Multicoin Capital published a full valuation report on Hyperliquid Thursday, disclosed it holds HYPE as one of the largest positions in its liquid fund, and set a base-case price target of approximately $319 by 2028, more than 400% above the token's current price near $63.
1/ Today, @multicoin publishes our HYPE analysis and valuation
— Spencer Applebaum (@SpencerApplebau) June 25, 2026
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
The firm said it initiated a position early in the year and continued to accumulate.
"At ~$63, we believe the market is deeply mispricing HYPE, viewing it too narrowly as just a fast-growing perp DEX," Multicoin said in the report. "In our base case scenario, we see HYPE generating ~$8 billion in annual earnings by 2028, which would imbue a price of ~$319 at a 20x earnings multiple."
The target rests on Multicoin's view that Hyperliquid is not a perpetual futures exchange with a loyal user base but something structurally different: a vertically integrated layer-1 blockchain and exchange that the firm described as an "everything exchange," a single venue capable of trading any asset at any time.
The numbers behind that claim are already substantial. In 2025, Hyperliquid generated approximately $873 million in revenue across roughly $2.9 trillion in trading volume. Its user base grew from about 301,000 to 923,000 over the year. Open interest ended 2025 at approximately $6 billion and has since climbed to roughly $9.6 billion, a figure Multicoin said exceeds all major onchain competitors combined. Hyperliquid now controls more than 59% of open interest across DeFi perpetual markets.
The exchange has also taken measurable share from centralized venues. Monthly perpetuals volume currently stands at roughly 17% of Binance's, up from near zero two years ago. Open interest relative to Binance has reached approximately 21%.
HIP-3, HIP-4, and the push beyond crypto derivatives
Multicoin pointed to two protocol upgrades as near-term growth drivers. HIP-3 has already expanded the platform beyond crypto-native assets. Real-world asset-linked open interest has passed $2.9 billion. An officially licensed S&P 500 perpetual generated more than $100 million in daily volume in its first week. Markets on deployers such as TradeXYZ now include oil, gold, silver, equity indices, and individual stocks. Hyperliquid's HIP-3 market for SpaceX shares processed $1.4 billion in trading volume on the company's IPO debut, accounting for roughly 30% of all HIP-3 volume that day.
HIP-4 brings prediction markets and options to the platform. Multicoin argued those products have historically failed in DeFi because they lived on isolated protocols. Portfolio margining across financial products, which allows traders to manage positions across asset classes within a single risk engine, is expected to support adoption of both upgrades.
Multicoin's base-case target, the firm noted, does not fully account for HIP-4, HyperEVM, builder-code distribution, or the impact of portfolio margining on the core product.
The Binance comparison and what makes HYPE different
Multicoin drew a direct comparison to Binance's early trajectory. Binance moved from new entrant to dominant centralized exchange in approximately six months during 2017. The firm said it published a bullish BNB report when the token traded at $10 in 2019. BNB currently trades near $563.
Multicoin said Hyperliquid follows a similar path but with structural features Binance did not have. The exchange is non-custodial, execution is fully onchain and verifiable, and approximately 99% of protocol revenue goes toward daily HYPE buybacks rather than to a separate equity layer. Hyperliquid has never raised outside capital and has no preferred shareholders or venture investors with competing claims on the business.
"There's no separate equity layer sitting above the token. Hyperliquid has never raised outside capital; there are no preferred shareholders or venture investors with competing claims on the business," Multicoin said in the report.
At roughly 36x trailing twelve-month earnings, or approximately 30x earnings including the now-live Coinbase and USDC agreement, Multicoin described the current valuation as a significant underpricing relative to its projections.
How one HYPE-focused treasury frames the comparison
Hyperion DeFi CEO Hyunsu Jung offered a separate framework. Hyperion is a HYPE-based digital asset treasury company. Jung compared Hyperliquid's fully diluted valuation, which approached $75 billion before the recent price pullback, to the market capitalizations of CME Group, Interactive Brokers Group, and Robinhood.
"If you compare it to a CME or IBKR or Robinhood, it's starting to get into that range if you consider the fully diluted valuation," Jung said. "Hyperliquid is moving beyond that."
Multicoin acknowledged real risks in its report, including concerns around decentralization, governance, regulation, competition, bad debt, and HyperEVM composability, though the firm said it views those risks as manageable relative to the upside it projects.
HYPE traded at $62.46, up over 5% on the day, as of 1:47 p.m. ET Thursday, according to CoinMarketCap data. The token recently hit an all-time high above $76.
Tanya Petrusenko
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