Hyperliquid (HYPE), a decentralized trading platform that began as a crypto perpetual futures exchange less than three years ago, is increasingly being viewed 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 roughly $800 million in revenue in 2025 while capturing meaningful market share in crypto perpetual futures, one of the largest segments of digital asset trading.
“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.
The platform processed roughly $2.9 trillion in perpetual futures volume in 2025 and now holds about $7 billion in open interest, according to the report.
Grayscale argued Hyperliquid’s ambitions now extend far beyond crypto trading.
The platform has expanded into tokenized equities, commodities and prediction-style markets through its HIP-3 and HIP-4 systems, allowing developers to launch new markets directly on the network. Grayscale said those products are increasingly functioning as round-the-clock trading venues for assets traditionally confined to Wall Street hours.
FalconX reached a similar conclusion in a separate report last week, saying Hyperliquid is beginning to compete with firms such as CME Group and prediction market operators including Kalshi and Polymarket.
“Hyperliquid is seeing traction as demand for its HIP-3 markets expands to include pre-IPO markets,” FalconX strategist Martin Gaspar wrote.
Both reports pointed to regulation as a critical factor for Hyperliquid’s future growth.
Hyperliquid currently blocks U.S. users because perpetual futures markets operate in a regulatory gray area under American law. But Grayscale said evolving guidance from regulators and growing interest from firms such as Coinbase (COIN), Robinhood (HOOD) and Kraken suggest regulated perpetual-style products could eventually enter the U.S. market.
Even so, risks remain. Grayscale noted that Hyperliquid’s token, HYPE, remains highly volatile and warned that the platform’s long-term growth depends heavily on future regulatory changes.
Still, both firms suggested Hyperliquid has moved beyond being viewed as just another crypto exchange.
Instead, analysts increasingly see it as an early attempt to build a 24/7 global financial market on blockchain rails.