Grayscale: Hyperliquid Could Evolve into an On-Chain Financial Infrastructure Giant, Challenging Traditional Derivatives Markets

Odaily reports that digital asset management firm Grayscale stated in its latest report that the decentralized trading platform Hyperliquid is rapidly evolving from a crypto perpetual contract exchange into a blockchain-based financial infrastructure platform. In the future, it may even challenge the traditional derivatives trading and exchange system, growing into a "financial services giant."

The report shows that Hyperliquid generated approximately $800 million in revenue in 2025, with an annual perpetual contract trading volume of around $2.9 trillion and open interest of about $7 billion, capturing a significant share of the crypto derivatives market. Grayscale believes the platform is no longer limited to crypto trading; through the HIP-3 and HIP-4 systems, it is expanding into tokenized stocks, commodities, and prediction markets, gradually building a round-the-clock on-chain trading infrastructure.

In another report, FalconX also pointed out that Hyperliquid is competing with traditional derivatives exchanges like the CME Group, as well as prediction market platforms such as Kalshi and Polymarket, and is making progress in new markets like the Pre-IPO space.

The report also emphasized that regulation remains a key variable. Although Hyperliquid currently restricts access for US users, as the regulatory framework gradually becomes clearer and institutions like Coinbase, Robinhood, and Kraken explore perpetual contract products, the sector may see broader growth opportunities in the future. (CoinDesk)