Grayscale Report: Hyperliquid Poised to Challenge Traditional Derivatives Markets

PANews, May 30: According to Coindesk, Grayscale has released a report stating that the decentralized exchange Hyperliquid is poised to become a financial services giant, challenging traditional derivatives and exchange markets through its blockchain infrastructure. The report notes that Hyperliquid, founded less than three years ago, began as a crypto perpetuals exchange and generated approximately $800 million in revenue in 2025, with perpetual contract trading volume reaching $2.9 trillion and open interest totaling around $7 billion. Its operations have since expanded into tokenized equities, commodities, and prediction markets, building a 24/7 global financial market. Grayscale emphasizes that Hyperliquid has no direct competitor and, if executed successfully, could reshape the financial landscape. FalconX’s report also suggests the platform is now competing with traditional institutions such as the CME.