Investment firm Multicoin Capital has published a detailed valuation report outlining a bullish base-case scenario for Hyperliquid’s native token, HYPE. The analysis projects that HYPE could reach approximately $319 by 2028, implying roughly five times upside from levels near $63 at the time of the report.
According to insights from Multicoin Capital, the forecast rests on expectations that Hyperliquid will generate around $8 billion in annual earnings by 2028 and trade at a 20-times earnings multiple.
At current prices, the token appears to trade at roughly 36 times trailing twelve-month earnings, or about 30 times when factoring in revenue from Hyperliquid’s recent Coinbase and USDC integration.
Multicoin describes Hyperliquid as evolving into a comprehensive “everything exchange” — a fully integrated, always-available on-chain venue that supports perpetual futures, spot trading, and potentially broader asset classes.
This positioning, the firm argues, positions the platform to capture meaningful trading volume and fee revenue from centralized cryptocurrency exchanges (CEXs) that have long dominated derivatives and spot markets.
Hyperliquid has already built substantial momentum in perpetual futures.
It commands a leading share of on-chain derivatives activity and has steadily increased its portion of overall exchange perpetuals volume, recently surpassing 7% of the global total in some measurements.
Its high-throughput custom Layer-1 blockchain enables fast execution, deep liquidity, and on-chain transparency that many traders find attractive compared with traditional centralized platforms.
The report notes that Multicoin has accumulated a large position in HYPE, making it one of the biggest holdings in the firm’s liquid fund.
The team has followed the project since its early days and remains impressed by its execution and growth trajectory.
While the base-case projection is optimistic, Multicoin acknowledges several structural and market risks that could affect long-term outcomes.
These include competition from other decentralized platforms, regulatory developments, execution challenges in expanding product offerings, and broader crypto market volatility.
Despite these caveats, the firm maintains confidence in the token’s upside under its outlined assumptions.
The $319 target would represent a fully diluted valuation of roughly $160 billion at the projected 2028 earnings level.
Multicoin’s analysis applies standard valuation frameworks used across software and financial technology companies, adjusting for the unique characteristics of a decentralized trading venue with native token economics.
Hyperliquid’s growth story reflects more of a broader industry shift toward decentralized infrastructure that offers composability, transparency, and 24/7 global access without counterparty risk from a central operator. If the platform continues expanding beyond perpetuals while maintaining its performance edge, it could further erode market share held by legacy centralized exchanges.