Key Takeaways
- • Multicoin Capital projects Hyperliquid's HYPE token will reach $319 by 2028 in its base case scenario, representing over 400% upside from approximately $63 at the time of analysis.
- • Hyperliquid generated ~$873 million in revenue during 2025 across ~$2.9 trillion in trading volume, with Multicoin's valuation thesis premised on the platform achieving ~$8 billion in annual fee revenue by 2028.
- • Hyperliquid controls more than 59% of open interest across DeFi perpetual markets, with ~$9.6 billion in OI exceeding all major on-chain competitors combined and reaching ~21% of total CEX open interest.
- • The platform's structural advantages include non-custodial architecture and fully on-chain execution, positioned as superior to legacy centralized exchange models; Multicoin identifies it as the clearest expression of "Open Finance" thesis where every unit of value is interoperable, programmable, and composable on distributed ledgers.
- • Hyperliquid expanded user base from ~301,000 to ~923,000 during 2025 and is capturing meaningful market share from centralized exchanges, with monthly perpetuals volume reaching ~17% of Binance's volume and representing an expansion from effectively zero two years prior.
Summary
Multicoin Capital published a detailed valuation analysis of Hyperliquid projecting the HYPE token could reach $319 by 2028, implying over 400% upside from trading levels around $63 at the time of the report. The investment firm bases this price target on Hyperliquid generating approximately $8 billion in annual fee revenue within the projected timeframe.
Hyperliquid operates as a vertically integrated Layer 1 blockchain and decentralized exchange purpose-built for high-speed trading. During 2025, the platform generated ~$873 million in revenue across approximately $2.9 trillion in trading volume while expanding its user base from ~301,000 to ~923,000 users. The platform concluded 2025 with ~$6 billion in open interest and has grown to control more than 59% of open interest across DeFi perpetual markets, with approximately $9.6 billion in current open interest exceeding all major on-chain competitors combined.
Multicoin Capital identifies Hyperliquid's structural advantages as central to its investment thesis. The platform operates as non-custodial infrastructure with fully on-chain execution—differentiating it from centralized exchange models. The firm positions Hyperliquid as the clearest instantiation of the "Open Finance" thesis, which holds that every unit of value should be interoperable, programmable, and composable on distributed ledgers, enabling anyone anywhere to trade any asset through a unified protocol.
Market share dynamics demonstrate accelerating adoption at the expense of centralized exchanges. Hyperliquid's monthly perpetuals volume has reached approximately 17% of Binance's volume, up from effectively zero two years prior, while open interest has climbed to approximately 21% of Binance's levels. Measured against all centralized exchanges combined, Hyperliquid's share of both perpetuals volume and open interest now sits at all-time highs. Multicoin Capital indicates the firm has taken a large position in HYPE and identified it as one of the largest positions in its liquid fund, having tracked Hyperliquid since inception and accumulated the position throughout 2025.
Hyperliquid operates as a vertically integrated Layer 1 blockchain and decentralized exchange purpose-built for high-speed trading. During 2025, the platform generated ~$873 million in revenue across approximately $2.9 trillion in trading volume while expanding its user base from ~301,000 to ~923,000 users. The platform concluded 2025 with ~$6 billion in open interest and has grown to control more than 59% of open interest across DeFi perpetual markets, with approximately $9.6 billion in current open interest exceeding all major on-chain competitors combined.
Multicoin Capital identifies Hyperliquid's structural advantages as central to its investment thesis. The platform operates as non-custodial infrastructure with fully on-chain execution—differentiating it from centralized exchange models. The firm positions Hyperliquid as the clearest instantiation of the "Open Finance" thesis, which holds that every unit of value should be interoperable, programmable, and composable on distributed ledgers, enabling anyone anywhere to trade any asset through a unified protocol.
Market share dynamics demonstrate accelerating adoption at the expense of centralized exchanges. Hyperliquid's monthly perpetuals volume has reached approximately 17% of Binance's volume, up from effectively zero two years prior, while open interest has climbed to approximately 21% of Binance's levels. Measured against all centralized exchanges combined, Hyperliquid's share of both perpetuals volume and open interest now sits at all-time highs. Multicoin Capital indicates the firm has taken a large position in HYPE and identified it as one of the largest positions in its liquid fund, having tracked Hyperliquid since inception and accumulated the position throughout 2025.
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