Grayscale Report: Hyperliquid Generated $800M Revenue in 2025, Challenges CME

According to a Coindesk report cited by PANews on May 30, Grayscale released a report stating that decentralized trading platform Hyperliquid could become a "financial services giant" and challenge traditional derivatives and exchange markets through blockchain infrastructure. Hyperliquid, founded less than three years ago, generated approximately $800 million in revenue in 2025 with $2.9 trillion in perpetual contract trading volume and roughly $7 billion in open interest.

The report notes that Hyperliquid has no direct competitors and, if executed successfully, could reshape the financial landscape. FalconX analysis indicates the platform is competing with traditional institutions including CME.