Hyperliquid: Grayscale says it could be a financial services giant

Grayscale Research’s May 27 report elevated Hyperliquid from a high-volume decentralized exchange to a potential on-chain financial infrastructure provider that could scale into an exchange-sized business. The firm described the protocol as a “breakout” success in modern digital assets and flagged its potential to expand beyond crypto trading.

According to figures cited in the report, Hyperliquid generated roughly $800 million in fee revenue in 2025, processed about $2.9 trillion in perpetual futures volume that year, and carried around $7 billion in open interest. The analysis also highlights Hyperliquid’s HIP-3 and HIP-4 governance and architecture, which enable third-party markets for tokenized equities, commodities and prediction-style products to be deployed on-chain.

Market participants have already felt the impact: perpetual markets on Hyperliquid have at times provided round-the-clock price discovery for assets such as oil and precious metals, offering early signals to traditional venues and creating arbitrage and hedging flows outside normal trading hours. Bloomberg coverage documents how those around-the-clock markets have become an important price conduit during episodes of geopolitical and commodity volatility.

The development occurs against a backdrop of regulatory scrutiny and infrastructure debate. Major exchange operators and market infrastructure firms have raised concerns about anonymous trading, market integrity and potential for market manipulation in offshore perpetual markets, prompting outreach to U.S. regulators. At the same time, institutional interest—manifested in ETF filings and reported seed negotiations—could provide a pathway for regulated access if custody and compliance arrangements are clarified.

Analysts say Hyperliquid’s next phase will depend on execution, token economics, and regulatory progress. If the protocol sustains product growth, retains active liquidity providers and benefits from clearer rules that permit wider institutional participation, it could further close the gap with centralized derivatives venues. However, volatility of the HYPE token and unresolved oversight questions mean risks remain material for investors and counterparties.