Multicoin Capital has projected that Hyperliquid’s native token, HYPE, could surge to $319 by 2028, implying more than a fourfold increase from current levels. In a report released Thursday, the firm argued the token is undervalued at around $63, pointing to a potential $8 billion in annual earnings by 2028 using a 20x earnings multiple.
HYPE traded at $62.47 in afternoon trading Thursday, up about 5% on the day.
Multicoin builds major position
The firm said it has been accumulating HYPE since February and now holds it as one of the largest positions in its liquid hedge fund. On-chain data suggests wallets linked to Multicoin have been steadily acquiring the token since late January, signaling a broader capital shift toward the asset.
Recent price action and drivers
HYPE recently hit an all-time high above $76 before pulling back alongside broader crypto market weakness. The earlier rally was supported by the launch of exchange-traded funds tied to the token, strong platform revenues, and an ongoing buyback program.
Hyperliquid growth metrics accelerate
Hyperliquid, originally focused on perpetual futures trading, has expanded into a broader digital finance platform. Its HIP-3 market, which enabled trading tied to SpaceX shares, generated $1.4 billion in volume during the company’s IPO day, accounting for about 30% of total HIP-3 activity.
Platform growth has been rapid. User numbers rose from roughly 300,000 to about 923,000 in 2025. Open interest climbed from $2 billion to $6 billion over the same period, while annual revenue reached $873 million on $2.9 trillion in trading volume. More recently, total open interest has surpassed $10 billion, placing Hyperliquid among the top three venues for perpetual futures trading.
A notable portion of activity is coming from third-party builders, with around $4 billion in open interest generated through decentralized exchanges built on the HIP-3 infrastructure.
Valuation comparisons with traditional firms
Hyperion DeFi CEO Hyunsu Jung said Hyperliquid’s fully diluted valuation, which approached $75 billion before the recent pullback, is beginning to resemble that of major traditional trading platforms. He pointed to companies such as CME Group, Interactive Brokers, and Robinhood, which currently carry valuations of approximately $88.85 billion, $164.24 billion, and $92.98 billion respectively.
According to Jung, Hyperliquid’s growth trajectory suggests it is moving toward comparable scale as it captures a larger share of global derivatives trading.
Future catalysts not yet priced in
Multicoin noted that its $319 price target does not factor in several upcoming developments. These include the planned HIP-4 feature, which introduces outcome-based contracts for trading real-world events without leverage or liquidations, as well as the launch of HyperEVM.
HyperEVM will allow developers to deploy Ethereum-compatible smart contracts that interact directly with Hyperliquid’s order book. This is expected to enable new products such as lending protocols, yield strategies, and structured financial instruments built on the platform’s liquidity.
The combination of these upgrades signals a shift from a specialized trading venue to a broader financial ecosystem, potentially expanding Hyperliquid’s role in global digital markets.
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