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Hyperliquid Climbs Into Crypto’s Top 10 Despite U.S. Geoblock

  • Hyperliquid generated roughly $800M in 2025 revenue without any venture capital funding behind it.
  • The platform ranks 8th by crypto market cap, processing $2.9 trillion in perpetual futures volume in 2025.
  • HIP-3 expansion pushed daily commodity perp volumes past $4B, with an S&P 500 contract now live on weekends.

Hyperliquid is quickly gaining attention as a leading platform for digital assets. In 2025, this decentralized exchange brought in approximately $800 million in revenue.

It’s currently the eighth-largest cryptocurrency based on its total value. Remarkably, the platform has reached this position without any funding from venture capital firms.

Despite still being unavailable to viewers in the U.S., it’s experiencing rapid growth in other countries around the world.

Hyperliquid’s Core Model Sets It Apart From Competitors

As a crypto investor, I’ve been checking out Hyperliquid, and it’s a decentralized exchange where you can trade perpetual futures. Basically, these are contracts that don’t expire, letting you stay in a position indefinitely, which is great if you want continuous exposure to a particular asset.

This platform handles all transactions directly on the blockchain, providing complete transparency and giving users full control of their assets.

Trading on Hyperliquid feels very similar to using traditional exchanges. You’ll enjoy quick trades, lots of available orders, and an easy-to-use design. The key difference is that all trades are recorded publicly and transparently on the blockchain, unlike typical exchanges.

A recent report from Grayscale Research shows that Hyperliquid handled $2.9 trillion in perpetual futures trading volume in 2025.

Currently, the platform has roughly $7 billion worth of open positions. This ranks it as one of the top three or four biggest cryptocurrency derivatives exchanges in the world.

Hyperliquid is quickly becoming a leader in the digital asset space, projected to generate around $800 million in revenue by 2025. Remarkably, it’s already the eighth-largest cryptocurrency by market capitalization, all without any venture capital funding. Currently, it’s not available to users in the United States.

Our latest report unpacks how it happened, and what’s next.…

— Grayscale (@Grayscale) May 27, 2026

Lower fees encourage more people to use Hyperliquid. It costs about 0.02% to trade futures and 0.05% to trade spot, which is significantly less than the average of 0.04% for futures and 0.15% on major centralized exchanges.

Expanding Beyond Crypto Through Open Architecture

As a researcher following Hyperliquid, I’ve observed its impressive expansion beyond traditional cryptocurrency markets. This growth is largely due to its open design, which allows outside developers to build and launch new products through a proposal system. What’s particularly interesting is how this has changed market creation – it’s moved from a tightly controlled process to one that’s open and doesn’t require permission.

With HIP-3, developers can create trading markets that run continuously for assets beyond just cryptocurrencies – things like commodities, stocks, and even collections of investments.

In February 2026, when the price of silver sharply increased, trading volume for silver perpetual contracts on Hyperliquid exceeded $4 billion in a single day.

Trading in oil futures also exceeded $4 billion in April 2026, coinciding with increased instability in the Middle East.

As a crypto investor, I’m excited to see they now offer a way to trade a perpetual contract based on the S&P 500, and what’s really cool is that trading is available 24/7, even on weekends!

Since its launch, the HIP-3 platform has processed over $230 billion in trading volume and currently offers more than 140 different trading pairs.

HYPE token is central to the system, creating value by reducing its supply through fees and staking rewards. Almost all trading fees are used to buy back and destroy HYPE tokens, gradually decreasing the number available.

Clear rules and regulations in the U.S. are crucial for continued progress. The agency that oversees trading in futures contracts, the Commodity Futures Trading Commission, is currently examining guidelines for perpetual futures contracts.

A compliant pathway could eventually allow Hyperliquid to serve American users directly.

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2026-05-28 01:24