Hyperliquid (HYPE) In The Spotlight: Grayscale’s | Crypto News
On Tuesday, the Hyperliquid token (HYPE) surged to a new all-time high of $65, briefly propelling the cryptocurrency into the top ten by market capitalization and drawing recent consideration to the platform’s underlying momentum.
Grayscale Research launched a new report 24 hours later on Wednesday, breaking down why Hyperliquid has labored so effectively so far, what has helped it develop past crypto trading, and what buyers might look for next.
Hyperliquid Beyond Crypto Perps
In its report, Grayscale said Hyperliquid’s scale and growth can now be in contrast with the most important crypto derivatives venues, pointing to exercise that has grown alongside its open curiosity and charges.
The firm famous that Hyperliquid dealt with about $2.9 trillion in perpetual futures (perps) quantity in 2025 and at present holds roughly $7 billion in open curiosity.
The asset supervisor also ranked Hyperliquid as the third or fourth-largest perpetual futures exchange by open curiosity, emphasizing that quantity, open curiosity, charges, and market awareness have risen together even as the platform has began increasing from crypto-native merchandise into a wider vary of tradable exposures.
One of Grayscale’s key themes was that Hyperliquid hasn’t restricted its growth to conventional crypto perps. Instead, it has moved toward a broader set of merchandise through an open structure method.
HIP-3 And HIP-4’s Success
New performance is launched via Hyperliquid Improvement Proposals (HIPs), and those merchandise are constructed and deployed by third-party groups slightly than by Hyperliquid’s authentic creators.
Grayscale highlighted HIP-3 as a major step in this direction. HIP-3 allows builders to launch new perpetual markets, including non-crypto property such as shares, commodities, and index-based merchandise.
Grayscale said the quantity data assist that view. During the February silver spike, silver HIP-3 perps reportedly reached more than $4 billion in daily quantity. In a window on February 5, 2026, HIP-3 silver perp quantity traded at roughly 1% of COMEX’s silver notional quantity.
Building on that momentum, Grayscale pointed to HIP-4, which it described as extending the model to consequence markets—binary choices that resemble prediction-market contracts.
4 Reasons Behind The Platform’s Growth
Alongside its product growth, Grayscale said there are a number of causes Hyperliquid has been in a position to stand out. The report emphasised product focus, arguing that Hyperliquid was constructed around the perpetuals trading use case slightly than treating trading as one characteristic among many.
In Grayscale’s view, that allowed the platform to prioritize what energetic merchants care about most: fast order entry, dependable execution, clear and readable positions, and an exchange-style interface that feels acquainted.
The firm also highlighted distribution, arguing that the builder-code and frontend method provides third events a purpose to route customers into the same liquidity base instead of fragmenting consideration across separate venues.
Grayscale added that the economics have already been significant; it cited Phantom’s integration of Hyperliquid perps through builder codes, noting Phantom has earned roughly $19.7 million from routed trading charges.
Lastly, Hyperliquid’s token distribution was structured to reward platform customers slightly than enterprise buyers or pre-selected insiders, which Grayscale said helped construct a different form of early possession.
Key Risks For HYPE
Even with the optimistic growth narrative, Grayscale ended by warning buyers to think about both acquainted crypto dangers and some platform-specific issues. It said HYPE’s annualized price volatility is about 80%, roughly 40 share factors increased than Bitcoin.
It added that Hyperliquid’s growth potential partly relies upon on adjustments to United States financial companies regulation that might open access to a broader set of customers. Without those shifts, Grayscale warned the platform’s growth might end up being restricted largely to other jurisdictions, doubtlessly capping how far it might grow.
Still, the report’s concluding message was that if Hyperliquid continues executing effectively, retains and grows its group, and advantages from regulatory developments that make broader adoption attainable, it might grow to be a “financial services juggernaut.”
Featured image created with OpenArt; chart from TradingView.com
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