Hyperliquid Eyes Legacy Finance as DeFi Perps Hit $200B Daily

Hyperliquid ($HYPE), a decentralized trading platform that launched as a crypto perpetual futures exchange less than three years ago, is increasingly being seen by Wall Street as something closer to a financial infrastructure play—one that might eventually give traditional exchanges a run for their money. In a new report, Grayscale called Hyperliquid a fast-growing blockchain-based platform that pulled in roughly $800 million in revenue during 2025 while carving out real market share in crypto perpetual futures, one of the biggest corners of digital asset trading. "Hyperliquid is not directly comparable to another project in either crypto or traditional finance," Grayscale noted. "If it continues to execute well … we think Hyperliquid could become a financial services juggernaut."

Perpetual futures, or "perps," are derivatives contracts that let traders 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, centralized exchanges like Binance and Bybit have dominated this space. But Hyperliquid earlier this year broke through 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, per the report.

Grayscale argued Hyperliquid's ambitions stretch well beyond crypto trading. The platform has expanded into tokenized equities, commodities and prediction-style markets through its HIP-3 and HIP-4 systems, which let developers launch new markets directly on the network. Grayscale noted these products are increasingly functioning as round-the-clock trading venues for assets traditionally limited to Wall Street hours.

FalconX reached a similar conclusion in a separate report last week, saying Hyperliquid is beginning to compete with firms like 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 flagged regulation as a critical factor for Hyperliquid's future. The platform currently blocks U.S. users because perpetual futures markets occupy a regulatory gray area under American law. But Grayscale said evolving regulatory guidance and growing interest from firms like Coinbase (COIN), Robinhood (HOOD) and Kraken suggest regulated perpetual-style products could eventually make their way to U.S. markets.

Risks still linger, though. Grayscale noted that Hyperliquid's token, $HYPE, remains highly volatile and warned that the platform's long-term growth depends heavily on how regulations shake out. Still, both firms suggested Hyperliquid has moved past being just another crypto exchange. Analysts increasingly view it as an early attempt to build a 24/7 global financial market on blockchain rails—which, in crypto years, is practically a retirement plan.