TLDR
Multicoin expects HYPE to reach $3src9 by 2028.
HYPE traded near $63.67 after a 0.63% daily gain.
Hyperliquid generated about $873M in 2025 revenue.
Hyperliquid processed roughly $2.9T in 2025 trading volume.
About 99% of protocol revenue is used to repurchase HYPE.
Hyperliquid’s HYPE token traded slightly higher as Multicoin Capital released a bullish valuation report projecting that the token could reach $3src9 by 2028 if the decentralized exchange continues gaining market share from centralized platforms.
HYPE rose 0.63% over 24 hours to $63.67, while its market capitalization stood at $src6.srcsrc billion. Trading volume increased src.98% to $737.94 million, with price recovering from an intraday decline near $59.50 before moving back toward the $64 level late in the session.
Multicoin said it has been accumulating HYPE since February and now holds the token as one of the largest positions in its liquid fund. The firm said it adopted a three-day no-trade policy after publishing the report, which places Hyperliquid’s long-term valuation on expected earnings growth and broader market expansion.
Multicoin Sets $3src9 HYPE Target
Multicoin’s base case values HYPE at $3src9 by 2028, representing roughly five times the token’s current price near $63. The forecast assumes Hyperliquid can generate about $8 billion in annual earnings by 2028 and trade at a 20 times earnings multiple.
The firm said the market is pricing Hyperliquid too narrowly as a fast-growing perpetual futures decentralized exchange. Multicoin argued that the platform is becoming a broader trading venue that could support crypto assets, equities, commodities, indexes, options and other market products.
Source: X
Hyperliquid generated about $873 million in revenue during 2025 from roughly $2.9 trillion in trading volume, according to Multicoin’s report. The exchange’s user base grew from about 30src,000 to 923,000 over the year, while open interest increased from $2 billion to $6 billion.
The platform now controls more than 59% of open interest across decentralized perpetual futures markets. Its current open interest is estimated near $9.6 billion, exceeding the combined total of several major on-chain competitors.
Hyperliquid Gains Share From Centralized Exchanges
Multicoin said Hyperliquid’s growth increasingly resembles the early expansion of major centralized exchanges. The report noted that Hyperliquid’s monthly perpetual futures volume has reached about src7% of Binance’s, while its open interest is equivalent to about 2src% of Binance’s.
The firm argued that liquidity can compound quickly around a dominant exchange once traders, market makers and applications begin concentrating activity in the same venue. Hyperliquid’s vertically integrated structure includes a purpose-built layer src blockchain and a decentralized exchange designed for high-speed trading.
Hyperliquid’s expansion beyond crypto perpetuals is tied to HIP-3, which allows outside teams to launch perpetual markets for assets such as stocks, commodities and equity indexes. Open interest linked to real-world assets has already exceeded $2.9 billion.
An officially licensed S&P 500 perpetual contract reportedly generated more than $src00 million in daily volume during its first week. Hyperliquid’s HIP-3 market for SpaceX shares also processed $src.4 billion in trading volume on the company’s IPO debut, accounting for about 30% of HIP-3 volume that day.
Buybacks and New Products Support HYPE Thesis
HYPE’s token model is central to Multicoin’s valuation. About 99% of Hyperliquid protocol revenue is used to repurchase HYPE, with the acquired tokens effectively removed from circulation.
Hyperliquid also has no separate equity layer and has not raised outside capital. Multicoin said this structure allows protocol earnings to flow more directly toward HYPE holders than models where equity investors capture a separate layer of value.
The report estimated that Hyperliquid generated about $869 million in trailing earnings for token holders. At around $63, HYPE trades near 36 times trailing earnings, or about 30 times after including revenue from its Coinbase and USDC agreement.
Multicoin said additional growth could come from HIP-4, portfolio margining, HyperEVM applications, builder-code distribution, options and prediction markets. These products could expand Hyperliquid from a derivatives exchange into what the firm described as an “everything exchange.”
Kelvin Munene
Kelvin Munene is a crypto and finance journalist with over 5 years of experience in market analysis and expert commentary. He holds a Bachelor’s degree in Journalism and Actuarial Science from Mount Kenya University and is known for meticulous research in cryptocurrency, blockchain, and financial markets. His work has been featured in top publications including Coingape, Cryptobasic, MetaNews, Coinedition, and Analytics Insight. Kelvin specializes in uncovering emerging crypto trends and delivering data-driven analyses to help readers make informed decisions. Outside of work, he enjoys chess, traveling, and exploring new adventures.
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