. However, Grayscale believes that recent signals from regulators, along with interest from companies like Coinbase, Robinhood, and Kraken, indicate that regulated versions of these types of products might become available in the U.S. in the future.

Despite the potential, some risks still exist. Grayscale pointed out that the price of Hyperliquid’s HYPE token is very unstable and cautioned that the platform’s success in the future will largely depend on how regulations evolve.

Both companies indicated that Hyperliquid is now seen as more than just a typical cryptocurrency exchange.

Experts now believe this was an initial effort to create a continuous, worldwide financial market using blockchain technology.

2026-05-30 16:18

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