Grayscale says Hyperliquid could become a ‘financial services juggernaut’

Grayscale says Hyperliquid, a decentralized trading platform that began as a crypto perpetual futures exchange less than three years ago, is increasingly seen as a broader blockchain-based financial infrastructure play. The firm said Hyperliquid generated roughly $800 million in revenue in 2025 while capturing meaningful market share in crypto perpetual futures.

Perpetual futures, or perps, let traders speculate without expiration dates and have become a cornerstone of crypto trading, averaging roughly $200 billion in daily volume this year. Historically dominated by centralized exchanges like Binance and Bybit, the market saw Hyperliquid emerge earlier this year as one of the first decentralized exchanges to compete at scale, offering self-custody and on-chain transparency; the platform processed about $2.9 trillion in perp volume in 2025 and now holds roughly $7 billion in open interest.

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