PANews reported on June 8 that a recent report by Grayscale Research, titled "Hyperliquid Breaks the Mold," indicates that the decentralized exchange Hyperliquid will handle approximately $2.9 trillion in perpetual contract trading volume by 2025, with a current open interest (OI) of approximately $7 billion, making it the third or fourth largest crypto perpetual contract exchange globally.

The report points out that Hyperliquid achieves a trading experience close to that of centralized exchanges through its on-chain order book architecture, while retaining on-chain transparency and user self-custody features. In 2025, the platform's revenue was approximately $800 million, accounting for about 2% of the global crypto perpetual contract market revenue, but it has already become one of the most successful applications in the DeFi space.

In addition to perpetual contracts for crypto assets, Hyperliquid also offers 24-hour perpetual trading markets for traditional financial assets such as stocks, commodities, and indices through the HIP-3 mechanism. Currently, HIP-3 has accumulated over $230 billion in trading volume and supports more than 140 trading pairs.

The report suggests that as the regulatory framework for perpetual contracts and decentralized exchanges in the United States becomes clearer, Hyperliquid is expected to gain a broader user base in the future.