Multicoin Capital has projected that Hyperliquid’s HYPE token could reach $319 by 2028, indicating 400% upside potential from its current level of around $63. The valuation was based on Multicoin’s assumptions that Hyperliquid will earn around $8 billion per year with a P/E ratio of 20 times.
Multicoin also disclosed that it started accumulating HYPE in February and that the token has become one of the largest assets of the liquid fund. In order to mitigate any conflict of interest issues, the investment firm has put a three-day no-trade rule after releasing the latest research note.
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Hyperliquid Expands Its Position in Derivatives Trading
The report attributed its bullish outlook to Hyperliquid’s strong operational growth throughout 2025. As per Multicoin Capital, the decentralized exchange generated approximately $873 million in revenues out of $2.9 trillion in trading volumes. Over this time frame, the user base of the platform increased from around 301,000 to 923,000.
Moreover, Hyperliquid’s share in decentralized perpetual futures has increased significantly. It now holds more than 59% in decentralized perpetual futures’ open interest, with its total open interest increasing to around $9.6 billion, beating the combined open interest of all other on-chain competitors.
In addition to decentralized finance, Hyperliquid is closing in on centralized exchanges. As per Multicoin, Hyperliquid’s monthly perpetual futures trading volume has touched nearly 17% of the Binance level, while its open interest stands at 21% of Binance.
The firm has highlighted the trajectory as a comparison with Binance and said markets could be underestimating compounding network effects.
Multicoin Capital Sees New Products Driving Future Growth
Another important component of Multicoin Capital’s investment thesis is HIP-3, which allows third-party developers to create perpetual markets on real-world financial assets, including stocks, commodities, and equity indices.
The report says that real-world asset-linked open interest is currently at $2.9 billion, while the official S&P 500 perpetual market has seen average daily trading volumes of more than $100 million during its first week.
In addition, future products, including options trading, prediction markets, portfolio margining, and enhanced HyperEVM support, would add to the revenue streams of Hyperliquid in the coming time. If adoption continues, the platform could evolve beyond a crypto derivatives exchange into a multi-asset marketplace operating around the clock.
For investors, the report shows the growing competitive advantage of Hyperliquid while stressing that valuation of the platform in long-term would depend on sustained execution, growing user base, liquidity and platform upgrades.
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