Multicoin Sees HYPE Reaching $319 by 2028 as Hyperliquid Expands Beyond Crypto

• Multicoin projects HYPE reaching $319 by 2028 through sustained protocol earnings growth.
• Hyperliquid expanded derivatives market share while entering stocks and real-world asset markets.
• HYPE buybacks, alongside future products, strengthen long-term valuation despite identified risks.

Multicoin Capital has projected that Hyperliquid’s HYPE token could rise to $319 by 2028, citing the platform’s expanding trading activity and growing market presence. According to the investment firm’s latest report, Hyperliquid is steadily increasing its share of the perpetual futures market while building products beyond cryptocurrency trading.

The firm’s base-case forecast assumes Hyperliquid will generate approximately $8 billion in annual earnings by 2028. Using a 20-times earnings multiple, Multicoin arrived at its $319 valuation for HYPE.

Additionally, Multicoin disclosed that it began accumulating HYPE in February. The investment firm also said the token has become one of the largest positions in its liquid fund. Moreover, it adopted a three-day no-trade policy after publishing the report.

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Hyperliquid continues gaining ground in derivatives trading

According to Multicoin, Hyperliquid’s operating performance throughout 2025 provides the foundation for its valuation. The platform generated approximately $873 million in revenue from nearly $2.9 trillion in trading volume. Meanwhile, its user base expanded from about 301,000 to more than 923,000. Open interest also increased from roughly $2 billion to approximately $6 billion during the same period.

Furthermore, Hyperliquid now controls more than 59% of decentralized perpetual futures open interest. Current open interest has reached around $9.6 billion. That figure exceeds the combined total recorded by its largest on-chain competitors. The report also noted that Hyperliquid continues closing the gap with centralized exchanges. Its monthly perpetual futures volume now equals nearly 17% of Binance’s activity. Likewise, its open interest represents about 21% of Binance’s reported level.

Consequently, Multicoin argued that investors may still underestimate how quickly liquidity can accumulate around a dominant decentralized exchange. The report compared Hyperliquid’s current trajectory with Binance’s early years of expansion.

Expansion into traditional assets strengthens outlook

Besides its cryptocurrency markets, Hyperliquid has started expanding into traditional financial products. According to the report, the HIP-3 upgrade allows external developers to launch perpetual contracts covering stocks, commodities, and equity indexes.

Open interest linked to real-world assets has already surpassed $2.9 billion. Additionally, the platform’s licensed S&P 500 perpetual contract generated more than $100 million in daily trading volume during its first week.

Multicoin also expects options trading, prediction markets, portfolio margining, and deeper HyperEVM integration to broaden the protocol’s revenue opportunities. Those additions could expand Hyperliquid’s addressable market over the coming years.

Token buybacks increase HYPE’s value proposition

Another factor supporting the firm’s valuation is Hyperliquid’s buyback model. Approximately 99% of protocol revenue is used to repurchase HYPE tokens. Those purchases effectively remove tokens from active circulation.

Unlike many blockchain projects, Hyperliquid has never raised outside capital or created a separate equity layer. Therefore, Multicoin believes the protocol’s financial performance benefits HYPE holders directly.

The report estimated trailing earnings attributable to token holders at approximately $869 million. At current prices near $63, HYPE trades at around 36 times trailing earnings. That valuation falls to roughly 30 times after including revenue from its Coinbase and USDC agreement.

Report outlines upside potential alongside risks

Multicoin also presented a bear-case target of $109 and a bull-case projection of $689 by 2028. Each scenario assumes different earnings outcomes while maintaining the same 20-times earnings multiple.

However, the firm acknowledged several risks that could influence future performance. Regulation, governance decisions, decentralization challenges, market competition, and bad debt remain key factors for investors to monitor.

The report also stated that its base-case estimate excludes several future revenue opportunities. Those include options, prediction markets, portfolio margining, and additional market deployers. If those products continue gaining adoption, they could further strengthen Hyperliquid’s long-term earnings outlook.

Also Read: Aave Founder Clarifies Revenue Model as Buyback Plans Take Shape

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