News linked to both this project and an event.
digital asset management firm Grayscale stated in its latest report that the decentralized trading platform Hyperliquid is rapidly evolving from a crypto perpetual contract exchange into a blockchain-based financial infrastructure platform. In the future, it may even challenge the traditional derivatives trading and exchange systems, growing into a "financial services giant."The report shows that Hyperliquid generated approximately $800 million in revenue in 2025, with a full-year perpetual contract trading volume of about $2.9 trillion and open interest of roughly $7 billion, capturing a significant share of the crypto derivatives market. Grayscale believes the platform is no longer limited to crypto trading. Through the HIP-3 and HIP-4 systems, it is expanding into tokenized stocks, commodities, and prediction markets, gradually building a 24/7 on-chain trading infrastructure.In another report, FalconX also pointed out that Hyperliquid is competing with traditional derivatives exchanges like the CME Group, as well as prediction market platforms such as Kalshi and Polymarket, and is making progress in new markets like Pre-IPO.The report also emphasized that regulation remains a key variable. Although Hyperliquid currently restricts access for US users, as the regulatory framework gradually clarifies and institutions like Coinbase, Robinhood, and Kraken explore perpetual contract products, this sector may see broader growth potential in the future. (CoinDesk)
a report released by FalconX shows that the crypto derivatives platform Hyperliquid is expanding from perpetual contracts to pre-IPO trading, prediction contracts, and tokenized real-world assets, beginning to compete with traditional exchanges and prediction market operators. The report indicates that Hyperliquid's HIP-3 market allows users to trade stocks, commodities, forex, and pre-IPO contracts 24/7, with traders already using it for pre-IPO speculation on companies such as Cerebras, Anthropic, and SpaceX. The HIP-4 outcome market allows traders to place binary bets on political, economic, and crypto events.In terms of capital inflows, the HYPE spot ETFs launched by 21Shares and Bitwise have attracted a combined $53 million in inflows within just a few trading days. Hyperliquid's USDC partnership with Coinbase and Circle is expected to generate up to $160 million in annual protocol revenue. FalconX warns that CME and ICE have expressed concerns to regulators about potential market manipulation risks on the Hyperliquid market. Nevertheless, Hyperliquid continues to lead the decentralized perpetual contract market in terms of trading volume, revenue, and total value locked. (CoinDesk)