Hyperliquid posts $964,767 in 24h revenue as Grayscale sees its move beyond crypto into 24/7 blockchain markets.
Hyperliquid is being described by Grayscale as more than a crypto derivatives venue.
The platform has expanded from perpetual futures into tokenized stocks, commodities, prediction markets, and other assets.
Its latest 24-hour revenue reached $964,767, but that amount did not fully cover HYPE rewards, which left mild inflation for the day.
Grayscale Frames Hyperliquid As Blockchain Market Infrastructure
Grayscale has described Hyperliquid as a blockchain-based financial infrastructure platform, not only a crypto exchange.
The view places Hyperliquid in a wider market group, alongside venues such as Nasdaq, CME, and Kalshi.
The report said Hyperliquid could support “24/7 markets on blockchain” if development continues and regulatory issues are managed.
This view reflects the platform’s move beyond perpetual futures and into broader financial products.
Hyperliquid recorded about $800 million in revenue and $2.9 trillion in trading volume in 2025, according to the figures cited.
These numbers helped strengthen its position in crypto derivatives and brought more attention from institutional observers.
Expansion Moves Beyond Perpetual Futures
Hyperliquid built much of its early growth through perpetual futures trading.
That market remains central to its activity, and it has helped the platform gain market share against large crypto exchanges.
The next stage includes tokenized stocks, commodities, prediction markets, and other financial assets.
These products could place Hyperliquid closer to traditional market operators and regulated financial venues.
Grayscale’s view also points to a wider shift in crypto market structure.
Blockchain platforms are trying to host markets that trade continuously, while users seek faster settlement and direct access.
The comparison with Nasdaq, CME, and Kalshi shows how the market narrative has changed.
Hyperliquid is now being judged against financial infrastructure firms, not only against Binance or Bybit.
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HYPE Revenue Still Trails Daily Rewards
Hyperliquid’s 24-hour revenue stood at $964,767, based on the reported figure. The amount was used to buy back and burn HYPE on the open market.
However, the buyback and burn did not fully offset rewards paid to stakers and validators. As a result, the HYPE supply faced mild inflation during the period.
The shortfall came as 431.1 million HYPE was staked, with an estimated yield near 2.26% APR.
Lower fees reduced the amount available for daily buybacks, even though revenue remained close to $1 million.
Market watchers often compare daily protocol revenue with token rewards because it shows supply pressure.
In this case, revenue was strong in absolute terms, but rewards were higher. The data shows the balance Hyperliquid must manage as it grows.
Revenue, token rewards, and fee demand will remain key factors for the HYPE market. Regulatory questions also remain central to the platform’s future.
If Hyperliquid expands into tokenized real-world assets and prediction markets, oversight may become more complex.
Grayscale’s assessment links Hyperliquid’s growth to both execution and regulation.
The platform’s next phase will depend on product demand, market trust, and rules across key regions.
Source: https://www.livebitcoinnews.com/hyperliquid-eyes-wall-street-scale-as-964k-revenue-still-trails-hype-rewards/
