Key Takeaways
- • Multicoin Capital projects Hyperliquid's HYPE token will reach $319 by 2028, implying a roughly 5x valuation increase from its current price of approximately $63, based on an expected $8 billion in annual revenue and a 20x earnings multiple.
- • Hyperliquid achieved 2025 revenue of $873 million with $2.9 trillion in trading volumes, nearly tripling its user base from 301,000 to 923,000 users while growing open interest from $2 billion to $6 billion, demonstrating material momentum in the decentralized derivatives market.
- • Hyperliquid controls 59% of open interest in decentralized perpetual futures markets, exceeding all major on-chain competitors combined, with perpetual futures trading volume representing approximately 17% of Binance's volume and open interest at roughly 21% of Binance's levels.
- • Multicoin Capital has accumulated HYPE as a major position in its liquid fund since February 2026, implementing a three-day no-trade period following publication of its analysis to mitigate market reaction volatility.
- • The thesis reflects confidence in Hyperliquid's expansion beyond cryptocurrency into traditional asset trading, positioning the platform as a hybrid crypto-traditional finance venue competing with centralized exchanges at scale.
Summary
Multicoin Capital, a thesis-driven cryptocurrency and blockchain investment firm, has issued an aggressive price target of $319 for Hyperliquid's HYPE token by 2028. Based on the primary analysis, this projection assumes Hyperliquid will generate approximately $8 billion in annual revenue by 2028, valued at a 20x earnings multiple. The target represents a potential fivefold appreciation from HYPE's current trading price near $63. Multicoin's confidence in this outlook is underscored by its positioning: the firm has been accumulating HYPE since February 2026 and has elevated it to one of the most significant positions in its liquid investment fund.
Hyperliquid's 2025 performance provides tangible evidence supporting the growth narrative. The platform generated $873 million in revenue with total trading volumes reaching $2.9 trillion. User growth was particularly pronounced, with the active user base nearly tripling from approximately 301,000 to 923,000. Open interest expanded from $2 billion to $6 billion during the same period, reflecting deepening liquidity and merchant engagement. These metrics establish Hyperliquid as the dominant force in decentralized perpetual futures markets, controlling over 59% of total open interest—a market share that exceeds all major on-chain competitors combined.
Relative to the largest centralized exchange benchmark, Hyperliquid's scale is noteworthy though not yet parity. The platform's perpetual futures trading volume represents roughly 17% of Binance's volume, while its open interest stands at approximately 21% of Binance's levels. This comparison demonstrates both the substantial ground already covered and the significant runway for future expansion. Multicoin's thesis is predicated on Hyperliquid's transformation into a hybrid platform capable of executing both cryptocurrency and traditional financial asset trades, positioning it to capture market share currently held by centralized venues. To manage market impact, Multicoin implemented a three-day trading halt following its public analysis, a measure intended to stabilize price discovery around the report's release.
Hyperliquid's 2025 performance provides tangible evidence supporting the growth narrative. The platform generated $873 million in revenue with total trading volumes reaching $2.9 trillion. User growth was particularly pronounced, with the active user base nearly tripling from approximately 301,000 to 923,000. Open interest expanded from $2 billion to $6 billion during the same period, reflecting deepening liquidity and merchant engagement. These metrics establish Hyperliquid as the dominant force in decentralized perpetual futures markets, controlling over 59% of total open interest—a market share that exceeds all major on-chain competitors combined.
Relative to the largest centralized exchange benchmark, Hyperliquid's scale is noteworthy though not yet parity. The platform's perpetual futures trading volume represents roughly 17% of Binance's volume, while its open interest stands at approximately 21% of Binance's levels. This comparison demonstrates both the substantial ground already covered and the significant runway for future expansion. Multicoin's thesis is predicated on Hyperliquid's transformation into a hybrid platform capable of executing both cryptocurrency and traditional financial asset trades, positioning it to capture market share currently held by centralized venues. To manage market impact, Multicoin implemented a three-day trading halt following its public analysis, a measure intended to stabilize price discovery around the report's release.
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