On Tuesday, Hyperliquid Token (HYPE) soared to a new all-time high of $65, briefly pushing the cryptocurrency into the top 10 by market cap and drawing new attention to the platform’s underlying momentum.
Grayscale Research released a new report 24 hours later on Wednesday, detailing why Hyperliquid has done so well so far, what has helped it expand beyond cryptocurrency trading, and what investors might look for next.
Hyperliquid Beyond Crypto Perps
In it a reportHyperliquid’s size and growth can now be compared to the largest cryptocurrency derivatives venues, Grayscale said, noting activity that has grown alongside its open interest and fees.
The company noted that Hyperliquid handled approximately $2.9 trillion in perpetual futures (PERPS) volume in 2025 and currently holds approximately $7 billion in open interest.
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Asset manager Hyperliquid also ranked third or fourth in size Perpetual futures exchange Through open interest, emphasizing that volume, open interest, fees and market awareness have risen together even as the platform begins to expand from native crypto products to a wider range of tradable exposures.
One of Grayscale’s main themes was that Hyperliquid was not limited to its expansion into traditional cryptocurrency applications. Instead, it has moved towards a broader range of products through an open architecture approach.
Success of HIP-3 and HIP-4
New functionality is delivered via Hyperliquid Improvement Proposals (HIPs), and these products are created and deployed by external teams rather than by the original Hyperliquid creators.
Grayscale is highlighted Hip-3 As a big step in this direction. HIP-3 enables builders to launch new permanent markets, including non-crypto assets such as stocks, commodities and index-based products.
Volume data supports that view, Grayscale said. During the February silver rally, HIP-3 silver reportedly reached over $4 billion in daily volume. In the February 5, 2026 window, HIP-3 silver volume traded at approximately 1% of the theoretical volume of silver on the COMEX.
Building on this momentum, Grayscale pointed to HIP-4, which it described as expanding the model to include outcome markets – binary options that are similar to predictive market contracts.
4 reasons why the platform is growing
Besides expanding its products, Grayscale said there are several reasons why Hyperliquid has been able to stand out. The report emphasized the focus on the product, arguing that Hyperliquid was built around Perpetual trading use case Instead of treating trading as one feature among many.
From Grayscale’s perspective, this allowed the platform to prioritize what active traders care about most: fast order entry, reliable execution, clear and readable positions, and an exchange-style interface that feels familiar.
The company also highlighted distribution, arguing that the building code and front-end approach gives third parties a reason to direct users to the same liquidity base rather than fragmenting interest across separate venues.
Grayscale added that the economics did make sense; quote Imaginary integration of Hyperliquid being hacked through the creation tokens, noting that Phantom earned approximately $19.7 million in directed trading fees.
Finally, Hyperliquid’s token distribution is designed to reward platform users rather than pre-selected venture investors or insiders, which Grayscale said helped build a different kind of early ownership.
The main risks of noise
Even with the upbeat growth narrative, Grayscale ended by warning investors to consider familiar cryptocurrency risks and some platform-specific concerns. He said Annual price volatility of HYPE It is about 80%, which is approximately 40 percentage points higher than Bitcoin.
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She added that Hyperliquid’s growth potential depends in part on changes in financial services regulation in the US that could open up access to a wider range of users. Without these shifts, Grayscale warned that the platform’s expansion could end up being mostly limited to other jurisdictions, which could limit the extent of its growth.
However, the report’s concluding message was that if Hyperliquid continues to perform well, retains and grows its community, and takes advantage of regulatory developments that make its wider adoption possible, it could become a “financial services juggernaut.”
Featured image created with OpenArt; Chart from TradingView.com
