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Hyperliquid could become a ‘financial services juggernaut’ as DeFi expands, says Grayscale
The digital asset manager says Hyperliquid is emerging as a blockchain-based financial infrastructure platform with the potential to expand beyond crypto trading and challenge parts of traditional derivatives and exchange markets.
May 30, 2026, 1:00 p.m. 2 min read
What to know:
- Hyperliquid, a decentralized trading platform that began as a crypto perpetual futures exchange, generated about $800 million in revenue in 2025 and is increasingly seen as a broader financial infrastructure play.
- Reports from Grayscale and FalconX say Hyperliquid is rapidly gaining share in perpetual futures while expanding into tokenized equities, commodities and prediction-style markets that trade around the clock.
- Analysts view regulation as the key risk and catalyst for Hyperliquid, which currently blocks U.S. users, even as they argue it is evolving from a niche crypto exchange into an early blueprint for a 24/7 global financial market built on blockchain.
“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.”
Perpetual futures, or “perps,” are derivatives contracts that allow traders to speculate on asset prices without expiration dates. The market has become a cornerstone of crypto trading, averaging roughly $200 billion in daily volume this year, according to Grayscale.
Historically, the market has been dominated by centralized exchanges such as Binance and Bybit. Hyperliquid, however, earlier this year emerged as one of the first decentralized exchanges to compete at scale while offering self-custody and onchain transparency.
