Institute Home April 2026

Is Hyperliquid the Next Financial Services Juggernaut?

Hyperliquid is the breakout success story of the modern digital assets industry. It’s a decentralized finance (DeFi) platform that started with a specialization in perpetual futures—a type of non-expiring derivative that originated in crypto but will soon arrive in traditional finance—but is quickly becoming a multi-purpose platform that can rival existing traditional finance rivals.

In a new report, my Grayscale Research colleague Michael Zhao explains how Hyperliquid works and why it’s so popular with users. One key ingredient has been the power of “permissionless innovation.” As an open-architecture network, Hyperliquid encourages third-party builders to deploy new products. As a result, the platform now supports crypto spot trading, futures trading for traditional assets, and outcome markets (akin to prediction markets). When traders want exposure to crude oil on the weekend or to see expectations for the SpaceX IPO price, they turn to Hyperliquid.

The HYPE token powers the network and accrues value from trading fees, which last year totaled around $800 million.¹ Based on the platform’s financial metrics, the native token looks undervalued vis-a-vis exchange/trading-related comparables in public equity markets (Exhibit 1).

Hyperliquid is not yet available to US users due to regulatory ambiguity around perpetual futures and decentralized exchanges. However, recent comments from regulators and ongoing efforts in Congress could change that and create a meaningful catalyst for further growth.

Key Takeaway: Hyperliquid is a DeFi platform specializing in perpetual futures that is increasingly competing with traditional exchanges. Regulatory clarity in the US can expand access to Hyperliquid to new users and, in our view, help drive value to the HYPE token.

Exhibit 1: Based on the market capitalization of its HYPE token, Hyperliquid trades at a lower multiple than other platforms

Source: Allium. Data as of May 27, 2026

Investments in digital assets are speculative investments that involve significant risk, including a partial or total loss of invested funds. Investments in digital assets are not suitable for any investor that cannot afford loss of the entire investment.

This information should not be relied upon as research, legal, tax or investment advice, or a recommendation regarding any products, strategies, or any investment in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. This content does not constitute an offer to sell or the solicitation of an offer to sell or buy any security in any jurisdiction where such an offer or solicitation would be illegal. There is not enough information contained in this content to make an investment decision and any information contained herein should not be used as a basis for this purpose. Readers are encouraged to seek guidance from qualified professionals. 

IMPORTANT: By signing up for a Grayscale event, you acknowledge that your participation, including any travel, lodging, or meals paid for by Grayscale, complies with all applicable laws, regulations, and policies, whether in the United States or abroad. You also confirm that you have completed any required disclosures, obtained necessary approvals, and will meet any reporting obligations related to your attendance.  

Grayscale and its employees may hold certain of the digital assets mentioned herein.

Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on Grayscale’s views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. In addition to statements that are forward-looking by reason of context, the words “may, will, should, could, can, expects, plans, intends, anticipates, believes, estimates, predicts, potential, projected, or continue” and similar expressions identify forward-looking statements. Grayscale assumes no obligation to update any forward-looking statements contained herein and you should not place undue reliance on such statements, which speak only as of the date hereof. Although Grayscale has taken reasonable care to ensure that the information contained herein is accurate, no representation or warranty (including liability towards third parties), expressed or implied, is made by Grayscale as to its accuracy, reliability, or completeness. You should not make any investment decisions based on these estimates and forward-looking statements.

Specific companies, issuers, platforms, or protocols are mentioned for educational purposes only and should not be deemed a recommendation to buy or sell any securities, digital assets, or other financial instruments. Any entities mentioned do not necessarily represent current or future holdings of any Grayscale products. 

All content is original and has been researched and produced by Grayscale Investments Sponsors, LLC (“Grayscale”) unless otherwise stated herein. No part of this content may be reproduced in any form, or referred to in any other publication, without the express consent of Grayscale. 

© Grayscale. All trademarks, service marks and/or trade names (e.g., G™, GRAYSCALE®, GRAYSCALE CRYPTO SECTORS™, and GRAYSCALE INVESTMENTS®) are owned and/or registered by Grayscale.