Hyperliquid (HYPE) In The Spotlight: Grayscale’s Latest Report Says What Comes Next

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 fresh attention to the platform’s underlying momentum. 

Grayscale Research released a new report 24 hours later on Wednesday, breaking down why Hyperliquid has worked so well so far, what has helped it expand beyond crypto trading, and what investors may look for next.

The firm noted that Hyperliquid handled about $2.9 trillion in perpetual futures (perps) volume in 2025 and currently holds roughly $7 billion in open interest. 

One of Grayscale’s key themes was that Hyperliquid hasn’t limited its expansion to traditional crypto perps. Instead, it has moved toward a broader set of products through an open architecture approach. 

New functionality is introduced via Hyperliquid Improvement Proposals (HIPs), and those products are built and deployed by third-party teams rather than by Hyperliquid’s original creators. 

Grayscale said the volume data support that view. During the February silver spike, silver HIP-3 perps reportedly reached more than $4 billion in daily volume. In a window on February 5, 2026, HIP-3 silver perp volume traded at roughly 1% of COMEX’s silver notional volume. 

Building on that momentum, Grayscale pointed to HIP-4, which it described as extending the model to outcome markets—binary options that resemble prediction-market contracts. 

In Grayscale’s view, that 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 firm also highlighted distribution, arguing that the builder-code and frontend approach gives third parties a reason to route users into the same liquidity base instead of fragmenting attention across separate venues. 

Lastly, Hyperliquid’s token distribution was structured to reward platform users rather than venture investors or pre-selected insiders, which Grayscale said helped build a different kind of early ownership.

It added that Hyperliquid’s growth potential partly depends on changes to United States financial services regulation that could open access to a broader set of users. Without those shifts, Grayscale warned the platform’s expansion may end up being limited mostly to other jurisdictions, potentially capping how far it can grow.

Still, the report’s concluding message was that if Hyperliquid continues executing well, retains and grows its community, and benefits from regulatory developments that make broader adoption possible, it could become a “financial services juggernaut.” 

Featured image created with OpenArt; chart from TradingView.com