What did Grayscale say about Hyperliquid?

Grayscale Investments described Hyperliquid as one of the crypto industry's breakout success stories in a new research report. The firm highlighted the platform's rapid growth, strong revenue generation and expanding role in on-chain derivatives trading.

Why is Hyperliquid attracting institutional attention?

Hyperliquid has built a large user base by combining decentralised finance principles with trading performance that rivals centralised exchanges. Grayscale noted the platform's growing revenue, active ecosystem and strong product-market fit as key reasons for institutional interest.

Hyperliquid is a blockchain-based trading platform focused on perpetual futures and other financial products. It operates through an on-chain model while offering high-speed execution and self-custody for users.

How much revenue is Hyperliquid reportedly generating?

According to Grayscale's report, Hyperliquid generated approximately $800 million in annualised revenue during 2025. That places it among the highest revenue-generating projects in the digital asset sector.

What makes Hyperliquid different from other crypto trading platforms?

Hyperliquid combines decentralised infrastructure with performance levels typically associated with centralised exchanges. The platform also supports an expanding range of markets, including perpetual futures, spot trading and other financial products.

What is the significance of Grayscale's proposed Hyperliquid ETF?

Grayscale has filed and amended paperwork for a proposed Hyperliquid exchange-traded fund. If approved, the ETF could provide traditional investors with regulated exposure to the project and potentially increase institutional participation.

Has the Hyperliquid ETF been approved?

No. The proposed ETF remains under review by the US Securities and Exchange Commission. There is currently no guarantee that regulators will approve the product.

Why does Grayscale believe Hyperliquid still has growth potential?

Despite its rapid expansion, Hyperliquid remains small compared with the global derivatives market. Grayscale believes the platform could continue gaining market share if adoption increases and regulatory conditions remain favourable.

Cryptocurrency

Image for illustrative purposes only. Not a real photo.

Hyperliquid gains institutional backing from Grayscale

Written by Heidi Cuthbert Published May 29, 2026, 2:03 AM

Grayscale Investments has spotlighted Hyperliquid as one of the crypto industry's breakout success stories, highlighting the decentralised trading platform's rapid growth and expanding role in digital asset markets.

In a new report titled Hyperliquid Breaks the Mold, the asset manager said the platform has distinguished itself by combining high-performance trading infrastructure with a fully on-chain model that supports self-custody and decentralised finance principles.

The report pointed to Hyperliquid’s reported $800 million in annualised revenue during 2025, placing it among the largest revenue-generating crypto projects and strengthening its position in the perpetual futures trading market.

Grayscale also highlighted the platform’s open architecture, which supports a growing range of services including spot trading, commodities exposure and outcome-based markets.

“Hyperliquid is one of the breakout success stories of the modern digital asset industry,”

Crypto commentator Crypto Banter said while discussing the report's findings.

The endorsement comes as Grayscale pursues a proposed Hyperliquid exchange-traded fund, having recently amended its S-1 registration filing with US regulators, although approval from the Securities and Exchange Commission remains pending.

Despite the platform’s rapid growth, Grayscale noted that Hyperliquid’s current revenue remains small compared with the global derivatives industry, suggesting the project could have significant room for expansion if it continues gaining market share and benefiting from favourable regulatory developments.

At the time of reporting, Hyperliquid price was $61.70.