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. 
Hyperliquid Beyond Crypto Perps In its report, Grayscale said Hyperliquid’s 
scale and growth can now be compared with the largest crypto derivatives 
venues, pointing to activity that has grown alongside its open interest and 
fees. 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. Related Reading: Will XRP Price Ever Reach $200? Top Expert 
Discloses What Must Happen First The asset manager also ranked Hyperliquid as 
the third or fourth-largest perpetual futures exchange by open interest, 
emphasizing that volume, open interest, fees, and market awareness have risen 
together even as the platform has started expanding from crypto-native 
products into a wider range of tradable exposures. 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. HIP-3 And HIP-4’s Success 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 highlighted HIP-3 as a major step in this 
direction. HIP-3 enables builders to launch new perpetual markets, including 
non-crypto assets such as stocks, commodities, and index-based products. 
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. 4 
Reasons Behind The Platform’s Growth Alongside its product expansion, 
Grayscale said there are several reasons Hyperliquid has been able to stand 
out. The report emphasized product focus, arguing that Hyperliquid was built 
around the perpetuals trading use case rather than treating trading as one 
feature among many. 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. Grayscale added that the economics have already been meaningful; it 
cited Phantom’s integration of Hyperliquid perps through builder codes, noting 
Phantom has earned roughly $19.7 million from routed trading fees. 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. Key Risks For HYPE Even with 
the optimistic growth narrative, Grayscale ended by warning investors to 
consider both familiar crypto risks and some platform-specific concerns. It 
said HYPE’s annualized price volatility is about 80%, roughly 40 percentage 
points higher than Bitcoin. Related Reading: Ethereum (ETH) Next Rally Could 
Start With These Two Triggers, Top Analyst Says 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

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, &#8230;

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

Geopolitical tensions highlight vulnerabilities in global markets, impacting 
oil and crypto, while boosting interest in decentralized finance.
The post Oil prices surge over 2% as Iran and US trade air strikes, sending 
shockwaves through crypto markets appeared first on Crypto Briefing.

Geopolitical tensions highlight vulnerabilities in global markets, impacting oil and crypto, while boosting interest in decentralized finance. The post Oil prices surge over 2% as Iran and US trade air strikes, sending shockwaves through crypto markets appeared first on Crypto Briefing.

Oil prices surge over 2% as Iran and US trade air strikes, sending shockwaves through crypto markets

The shift in investment strategies by global family offices may signal a long- 
term trend towards diversification and reduced US market reliance.
The post UBS family office clients are quietly pulling money out of US markets 
appeared first on Crypto Briefing.

The shift in investment strategies by global family offices may signal a long- term trend towards diversification and reduced US market reliance. The post UBS family office clients are quietly pulling money out of US markets appeared first on Crypto Briefing.

UBS family office clients are quietly pulling money out of US markets

US sanctions on Iran&#8217;s Strait of Hormuz authority heighten geopolitical risks, 
potentially destabilizing global energy markets and diplomacy.
The post US sanctions Iran&#8217;s Strait of Hormuz authority amid rising tensions 
appeared first on Crypto Briefing.

US sanctions on Iran&#8217;s Strait of Hormuz authority heighten geopolitical risks, potentially destabilizing global energy markets and diplomacy. The post US sanctions Iran&#8217;s Strait of Hormuz authority amid rising tensions appeared first on Crypto Briefing.

US sanctions Iran’s Strait of Hormuz authority amid rising tensions

A new quantum computing report has warned that the cryptocurrency industry may 
be running out of time to prepare for cryptographic attacks that could 
eventually threaten more than $2 trillion in digital assets. According to “The 
State of Quantum” from…

A new quantum computing report has warned that the cryptocurrency industry may be running out of time to prepare for cryptographic attacks that could eventually threaten more than $2 trillion in digital assets. According to “The State of Quantum” from…

Quantum computing threat to Bitcoin may arrive sooner than expected: report

Financial analyst and Stansberry Research founder Porter Stansberry has told 
Anthony Pompliano that the U.S. is heading toward a sweeping monetary reset by 
2029, pointing to Social Security’s structural collapse, accelerating dollar 
debasement, and more. Stansberry’s Case for a 2029 Financial Reckoning 
Stansberry’s thesis is rooted in what he calls the “Fourth Turning,” a 
generational […]

Financial analyst and Stansberry Research founder Porter Stansberry has told Anthony Pompliano that the U.S. is heading toward a sweeping monetary reset by 2029, pointing to Social Security’s structural collapse, accelerating dollar debasement, and more. Stansberry’s Case for a 2029 Financial Reckoning Stansberry’s thesis is rooted in what he calls the “Fourth Turning,” a generational &#8230;

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

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