Grayscale: Hyperliquid may evolve into an on-chain financial infrastructure giant, challenging the traditional derivatives market.

According to a recent report by Grayscale, a digital asset management company, the decentralized trading platform Hyperliquid is rapidly evolving from a crypto perpetual contract exchange into a blockchain financial infrastructure platform, potentially even challenging traditional derivatives trading and exchange systems and growing into a "financial services giant." The report shows that Hyperliquid achieved approximately $800 million in revenue in 2025, with an annual perpetual contract trading volume of approximately $2.9 trillion and open interest of approximately $7 billion, holding a significant share of the crypto derivatives market. Grayscale believes that the platform is no longer limited to crypto trading but is expanding into tokenized stocks, commodities, and prediction markets through its HIP-3 and HIP-4 systems, gradually building a 24/7 on-chain trading infrastructure. Another report by FalconX also points out that Hyperliquid is competing with traditional derivatives exchanges like CME Group and prediction market platforms like Kalshi and Polymarket, and is making progress in new markets such as pre-IPO. The report also emphasizes that regulation remains a key variable. Although Hyperliquid currently restricts access for US users, the sector may see greater growth potential in the future as the regulatory framework becomes clearer and institutions such as Coinbase, Robinhood, and Kraken explore perpetual contract products.