Multicoin predicts HYPE hits $319 by 2028 as Hyperliquid turns into an 'everything exchange'

Multicoin says the market is severely undervaluing Hyperliquid's native token and expects HYPE to increase more than 400% in the next few years, according to a report published Thursday.

Positing that Hyperliquid is evolving from a popular decentralized exchange into an "everything exchange," Multicoin made its case for why HYPE is poised for explosive growth. 

"At ~$63, we believe the market is deeply mispricing HYPE, viewing it too narrowly as just a fast-growing perp DEX," Multicoin said in a report. "In our base case scenario, we see HYPE generating ~$8 billion in annual earnings by 2028, which would imbue a price of ~$319 at a 20x earnings multiple."

The investment firm disclosed in its report that it has been "aggressively" buying HYPE since February. "It’s now one of the biggest positions in our liquid hedge fund," Multicoin added.

HYPE recently hit an all-time high above $76 amid a string of positive catalysts, including strong inflows into newly-launched ETFs tied the token's price, robust revenue and the exchange's aggressive buyback program. Following a broad market decline, the token has since retreated, trading at $62.47, up over 5% on the day, as of 1:47 p.m. ET on Thursday, according to The Block Price Page.

Hyperliquid's growth story

Hyperliquid has emerged as one of crypto's standout success stories in recent months, expanding beyond its roots as a perpetual futures exchange. Recently, Hyperliquid's HIP-3 perpetual market for SpaceX shares processed $1.4 billion in trading volume on the company's IPO debut, accounting for roughly 30% of all HIP-3 volume that day.

According to the investment firm, Hyperliquid's user base grew from roughly 300,000 to 923,000 during 2025, while open interest tripled from about $2 billion to $6 billion. The report also said the exchange generated approximately $873 million in revenue and processed $2.9 trillion in trading volume over the year, making it the largest decentralized derivatives exchange and one of the world's fastest-growing financial applications.

Multicoin noted its ambitious base-case price target "doesn’t fully factor in several big catalysts, such as HIP-4, HyperEVM, builder-code distribution, or the impact of portfolio margining on the main product."

Aimed at bolstering its credibility picking winners, Multicoin said it was bullish on BNB when it traded around $10 in 2019 and now Binance's native token is over $550. The firm has also historically been a significant backer of the Solana ecosystem.

Treasury compares Hyperliquid's FDV to Robinhood's market cap

Hyperion DeFi CEO Hyunsu Jung has also argued Hyperliquid should be valued as more than a perpetuals exchange. Hyperion is a HYPE-based digital asset treasury.

Jung compared Hyperliquid's fully diluted valuation, which approached $75 billion before HYPE's recent pullback, to the market capitalizations of exchange stocks CME Group, Interactive Brokers Group, and Robinhood.

"If you compare it to a CME or IBKR or Robinhood, it's starting to get into that range if you consider the fully diluted valuation," Jung said. "Hyperliquid is moving beyond that."