The digital asset manager says Hyperliquid is emerging as a blockchain-based financial infrastructure platform with the potential to expand beyond crypto trading and challenge parts of traditional derivatives and exchange markets.

Grayscale Research cast Hyperliquid as a standout DeFi contender with potential to scale into a major on-chain financial services platform. Its report

Earlier this month, 21Shares and Bitwise Investments became the first firms to launch HYPE-based exchange-traded funds.

Hyperliquid's rise pressures traditional exchanges to innovate, potentially reshaping trading hours and market dynamics globally.

Hyperliquid captured 44% of perpetual DEX volume by March 2026, with RWA perp open interest hitting $2.65B as traders flock to 24/7 commodity and index markets.

HYPE hit a record near $67 after the CFTC cleared the first US perpetual futures contract and Grayscale called Hyperliquid a breakout success.

The digital asset manager says Hyperliquid is emerging as a blockchain-based financial infrastructure platform with the potential to expand beyond crypto trading and challenge…