Hyperliquid (HYPE), a decentralized trading platform that started as a crypto perpetual futures exchange less than three years ago, is increasingly seen by Wall Street analysts as a broader financial infrastructure that could challenge parts of traditional exchanges and derivatives markets.
In a new report, Grayscale described Hyperliquid as a rapidly growing blockchain-based platform that generated approximately $800 million in revenue in 2025 while capturing significant 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 cryptocurrency or traditional finance,” Grayscale wrote. “If it continues to perform well… we believe Hyperliquid could become a financial services giant.”
Perpetual futures, or “delinquents,” are derivative contracts that allow traders to speculate on asset prices without expiration dates. The market has become a cornerstone of cryptocurrency trading, with average daily volume of about $200 billion this year, according to Grayscale.
Historically, the market has been dominated by centralized exchanges such as Binance and Bybit. Hyperliquid, however, emerged earlier this year as one of the first decentralized exchanges to compete at scale while also offering self-custody and on-chain transparency.
The platform processed approximately $2.9 trillion in perpetual futures volume in 2025 and now has around $7 billion in open interest, according to the report.
Grayscale argued that Hyperliquid’s ambitions now extend far beyond cryptocurrency trading.
The platform has expanded into tokenized stocks, 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 increasingly function as 24-hour trading venues for assets traditionally confined to Wall Street hours.
FalconX reached a similar conclusion in a separate report last week, saying that Hyperliquid is starting to compete with the likes of CME Group and prediction market operators including Kalshi and Polymarket.
“Hyperliquid is gaining traction as demand for its HIP-3 markets expands to include pre-IPO markets,” wrote FalconX strategist Martin Gaspar.
Both reports noted that regulation is a critical factor for Hyperliquid’s future growth.
Hyperliquid currently blocks US users because perpetual futures markets operate in a regulatory gray area under US law. But Grayscale said evolving guidance from regulators and growing interest from companies like Coinbase (COIN), Robinhood (HOOD) and Kraken suggest that regulated perpetual-style products could eventually enter the U.S. market.
Still, risks remain. Grayscale noted that Hyperliquid’s token, HYPE, remains highly volatile and warned that the platform’s long-term growth largely depends on future regulatory changes.
Still, both companies suggested that Hyperliquid has moved beyond being seen 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.
