Hyperliquid, the decentralized trading platform that started as a crypto perpetual futures exchange less than three years ago, is now being seen by Wall Street analysts as a broader financial infrastructure play.
In a new report, Grayscale described Hyperliquid as a fast-growing blockchain platform that generated roughly $800 million in revenue in 2025 while capturing significant market share in crypto perpetual futures.
"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."
The platform processed roughly $2.9 trillion in perpetual futures volume in 2025 and now holds about $7 billion in open interest. Perpetual futures, or "perps," are derivatives contracts that let traders speculate on asset prices without expiration dates.
Hyperliquid has expanded into tokenized equities, commodities, and prediction markets through its HIP-3 and HIP-4 systems. Grayscale said those products are increasingly functioning as 24/7 trading venues for assets traditionally confined to Wall Street hours.
FalconX reached a similar conclusion last week, saying Hyperliquid is beginning to compete with CME Group and prediction market operators like Kalshi and Polymarket.
Both reports pointed to regulation as a critical factor. Hyperliquid currently blocks U.S. users because perpetual futures operate in a regulatory gray area. But Grayscale said evolving guidance and interest from firms like Coinbase and Robinhood suggest regulated perpetual products could eventually enter the U.S. market.
Risks remain. Grayscale noted Hyperliquid's token, HYPE, remains highly volatile and warned long-term growth depends heavily on future regulatory changes.