Hyperliquid’s HYPE gets $319 price target from Multicoin

On June 25, Multicoin Capital (Multicoin) published a full valuation for HYPE, the native token of Hyperliquid, indicating annual revenues for the protocol will reach approximately $8 billion by 2028, resulting in a price target of $319 — over five times its current trading value of around $63.

The firm disclosed that they have been building one of its largest liquid fund positions in HYPE since the beginning of 2026. “HYPE is now one of our largest liquid fund positions and we’ve been accumulating aggressively since February,” as posted on X by Spencer Applebaum, one of Multicoin’s investment partners.

The announcement comes as Hyperliquid cements its grip on decentralized derivatives trading and expands into traditional asset classes. This trajectory could transform how worldwide capital markets will be able to access digital asset trade without any permission required to do so.

ETFs and staking fuel HYPE rally

Two separate factors are driving HYPE’s rise to over $75 all-time high. The first is its institutional adoption through regulated spot ETFs. According to MarketForces Africa, net inflow into HYPE ETFs has recently surpassed $17 million in a single 24-hour period with cumulative inflows of $171 million. In addition, an unidentified wallet withdrew 572,900 HYPE tokens (approximately $40 million) from Coinbase Prime and immediately staked them on the Hyperliquid platform, marking one of the largest single staking events in recent months.

The second factor behind HYPE’s rise is that Hyperliquid has been expanding beyond the crypto-native markets it originally operated in. Hyperliquid’s first SpaceX-linked perpetual contract (SPCX) saw over $1.2 billion in pre-IPO futures traded volume, becoming the most traded asset on the platform. Multicoin’s research shows that real-world asset-linked open interest on the Hyperliquid platform is just under $2.9 billion, while a licensed S&P 500 perpetual contract produced more than $100 million in daily volume during its first week. In addition, oil, gold, silver, equity indexes, and individual stocks are available via third-party deployers.

Revenue, market share, and the Binance comparison

Multicoin’s valuation rests on Hyperliquid’s rapid capture of trading volume from centralized exchanges. The protocol generated approximately $873 million in revenue on roughly $2.9 trillion in trading volume during 2025, according to the report. Its user base tripled from around 301,000 to 923,000 over that period, and open interest closed the year near $6 billion.

Those statistics have gone up dramatically. Now, the open interest is approximately $9.6 billion, which represents over 59% of the total amount of the decentralized perpetual futures market size. Hyperliquid’s monthly perpetual volume has reached approximately 17% of Binance’s, while open interest stands at about 21% of the largest centralized exchange, both at all-time highs against centralized competitors.

Multicoin compared Hyperliquid’s rise to Binance’s rise in 2017 when it became the dominant centralized exchange after only six months of being a new player. They also emphasized that Hyperliquid has some structural advantages due to its architecture and the way it processes orders, being fully executed on-chain along with a buy-back mechanism where approximately 99% of protocol revenue is being used to buy-back HYPE tokens.

HYPE is currently priced at approximately $63 per token, which is approximately 36x the trailing twelve-month earnings and about 30x when taking into account the recently established Coinbase/USDC revenue agreement. The price target of $319 assumes a multiple of 20x Multicoin’s estimate of the 2028 earnings.

Broader industry backing

Multicoin is not isolated in its opinion. BitMEX co-founder Arthur Hayes has bet $100,000 that HYPE will perform better than any of today’s top ten cryptocurrencies – in USD terms – through the end of this calendar year, with Multicoin co-founder Kyle Samani matching Hayes’ wager and naming Solana as his selection. Prior to the betting, Hayes had estimated that HYPE could be worth $150 by August 2026.

According to Bitwise Chief Investment Officer Matt Hougan, Hyperliquid is “one of the most important crypto projects to emerge in years.” In addition, he believes the project is being undervalued by investors who consider it to be merely a cryptocurrency derivatives trading venue rather than a complete global trading platform for mass-market traders in equities, commodities, foreign currency exchanges, and predictions.

Meow – $HYPE to $150

…

Fuck TradFi

Fuck the Clarity Act

Long live Caesar!!!! pic.twitter.com/UlqtnXuMdk

— Arthur Hayes (@CryptoHayes) May 30, 2026

Although the potential for success exists, there also exists the potential for problems related to decentralization, governance, regulatory risk, competitor pressure, and margin system issues based on bad loans written by Hyperliquid on behalf of clients. The Financial Times recently reported that the United States has approved the addition of perpetual futures trading for US domiciled exchanges as a result of Hyperliquid’s international growth.

The recent introduction of options trading and prediction markets offered by Hyperliquid via the HIP-4 upgrade, in addition to the ability to perform portfolio margining across multiple asset classes, will further increase volume as long as there is proper adoption. The platform experienced a surge of over 44,000 new wallet addresses on one particular day in the past week, which has now brought total users to over 2.15 million. With this growth, whether or not the earnings trajectory of users on the Multicoin Project can sustain such an increase in volume should help decide if the $319 target is too high or too low.

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