Grayscale: Hyperliquid is poised to become a financial giant, challenging the traditional derivatives market

On May 30, according to Coindesk, Grayscale released a report stating that the decentralized exchange Hyperliquid is expected to grow into a "financial services giant," challenging the traditional derivatives and exchange markets with its blockchain infrastructure. The report points out that Hyperliquid, less than three years old, started as a crypto perpetual futures exchange. In 2025, its revenue is projected to be around $800 million, with perpetual futures trading volume reaching $2.9 trillion and open interest standing at approximately $7 billion. Its business has now expanded to include tokenized stocks, commodities, and prediction markets, aiming to build a 24/7 global financial market. Grayscale emphasizes that Hyperliquid has no direct competitors, and if executed successfully, it could reshape the financial landscape. A FalconX report also suggests that the platform is competing with traditional institutions like the CME. However, regulation remains a key variable, as the platform currently restricts access for US users, and the HYPE token exhibits significant volatility. Long-term growth will depend on changes in regulatory policies.