Grayscale: Hyperliquid Is the Breakout Success Story of Modern Digital Assets Grayscale, one of the world’s largest digital asset managers, said Hyperliquid has become “the breakout success story of the modern digital assets industry” and one of the fastest-growing DeFi trading platforms. The report said Hyperliquid, focused on perpetual futures, handled about $2.9 trillion in perps volume in 2025 and now has roughly $7 billion in open interest, making it the third- or fourth-largest crypto perpetuals platform globally. Grayscale also noted that HYPE’s annualized volatility is about twice that of Bitcoin, while Hyperliquid’s validator set remains relatively concentrated and its core software is still closed-source.

Source: research.grayscale.com/reports...…