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- Multicoin forecasts HYPE could reach $319 by 2028 through sustained platform growth.
- Hyperliquid expanded derivatives market share while increasing revenue, users, and open interest.
- Report highlights buybacks, new markets, and risks shaping HYPE’s long-term outlook.
A new investment firm Multicoin Capital forecast has HYPE reaching $319 by 2028. The firm’s long-term projections are based on Hyperliquid’s increasing market share of decentralized derivatives trading and its diversification into other financial markets, the firm said. According to the report, the projection represents its base-case scenario and values the protocol at 20 times expected annual earnings.
By 2028, Hyperliquid would be making about $8 billion a year, according to Multicoin’s estimates. This prediction is used as the foundation for the $319 price forecast, which is almost five times HYPE’s current price of approximately $63. The investment firm also announced it had started buying HYPE in February. It also validated that the token has now become one of the biggest tokens held in its liquid fund. Furthermore, Multicoin introduced a three day ‘no trade policy’ after the report was published.
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Hyperliquid’s trading growth supports the forecast
Hyperliquid’s financial results during 2025 only bolster confidence in its long-term valuation, according to Multicoin. The volume of trading on the decentralized exchange came out to around $2.9 trillion, resulting in around $873 million in revenue. In the interim, matters of users grew from approximately 301,000 to over 923,000. During the same period, open interest too rose from about $2 billion to $6 billion.
In addition, Hyperliquid now has over 59% open interest of decentralized perpetual futures. Total open interest is now close to $9.6 billion and is double that of its two primary on-chain rivals. The report also highlighted Hyperliquid’s increasing involvement against centralized exchanges. Monthly perpetual futures volume has reached nearly 17% of Binance’s activity. Similarly, open interest is around 21% of the figure reported by Binance.
This means that many investors still underestimate the growth potential of Hyperliquid, Multicoin said. The firm made a comparison with the Binance’s early days to say that there may be more liquidity that gets pooled around the platform in the future.
Expansion beyond crypto could unlock additional growth
Hyperliquid is moving beyond cryptocurrency trading via its HIP-3 upgrade, the report said. A new feature enables external developers to create perpetual contracts for stocks, commodities and equity indexes. The total value of open interest for real assets is already more than $2.9 billion.
Further, the platform’s perpetual contract for the S&P 500 index, which is also licensed, recorded over $100 million in daily trading volume during its first week. Additionally, Multicoin anticipates more revenue streams through options trading, prediction markets, portfolio margining and more HyperEVM integration. The products could expand Hyperliquid’s breadth of sales in coming years.
Buyback strategy strengthens HYPE’s investment case
Hyperliquid’s token buyback mechanism is another advantage for the firm’s outlook. Around 99% of the protocol revenues go towards the repurchase of HYPE tokens. Those purchases will effectively decrease the circulating supply of the token. Hyperliquid is not like many blockchain projects that have taken in outside funding or created a separate equity structure.
Therefore, Multicoin believes the protocol’s financial performance benefits HYPE holders directly. The report estimated the trailing earnings from the tokens at around $869 million. HYPE is currently valued at approximately 36 times trailing earnings, based on current prices. That’s down to about 30 times with revenue from its Coinbase and USDC deal thrown in.
Multicoin outlines bullish and bearish scenarios
In addition to its baseline valuation of $319, Multicoin estimated its bear-case valuation to be $109 and its bull-case valuation to be $689 by 2028. The earnings multiple is kept constant at 20 times earnings in each scenario, while the earnings are varied. The company noted, however, that there are some factors that may impact its future performance. Some of the biggest risks outlined in the report are regulation, governance, decentralization, competition and bad debt.
The report also highlighted that options, prediction markets, portfolio margining, and other market deployers not included in its base-case estimates. This means that, despite the drop, Multicoin expects future product growth to deliver further upside as uptake ramps up.
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