Multicoin Capital, a crypto-focused venture firm, projects that Hyperliquid’s HYPE could hit $319 by 2028. At the press time value of $63, that would imply over 5x upside potential, based on revenue-earning potential.
At ~$63, HYPE trades at roughly 36x TTM earnings, or approximately 30x earnings. Under our valuation frameworks and base case assumptions discussed in the full report, we project ~$8 billion in annual earnings by 2028, implying a price of ~$319 at a 20x multiple.
According to the VC firm, Hyperliquid will “continue to meaningfully compound growth” as it expands beyond perpetual offerings (perps) to its ‘unified everything exchange’ vision.
For the unfamiliar, Hyperliquid is an L1 chain and a decentralized exchange designed for high-speed trading. Initially, it began with crypto perps but has expanded into RWA (real-world tokenization), prediction markets, and options trading.
Multicoin noted that Hyperliquid [HYPE] users tripled, from over 300K to nearly 1 million, in 2025. The trading volumes jumped to $2.9T, allowing the DEX to capture $873M in revenue.
The record traction lifted its DeFi perps dominance to nearly 60%. And it has been taking significant market share from centralized exchanges like Binance.
For the VC firm, Hyperliquid’s traction mirrored Binance’s early days, but with more catalysts.
Hyperliquid is following a similar playbook, but with structural advantages Binance didn’t have. It’s non-custodial, execution is fully onchain and verifiable, and revenue is used for daily token buybacks rather than accruing to a separate equity layer.
Overall, in the bear case, the firm expects the HYPE price to hit $109 with a bullish scenario target of $689.
Multicoin acknowledged potential risks for the DEX, such as U.S regulation, limited decentralization, and competition. But said these risks could be managed.
HYPE: Whales and ETF demand
On the demand front, some whales added positions following the recent dip. A new whale acquired $14M worth of HYPE through Coinbase. Another existing large investor increased its HYPE exposure to $9.8M.
The renewed Spot bids by whales followed the HYPE price drop to the $60 level, which is the previous peak price. It was possible that altcoin could consolidate above this zone before triggering another leg of the rally.
The short-term sideways thesis was further reinforced by ETF flows that have slowed recently.
In fact, in June, U.S. Spot HYPE ETFs saw five days of zero flows. That’s about a week of no buying or selling interest. If the trend persists, HYPE could consolidate around the $60-$75 price range for a while.
Final Summary
- Venture firm Multicoin expects HYPE to jump over 5x to $319 in the next two years
- It noted that potential risks like U.S. regulatory pressure and decentralization can be managed.
