Key Takeaways
- • Multicoin Capital projects Hyperliquid's HYPE token will reach $319 by 2028, representing approximately 406% upside from current levels near $63, based on assumptions of $8 billion in annual fee revenue and a 20x earnings multiple.
- • Hyperliquid captured 59% of open interest across decentralized perpetual futures markets in 2025, with current open interest of $9.6 billion exceeding all major onchain competitors combined and monthly perpetual futures volume reaching 17% of Binance's.
- • The platform's user base expanded from 301,000 to 923,000 in 2025, while open interest tripled from $2 billion to $6 billion, generating $873 million in revenue from $2.9 trillion in trading volume during the period.
- • Multicoin Capital initiated a substantial position in HYPE beginning in February 2026, making the token one of the largest positions in its liquid fund and adopting a three-day no-trade policy following publication of its valuation report.
- • HIP-3 upgrade enables perpetual markets for traditional assets including stocks, commodities, and equity indexes, positioning Hyperliquid as an "everything exchange" capable of competing directly with centralized platforms by expanding beyond crypto trading.
Summary
Multicoin Capital, a crypto-focused venture capital firm, has issued a substantial valuation call on Hyperliquid's HYPE token, projecting a $319 price target by 2028—roughly five times its current price near $63. The analysis assumes Hyperliquid will generate approximately $8 billion in annual fee revenue by 2028 and trade at a 20 times earnings multiple, representing a base case scenario that reflects the firm's confidence in the platform's competitive trajectory.
The valuation thesis rests on Hyperliquid's demonstrated market share gains in 2025. The decentralized exchange platform generated $873 million in revenue from $2.9 trillion in trading volume during the period, while its user base nearly tripled from approximately 301,000 to 923,000. More significantly, open interest on the platform increased from $2 billion to $6 billion, and Hyperliquid now controls more than 59% of open interest across decentralized perpetual futures markets—a dominant position that exceeds all major onchain competitors combined. Current open interest of approximately $9.6 billion demonstrates that Hyperliquid is capturing material share from both decentralized and centralized venues, with monthly perpetual futures volume reaching approximately 17% of Binance's, while its open interest is equivalent to about 21% of Binance's perpetual futures open interest.
Multicoin's analysis draws parallels between Hyperliquid's current growth trajectory and Binance's early expansion, suggesting the market may be underestimating how rapidly liquidity and trading activity can concentrate around a dominant exchange platform. The firm began accumulating HYPE in February 2026 and has made the token one of the largest positions in its liquid fund, underscoring conviction in the projection. Following publication of the report, Multicoin adopted a three-day no-trade policy regarding the position.
Central to the long-term growth thesis is the HIP-3 upgrade, which enables external teams to launch perpetual markets for assets beyond cryptocurrency, including stocks, commodities, and equity indexes. This expansion transforms Hyperliquid from a specialized crypto exchange into what Multicoin characterizes as an "everything exchange," positioning it to compete directly with centralized exchanges by offering access to traditional asset classes alongside cryptocurrency trading.
The valuation thesis rests on Hyperliquid's demonstrated market share gains in 2025. The decentralized exchange platform generated $873 million in revenue from $2.9 trillion in trading volume during the period, while its user base nearly tripled from approximately 301,000 to 923,000. More significantly, open interest on the platform increased from $2 billion to $6 billion, and Hyperliquid now controls more than 59% of open interest across decentralized perpetual futures markets—a dominant position that exceeds all major onchain competitors combined. Current open interest of approximately $9.6 billion demonstrates that Hyperliquid is capturing material share from both decentralized and centralized venues, with monthly perpetual futures volume reaching approximately 17% of Binance's, while its open interest is equivalent to about 21% of Binance's perpetual futures open interest.
Multicoin's analysis draws parallels between Hyperliquid's current growth trajectory and Binance's early expansion, suggesting the market may be underestimating how rapidly liquidity and trading activity can concentrate around a dominant exchange platform. The firm began accumulating HYPE in February 2026 and has made the token one of the largest positions in its liquid fund, underscoring conviction in the projection. Following publication of the report, Multicoin adopted a three-day no-trade policy regarding the position.
Central to the long-term growth thesis is the HIP-3 upgrade, which enables external teams to launch perpetual markets for assets beyond cryptocurrency, including stocks, commodities, and equity indexes. This expansion transforms Hyperliquid from a specialized crypto exchange into what Multicoin characterizes as an "everything exchange," positioning it to compete directly with centralized exchanges by offering access to traditional asset classes alongside cryptocurrency trading.
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