Hyperliquid’s HYPE token (CRYPTO: $HYPE) is drawing an institutional valuation call after Multicoin said the market is still pricing the network too much like a fast-growing perpetual futures exchange and not enough like a broader onchain financial venue.
The investment firm said HYPE could reach about $319 by 2028 in its base case, implying more than 400% upside from the roughly $63 level cited in its report. That forecast assumes Hyperliquid can generate about $8 billion in annual earnings by 2028 and trade at a 20-times earnings multiple.
Multicoin disclosed that it has been buying HYPE aggressively since February, calling the token one of the largest positions in its liquid hedge fund. It argues Hyperliquid’s market value still underestimates how quickly the platform is expanding from crypto-native perps into a wider exchange stack.
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The growth case is built around more than price momentum. Multicoin said Hyperliquid’s user base grew from about 300,000 to 923,000 during 2025, while open interest tripled from roughly $2 billion to $6 billion. The platform also generated about $873 million in revenue and processed $2.9 trillion in trading volume over the year.
Hyperliquid’s push beyond crypto markets has become harder to ignore through HIP-3, its framework for builder-deployed perpetual markets. A perpetual contract tied to SpaceX (NASDAQ: $SPCX) shares processed $1.4 billion in volume on the company’s IPO debut, accounting for about 30% of HIP-3 volume that day.
The report also points to catalysts that Multicoin says are not fully reflected in its base case, including HIP-4, HyperEVM, builder-code distribution and portfolio margining.
HYPE recently hit an all-time high above $76 before pulling back with the broader market. The token remains one of the year’s more closely watched DeFi trades as investors weigh whether Hyperliquid is becoming an exchange, an app chain or something closer to both.
Hyperliquid (CRYPTO: HYPE) is currently trading at $63.80 U.S. per digital token.
