Grayscale: Hyperliquid’s trading volume could reach $2.9 trillion in 2025

According to a Grayscale Research report, the decentralized trading platform Hyperliquid is expected to process about $2.9 trillion in perpetual contract trading volume in 2025, with current open interest around $700 million. The report states that Hyperliquid provides an experience close to that of centralized exchanges through its on-chain order book architecture, while maintaining on-chain transparency and user self-custody features. Platform income in 2025 is expected to be around $800 million, accounting for approximately 2% of the global crypto perpetual contract market revenue.