If he is dead, Hiro will find some way through plot to get him back. For now he's serving his purpose, which is to enhance battle skills of the people who "lost" him
Remember what happened the last time someone hurt Gray severely?
Sadly, I doubt Hiro's anywhere near ready to make this manga have dark and serious moments. The chances of Gray actually being completely dead are low. If Gray ends up being dead for good, and not coming back at all, I will make hearts after all of my posts again.

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Remember what happened the last time someone hurt Gray severely?
Sadly, I doubt Hiro's anywhere near ready to make this manga have dark and serious moments. The chances of Gray actually being completely dead are low. If Gray ends up being dead for good, and not coming back at all, I will make hearts after all of my posts again.