Grayscale report highlights Hyperliquid as a top DeFi trading platform after surging perpetuals volume and open interest in 2025.
Hyperliquid has processed approximately $2.9 trillion in perpetual futures volume in 2025, positioning itself as a leading decentralized finance trading platform. The platform now holds roughly $7 billion in open interest, ranking third or fourth globally among crypto perpetuals venues.
The growth follows a year of rapid expansion in decentralized trading, with Hyperliquid specializing in perpetual contracts. Its annualized volatility is about twice that of Bitcoin, while its validator set remains concentrated and its core software closed-source.
The report underscores Hyperliquid’s rise as a key player in the digital assets space, reflecting broader trends in DeFi adoption and derivatives trading.