21Shares predicts HYPE rally to $100 on strong trading growth

• 21Shares predicts HYPE could reach $80–$100, driven by strong tokenomics and rising trading activity.
• Hyperliquid's oil perpetual contract pulled in $1.99 billion in 24-hour trading amid geopolitical tensions in February.
• The asset manager says HYPE is an emerging competitor to traditional exchanges like the CME Group.

21Shares has projected a HYPE rally toward $100, citing strong tokenomics, rising trading volumes, and expanding use cases on the Hyperliquid platform, according to a report on Monday.

21Shares estimates $100 price target for HYPE

21Shares analysts Karim AbdelMawla and Matt Mena described Hyperliquid as the "de facto trading venue and index" with exposure to macroeconomic trends, rather than one tied solely to crypto. The report noted that HYPE could reach $80 to $100 under bullish conditions, particularly if geopolitical tensions persist and open interest tied to Hyperliquid's HIP-3 framework rises to around $3 billion to $5 billion.

21Shares estimates that annualized revenue could increase to between $1.2 billion and $1.5 billion at that level, supporting valuation growth comparable to that of traditional exchanges.

HYPE has a market capitalization of approximately $9.8 billion. Based on trailing 12-month revenue of about $958 million, the token trades at a price-to-revenue multiple of roughly 10.2x. By comparison, CME Group trades at around 17x its reported revenue, suggesting that markets already value Hyperliquid "in a range similar to that of a traditional exchange."

The report also highlighted differences in operational efficiency. Hyperliquid generated approximately $873 million in revenue in 2025 with a workforce of 11 employees. This implies significantly higher revenue per employee than the CME, which reported $6.5 billion in revenue with 3,875 employees.

21Shares further points to strong user growth, which has exceeded 100% year-over-year, and expansion into new asset classes, including commodities and emerging markets, such as prediction contracts.

The report notes Hyperliquid's growth amid geopolitical escalations, during which the platform's 24/7 trading infrastructure enabled real-time price discovery for crude oil, even as traditional markets remained closed. Trading activity surged during this period, with oil contracts recording a 24-hour volume of $1.99 billion on the platform.

Hyperliquid's HIP-3 framework, which enables permissionless perpetual contracts, now accounts for up to 30% of platform activity, representing an 800% growth from late 2025.

HYPE trades at $38.1, down 0.4% over the past 24 hours as of writing.