Hyperliquid‘s ’structural advantages will help HYPE rocket to $319 by 2028 – Multicoin Capital
Multicoin Capital, a crypto-focused venture firm, projects that Hyperliquids $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