Hyperliquid (HYPE), a decentralized trading platform that started as a perpetual cryptocurrency futures exchange less than three years ago, is increasingly seen by Wall Street analysts as a broader financial infrastructure play that could challenge parts of traditional exchanges and derivatives markets.
In a new report, Grayscale described Hyperliquid as a fast-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 any other crypto or traditional finance project,” Grayscale wrote. “If it continues to perform well… we believe Hyperliquide could become a financial services heavyweight.”
Perpetual futures, or “perps,” are derivative contracts that allow traders to speculate on asset prices without an expiration date. The market has become the cornerstone of crypto trading, with an average daily volume of around $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 offering self-custody and on-chain transparency.
The platform processed approximately $2.9 trillion in perpetual futures volumes in 2025 and now holds approximately $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 to equity, commodity and prediction markets through its HIP-3 and HIP-4 systems, allowing developers to launch new markets directly on the network. Grayscale said these products increasingly operate as 24-hour trading platforms for assets traditionally limited to Wall Street business hours.
FalconX came to a similar conclusion in a separate report last week, saying Hyperliquid was beginning to compete with companies such as CME Group and prediction market operators including Kalshi and Polymarket.
“Hyperliquid is seeing success as demand for its HIP-3 markets expands to include pre-IPO markets,” wrote FalconX strategist Martin Gaspar.
Both reports highlight that regulation is a critical factor for Hyperliquide’s future growth.
Hyperliquid is currently locking out US users because perpetual futures markets operate in a regulatory gray area under US law. But Grayscale said evolving guidelines from regulators and growing interest from companies such as Coinbase (COIN), Robinhood (HOOD) and Kraken suggest regulated perpetual-style products could eventually enter the U.S. market.
Despite everything, risks remain. Grayscale noted that Hyperliquide’s token, HYPE, remains highly volatile and cautioned that the platform’s long-term growth is highly dependent on future regulatory changes.
Nonetheless, both companies suggested that Hyperliquid should no longer be considered just a crypto exchange.
Instead, analysts increasingly see it as a first attempt to build a 24/7 global financial market on the rails of blockchain.
