TL;DR
- Multicoin Capital projects a $319 price target for HYPE, based on expectations of roughly $8 billion in annual protocol revenue by 2028.
- The firm identifies Hyperliquid as one of its largest liquid holdings, signaling strong institutional conviction.
- Key drivers include ETF inflows, large-scale staking activity, and expansion into real-world assets, equities, and commodities trading infrastructure beyond crypto-native markets.
Multicoin Capital has released a detailed valuation model that places Hyperliquid at a potential $319 per token, implying a significant upside from its current level near $63. The projection is tied to long-term growth in decentralized derivatives trading and the protocol’s ability to capture sustained market share from centralized venues. The firm argues that structural improvements in on-chain execution and revenue distribution could support higher valuation multiples over time. Multicoin’s positioning as a major holder adds weight to the forecast, reflecting increasing institutional exposure to the protocol.
1/ Today, @multicoin publishes our HYPE analysis and valuation
HYPE is now one of our largest liquid fund positions and we've been accumulating aggressively since February
Full report and disclosures in link. Link here – https://t.co/tA2kwWbG9Q
— Spencer Applebaum (@SpencerApplebau) June 25, 2026
Hyperliquid ETF And Staking Flows
Momentum in HYPE markets has been strongly influenced by ETF inflows and staking behavior across major exchanges. Recent data indicates that ETF-linked products have attracted tens of millions in net inflows, reinforcing demand from regulated investment channels. At the same time, on-chain activity shows large withdrawals followed by immediate staking, including a transaction of over 572,900 HYPE tokens (around $40 million) moved from Coinbase Prime and locked into the protocol.
Multicoin Capital notes that these flows reduce circulating supply while strengthening long-term holder positioning. Meanwhile, Hyperliquid continues to expand beyond crypto-native instruments, introducing exposure to equities, commodities, and structured derivatives. Staking concentration and ETF participation are becoming central to price discovery as liquidity deepens across multiple channels.
Hyperliquid Revenue And Market Share Versus Centralized Exchanges
The valuation model is anchored in Hyperliquid’s rapid expansion in trading activity and revenue generation. In 2025, the protocol generated approximately $873 million in revenue on $2.9 trillion in trading volume, reflecting strong monetization efficiency. User growth also accelerated, rising from around 301,000 to 923,000 participants, while open interest expanded toward $9.6 billion, marking record levels for decentralized derivatives markets.
Binance remains the primary benchmark for centralized liquidity, but Hyperliquid has reached roughly 59% share of decentralized perpetual futures volume, narrowing the gap in derivatives trading activity. Monthly volumes have reached double-digit percentages of Binance’s comparable markets, while open interest sits at approximately 21% of centralized exchange levels. Revenue efficiency and order execution architecture are key factors supporting this convergence.
