Grayscale Says Hyperliquid Could Challenge Exchanges After $800 Million Revenue Haul
Updated
Updated · CoinDesk · May 30
Grayscale Says Hyperliquid Could Challenge Exchanges After $800 Million Revenue Haul
6 articles · Updated · CoinDesk · May 30
$800 million in 2025 revenue has pushed Hyperliquid beyond a niche crypto venue in Grayscale's view, with the firm calling it a potential blockchain-based financial-services heavyweight.
Hyperliquid processed about $2.9 trillion in perpetual-futures volume in 2025 and now holds roughly $7 billion in open interest, showing decentralized trading can compete at scale with centralized rivals.
HIP-3 and HIP-4 products are widening that reach into tokenized equities, commodities and prediction-style markets, turning the platform into a 24/7 venue for assets usually tied to Wall Street hours.
FalconX drew a similar conclusion last week, saying Hyperliquid is starting to compete with CME, Kalshi and Polymarket as demand grows for markets including pre-IPO trading.
U.S. regulation remains the key swing factor: Hyperliquid blocks American users today, and Grayscale said future growth depends heavily on whether regulators permit more compliant perpetual-style products.
As U.S. regulators approve crypto derivatives, can Hyperliquid beat Coinbase and Wall Street to dominate the American market?
Is Hyperliquid's lean, high-profit model the future of finance or an unregulated risk poised for a catastrophic collapse?
With 24/7 trading of stocks and gold now a reality, are traditional exchanges like the NYSE becoming obsolete?