Hyperliquid’s $800M Surge Stuns Crypto Markets Without VC Money

• Hyperliquid processed $2.9 trillion in trades as users shifted away from major crypto exchanges.
• The platform expanded beyond crypto, adding oil, silver, and S&P 500 perpetual trading markets.
• HYPE entered crypto’s top ranks without VC funding, fueled instead by strong user participation.

Grayscale has flagged Hyperliquid as one of the fastest-rising players in crypto markets, pointing to its rapid growth in derivatives trading and strong revenue performance. In a post on X, Grayscale Research called it “the breakout success story of modern digital assets,” citing nearly $800 million in 2025 revenue and a top-eight ranking among crypto platforms, despite having no venture capital backing. 

The firm also noted that Hyperliquid continues to block U.S. users even as global demand accelerates. The report has sharpened attention on the platform’s rise in perpetu…

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