PANews reported on May 30 that, according to Coindesk, Grayscale released a report stating that the decentralized trading platform Hyperliquid has the potential to grow into a "financial services giant," challenging the traditional derivatives and exchange markets with its blockchain infrastructure.

The report points out that Hyperliquid, founded less than three years ago, started as a cryptocurrency perpetual contract exchange. In 2025, it projected revenue of approximately $800 million, perpetual contract trading volume of $2.9 trillion, and open interest of approximately $7 billion. Currently, its business has expanded to tokenized stocks, commodities, and prediction markets, building a 24/7 global financial market.

Grayscale emphasizes that Hyperliquid has no direct counterpart and, if implemented smoothly, will reshape the financial landscape. A FalconX report also suggests that the platform is competing with traditional institutions like the CME Group. However, regulation remains a key variable; the platform currently restricts access for US users, the HYPE token is highly volatile, and long-term growth depends on changes in regulatory policy.