TechFlow News, May 30: According to a CoinDesk report, digital asset management firm Grayscale stated in its latest research report that decentralized exchange Hyperliquid is gradually evolving from a cryptocurrency perpetual futures exchange into a blockchain financial infrastructure platform. It may eventually challenge certain business segments of traditional exchanges and derivatives markets and grow into a “financial services giant.”
The report notes that Hyperliquid generated approximately $800 million in revenue in 2025, with annual perpetual futures trading volume reaching roughly $2.9 trillion and open interest totaling about $7 billion—securing it a significant share of the cryptocurrency perpetual futures market.
Grayscale added that the regulatory environment will be a key determinant of Hyperliquid’s future development. Although the platform currently restricts access for U.S. users, greater clarity in the U.S. regulatory framework—combined with rising institutional interest in perpetual futures products from firms such as Coinbase, Robinhood, and Kraken—could unlock substantial growth potential for the relevant market in the future.
