Multicoin Capital recently issued a price target of $319 for Hyperliquid's HYPE token, projecting this figure by the year 2028. This aggressive target reflects Multicoin's belief that Hyperliquid is transforming into a comprehensive platform for trading both cryptocurrencies and traditional financial assets. The price target indicates a potential quintuple valuation from HYPE's current price, which is approximately $63.
#What Factors Support this Price Target?
Multicoin's analysis hinges on the expectation that Hyperliquid will achieve around $8 billion in annual earnings by 2028, with a valuation based on a 20 times earnings multiple. Since February, Multicoin has been accumulating HYPE, elevating it to one of the most significant investments in its liquid fund. Additionally, the firm has implemented a three-day no-trade period following their report to stabilize the market reaction.
#How is Hyperliquid Performing Against Competitors?
Hyperliquid has been making notable strides in the digital asset trading space. In 2025, it reported approximately $873 million in revenue, with trading volumes reaching $2.9 trillion. The platform's user base nearly tripled, rising from about 301,000 to 923,000, while open interest surged from $2 billion to $6 billion. Currently, Hyperliquid dominates over 59% of the open interest in decentralized perpetual futures markets, a feat surpassing all its major on-chain competitors combined. Moreover, its trading volume in perpetual futures accounts for roughly 17% of Binance's, with open interest standing at about 21% of Binance's metrics.
#What About Future Expansion?
A crucial component of Multicoin's optimistic forecast is the HIP-3 upgrade, which empowers external teams to create perpetual markets not only for cryptocurrencies but also for traditional assets such as stocks and commodities. Recently, open interest related to real-world assets has reportedly exceeded $2.9 billion, and an S&P 500 perpetual contract generated significant daily volume shortly after launch.
Multicoin anticipates that additional products such as options, prediction markets, and further integration with HyperEVM applications will extend the platform’s reach, potentially transforming Hyperliquid into an all-encompassing trading platform, often referred to as the 'everything exchange.'
#How Do Buybacks Protect HYPE’s Value?
Significantly, about 99% of Hyperliquid's protocol revenue is utilized to repurchase HYPE tokens, effectively decreasing their circulating supply. Notably, Hyperliquid operates without a secondary equity layer and has not sought external funding. This structural decision ensures that the protocol's financial success benefits HYPE holders directly. Based on Multicoin's estimates, Hyperliquid has generated nearly $869 million in trailing earnings for its token holders, demonstrating a robust financial foundation. At the current price point, HYPE is trading at approximately 36 times its trailing earnings.
While Multicoin acknowledges risks such as decentralization issues, regulatory compliance, governance, and competition, it remains confident that Hyperliquid's market share growth, expansion into new product areas, and effective buyback strategies position HYPE for a projected value of $319 by 2028.