Grayscale’s Zach Pandl says Hyperliquid could fill the AI compute derivatives gap

Grayscale's research chief sees onchain perpetual futures as a way to hedge one of the hottest inputs in the AI economy AI compute has become one of the most valuable resources in the global economy. Oddly, there is almost no mature way to hedge it. Zach Pandl, Head of Research at Grayscale, thinks Hyperliquid can help change that. In a talk on November 9, 2026, he argued the decentralized exchange is positioned to bring AI compute derivatives onchain and address a major gap in the market. What Pandl actually said Pandl made his case during a discussion with a16z’s Guy Wuollet Jr. His core point: AI compute is growing in importance within financial markets, but the derivatives market tied to it remains in its infancy. Pandl pointed to platforms like Hyperliquid and OrnnExchange as candidates to fill that void. Both aim to offer AI compute exposure through perpetual futures. For the uninitiated, a perpetual future is a derivative contract with no expiry date. Traders can hold a position on the price of an asset indefinitely, without owning the asset itself. Applied to compute, that could mean a contract that tracks the rental cost of high-end GPUs. Data on GPU rental prices, such as...