CoinDesk IndicesBy Kim Greenberg Klemballa|Edited by Sarah Morton8 min agoSummaryYou’re reading Crypto for Advisors, CoinDesk’s weekly newsletter that unpacks digital assets for financial advisors. Subscribe here to get it every Thursday.Happy Thursday, advisors!In today’s newsletter, Michael Zhao from Grayscale Research on how Hyperliquid moved exchange-level trading onchain, and why its prices are starting to matter beyond it.Then, in “Ask an Expert,” Kim Klemballa answers questions about the HYPE token: staking, fees, governance and the ETFs now tracking it.Happy reading.- Sarah MortonWhat is Hyperliquid and why does it matter to the future of finance?Hyperliquid is a decentralized finance (DeFi) platform showing the world what is possible with blockchain technology. Purpose-built for financial infrastructure, it is best known for trading of perpetual futures, which are non-expiring derivatives that trade 24/7. An enormous success since their introduction, so-called perps aren't just revolutionizing onchain finance; they are creating new markets that are unavailable through traditional financial infrastructure.Unlike most decentralized exchanges, Hyperliquid runs an onchain orderbook that looks like a more traditional exchange, supporting up to 200,000 orders per second. Every order, trade and liquidation settles transparently onchain. This results in a unique combination of exchange-level performance and blockchain-based settlement. During a crypto bear market, Hyperliquid processed $1.28 trillion in perp volume in the first half of 2026. This places it among the top five crypto derivatives venues, including centralized exchanges which have existed for much longer.Hyperliquid matters because it shows that financial markets can move onchain at scale without giving up performance. In 2025, the platform generated roughly $1 billion in revenue primarily from trading fees. Cumulatively, all-in volume on the platform was about $5.3 trillion as of August 2026. And consider this startling statistic: the project reached this scale without outside investors or paid market makers, and a team of just 11 people.Hyperliquid’s orderbook depth, a measure of liquidity, consistently ranks higher for bitcoin than even the large exchanges like Binance, Bybit, OKX and Coinbase.[2] That depth means that it has been cheaper to trade bitcoin on Hyperliquid than other venues at times due to less slippage.Market watchers should keep an eye on Hyperliquid’s increasingly important role in price discovery in traditional finance. Traditional markets close each night and over weekends. Hyperliquid does not. When geopolitical tensions were heightened in March 2026, traders were able to trade oil futures like CL-USDC on Hyperliquid while traditional energy futures markets were closed. When traditional futures markets reopened, their out-of-date prices converged toward Hyperliquid’s real-time oil price.[3] The same model has expanded to equities, indexes, commodities and private market and pre-IPO assets. S&P Global licensed its S&P 500 Index for the first-ever perpetual contract that trades 24/7 on Hyperliquid.Pre-IPO price discovery has been equally groundbreaking: Traders used pre-IPO perpetuals on SpaceX stock to express views on its expected public market valuation before the actual IPO. They have done so with other pre-IPO companies, including Cerebras, CXMT and Unitree. The pre-IPO price for Cerebras, for example, was $185, but it traded near $350 on Hyperliquid. It ultimately opened on Nasdaq at $350. In other words, Hyperliquid served as a more reliable indicator of Cerebras's opening price than the underwriter's estimated pricing. While perpetual contracts do not give traders ownership of the underlying assets, they can create a continuously traded reference price when traditional markets are not open. In doing so, this crypto-based project has become a meaningful reference point for global financial markets.This matters for institutions even if they don't trade directly on Hyperliquid. A continuous market can provide information about prices overnight, on weekends and during market shocks. It can also create new tools for hedging, market making and arbitrage. The innovations should keep coming, as well. Hyperliquid lets third party developers create new spot and perpetual markets. Regulatory clarity isn't quite where it needs to be, but the Commodity Futures Trading Commission (CFTC) did permit the first regulated futures contract in the United States this year. And the door may be opening further: President Trump recently said CFTC Chair Michael Selig is working to bring Hyperliquid into the United States “in a fully compliant and legal fashion.”Investors can get exposure to the growth of this revolutionary platform through HYPE, Hyperliquid’s native token. HYPE helps secure the network through staking, allows builders to create new markets and provides trading-related benefits. Hyperliquid also buys back the token using trading fees, allowing the token to directly accrue value. Investors can buy HYPE directly through Hyperliquid itself, or on centralized exchanges. U.S. investors can also get exposure to HYPE through products such as the Grayscale Hyperliquid Staking ETF (HYPG).- Michael Zhao, Grayscale ResearchAsk an ExpertWhat is the purpose of the HYPE token?HYPE is the native ecosystem token of the Hyperliquid L1 network. It has various uses within the Hyperliquid ecosystem:Staking and security: Users stake HYPE to secure the network's HyperBFT consensus mechanism.Gas fees: HYPE is used to pay transaction and smart contract gas fees on the network.Governance: Token holders vote on protocol upgrades and other decisions about how the network runs..Platform utility: HYPE is used for trading-fee discounts and paying asset-deployment fees within the ecosystem.What can you trade on Hyperliquid?Perpetual futures: Contracts that track an asset’s price and never expire. Traders post stablecoin USDC as collateral and can trade with leverage (maximum set per asset).Cryptocurrencies: Over 150 digital assets, including major coins like bitcoin BTC$77,371.44, ether ETH$2,442.46 and solana (SOL), as well as various altcoins.Traditional markets: Contracts tracking commodities such as oil, gold and silver, as well as equities like major tech stocks.Spot markets: Native spot trading is supported directly through the onchain orderbook.Tokens: Direct spot trading is available for native and cross-chain tokens within the Hyperliquid ecosystem.Settlement: Transfers between spot and perpetual accounts cost nothing.Real-World Assets & Pre-IPOs: The platform has expanded beyond crypto into commodities, equities and pre-IPO markets (such as SpaceX and OpenAI).What are some ETFs that track HYPE?Grayscale Hyperliquid Staking ETF (HYPG): Structured by Grayscale to include staking capabilities, offering a 0.29% expense ratio.Bitwise Hyperliquid ETF (BHYP): Managed by Bitwise, carrying a 0.34% expense ratio.21Shares Hyperliquid ETF (THYP): Offered by 21Shares, featuring a 0.30% expense ratio.- Kim Klemballa, CoinDesk Data & IndicesKeep ReadingThe ethereum blockchain’s next major upgrade will enable users to pay fees using stablecoins, not just its native currency ether.Pay launches PYUSDx, a developer platform letting businesses create custom stablecoins.Germany moves to tax bitcoin like stocks as new draft bill targets tax-free gains.Looking for more? Receive the latest crypto news from coindesk.com and market updates from coindesk.com/institutions.Grayscale Hyperliquid Staking ETF ("HYPG" or the "Fund"), an exchange traded product, is not registered under the Investment Company Act of 1940 (or the ’40 Act) and therefore is not subject to the same regulations and protections as 1940 Act registered ETFs and mutual funds. An investment in HYPG is subject to a high degree of risk and heightened volatility. HYPG is not suitable for an investor that cannot afford the loss of the entire investment. An investment in the Fund is not a direct investment in HYPE. Staking Reward figures are not indicative of Fund performance. Staking rewards are not guaranteed and may change frequently including, but not limited to, significant declines.This information must be preceded or accompanied by a Grayscale Hyperliquid Staking ETF (HYPG) prospectus, which may be obtained by clicking here. Please read the prospectus carefully before investing.Investing in digital assets involves significant risk and heightened volatility, including possible loss of principal. An investment in the Fund is not suitable for all investors, may be deemed speculative and is not intended as a complete investment program.This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Specific companies, issuers, platforms, or protocols are mentioned for educational purposes only and should not be deemed a recommendation to buy or sell any securities, digital assets, or other financial instruments. Any entities mentioned do not necessarily represent current or future holdings of any Grayscale products.When a Fund stakes its underlying asset, the token is subject to the risks attendant to staking generally. Staking requires that the Fund lock up the token for the period of time required by the staking protocol, meaning that the Fund cannot sell or transfer the staked token, thereby making it illiquid for the period it is being staked. In addition, during the lock-up period, the Fund is subject to the market price volatility of underlying asset, and it may miss opportunities to sell during opportune times. During the unstaking period, the Fund may miss out on earning opportunities because, in some cases, the staked token may not earn rewards during the unstaking period or may only earn rewards during part of the unstaking period. Staked assets are also subject to security breaches, network downtime or attacks, smart contract vulnerabilities, and validator or custodian failure or compromise, which can result in a complete loss of the staked asset or a loss of any rewards. Potential staking rewards are earned by the Fund and not issued directly to investors.Digital assets represent a new and rapidly evolving industry. The value of the Fund depends on the acceptance of the digital assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the digital asset. Digital asset networks are developed by a diverse set of contributors and the perception that certain high-profile contributors will no longer contribute to the network could have an adverse effect on the market price of the related digital asset. Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets.Foreside Fund Services, LLC is the marketing agent for the Grayscale ETPs.© 2026 Grayscale. All trademarks, service marks and/or trade names (e.g., G™, GRAYSCALE®, GRAYSCALE CRYPTO SECTORS™, and GRAYSCALE INVESTMENTS®) are owned and/or registered by Grayscale.Crypto for AdvisorsRelated AssetsBitcoin$77,371.44Ethereum$2,442.46Latest Crypto News 1MoneyGram unveils stablecoin-backed card as digital dollars move into everyday spending38 min ago2Nasdaq, Boerse Stuttgart, others ask EU to remove or increase cap in tokenization trial1 hr ago3Threatened with arrest online? 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