Hyperliquid token surged to a new all-time high of $65 on Tuesday, briefly cracking the top ten cryptocurrencies by market cap. The move came as Grayscale Research released a deep dive into the platform's growth, product expansion, and what investors should watch next.
Grayscale's report highlights Hyperliquid's rapid ascent: approximately $2.9 trillion in perpetual futures volume in 2025 and roughly $7 billion in open interest. The firm ranks Hyperliquid as the third or fourth-largest perpetual futures exchange by open interest, driven by rising volume, fees, and market awareness.
A key theme: Hyperliquid is moving beyond crypto-native products. New functionality comes through Hyperliquid Improvement Proposals built and deployed by third-party teams. HIP-3, for example, allows builders to launch perpetual markets for stocks, commodities, and index products. During the February silver spike, HIP-3 silver perps hit over $4 billion in daily volume, roughly 1% of COMEX's notional volume.
HIP-4 extends the model to binary outcome markets, resembling prediction-market contracts.
Grayscale points to four growth drivers: product focus on perpetuals trading, reliable execution, a distribution model incentivizing third-party routing (Phantom earned ~$19.7 million from routed fees), and a token distribution rewarding users over venture investors.
Risks remain. HYPE's annualized price volatility is about 80%, roughly 40 percentage points higher than Bitcoin. Growth also depends on U.S. regulatory changes; without them, expansion may be limited to other jurisdictions.
Still, Grayscale's bottom line: If Hyperliquid continues executing, retains its community, and benefits from regulatory tailwinds, it could become a "financial services juggernaut."
