Key Takeaways
- • Multicoin Capital, which manages about $2.7 billion, has made Hyperliquid (HYPE) its largest hedge fund position, though the size of its holdings has not been disclosed.
- • HYPE traded near $81 at the time of the article, valuing 100 HYPE at approximately $8,056, and sat 17.8% below its all-time high of $97.96 reached on September 23.
- • About 222.4 million of 955.3 million total HYPE tokens (roughly 23%) are circulating, implying a $17.9 billion market value versus roughly $77 billion fully diluted.
- • Hyperliquid's open interest nearly doubled in Q3 2026 to $12.2 billion, per FalconX strategist Martin Gaspar, approaching CME Group's $13.4 billion.
- • Reaching $150 by 2030 (100 HYPE worth $15,000) would require a new all-time high, fourth-quarter open interest above CME's level, and fee-funded buybacks sufficient to absorb unlocking supply.
Summary
Multicoin Capital has made Hyperliquid its largest hedge fund position, according to the article, a development that has drawn attention to the token. At the time of writing, HYPE traded near $81, valuing a 100-token holding at approximately $8,056. The token had risen 2.1% over the prior 24 hours but fell 14.5% over the past month. It remains 17.8% below its all-time high of $97.96, set on September 23, when 100 HYPE would have been worth $9,796.
The article models several price scenarios for 2030. At $50, 100 HYPE would be worth $5,000 and the implied market value would be $11.1 billion; at $150, the figures are $15,000 and $33.4 billion; at $250, $25,000 and $55.6 billion. Only about 222.4 million of the 955.3 million total supply is in circulation, so the $17.9 billion current market value is considerably smaller than the roughly $77 billion fully diluted value. The article notes that scheduled token unlocks for team members and other holders add to supply that buyers must absorb, creating dilution risk. At full supply, a $250 price would imply a market capitalization of about $238.8 billion.
The article argues that demand for HYPE stems mainly from fee buybacks rather than Multicoin's stake. Hyperliquid, a decentralized exchange offering perpetual futures, directs most trading fees through its Assistance Fund to open-market HYPE purchases, so buying pressure tracks trading volume. Multicoin's endorsement is described as boosting sentiment more than altering supply and demand fundamentals.
Hyperliquid's open interest nearly doubled in Q3 2026 to $12.2 billion, per FalconX senior crypto market strategist Martin Gaspar, versus $13.4 billion reported by CME Group. The article cautions that HYPE's price decline over the past month shows that strong exchange activity has not yet lifted the token. It also flags competitive risk as the CFTC has approved crypto perpetual futures for regulated U.S. exchanges, and CME is currently in a legal dispute over that approval. Stagnating volume could shrink buybacks and leave more unlocked tokens to absorb.
The article considers $150 the most achievable of its 2030 scenarios, but conditional on three factors: HYPE surpassing its all-time high, fourth-quarter open interest exceeding CME's $13.4 billion, and fee-funded buybacks offsetting unlocks. If market activity stalls, the article suggests HYPE could drift toward $50, leaving the $15,000 valuation ambitious until the token breaks its previous record.
The article models several price scenarios for 2030. At $50, 100 HYPE would be worth $5,000 and the implied market value would be $11.1 billion; at $150, the figures are $15,000 and $33.4 billion; at $250, $25,000 and $55.6 billion. Only about 222.4 million of the 955.3 million total supply is in circulation, so the $17.9 billion current market value is considerably smaller than the roughly $77 billion fully diluted value. The article notes that scheduled token unlocks for team members and other holders add to supply that buyers must absorb, creating dilution risk. At full supply, a $250 price would imply a market capitalization of about $238.8 billion.
The article argues that demand for HYPE stems mainly from fee buybacks rather than Multicoin's stake. Hyperliquid, a decentralized exchange offering perpetual futures, directs most trading fees through its Assistance Fund to open-market HYPE purchases, so buying pressure tracks trading volume. Multicoin's endorsement is described as boosting sentiment more than altering supply and demand fundamentals.
Hyperliquid's open interest nearly doubled in Q3 2026 to $12.2 billion, per FalconX senior crypto market strategist Martin Gaspar, versus $13.4 billion reported by CME Group. The article cautions that HYPE's price decline over the past month shows that strong exchange activity has not yet lifted the token. It also flags competitive risk as the CFTC has approved crypto perpetual futures for regulated U.S. exchanges, and CME is currently in a legal dispute over that approval. Stagnating volume could shrink buybacks and leave more unlocked tokens to absorb.
The article considers $150 the most achievable of its 2030 scenarios, but conditional on three factors: HYPE surpassing its all-time high, fourth-quarter open interest exceeding CME's $13.4 billion, and fee-funded buybacks offsetting unlocks. If market activity stalls, the article suggests HYPE could drift toward $50, leaving the $15,000 valuation ambitious until the token breaks its previous record.
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