Cantor Fitzgerald has delivered one of the most ambitious — and methodical — valuation cases yet for a decentralized exchange protocol. In a 62-page institutional research report, the Wall Street firm outlined a long-term path for Hyperliquid’s HYPE token to reach a $200 billion market capitalization over the next decade.
Unlike typical crypto bull cases built on narrative momentum, Cantor’s framework relies on traditional equity-style modeling: revenue projections, market share assumptions, and earnings multiples. The report marks a significant shift in how legacy finance is beginning to evaluate decentralized trading infrastructure.
A Rare Wall Street Deep Dive Into DeFi Infrastructure
The report initiates formal coverage on Hyperliquid and its surrounding ecosystem, framing the protocol not as speculative DeFi, but as core market infrastructure comparable to global exchanges.
Cantor models Hyperliquid generating $5 billion in annual revenue within ten years, applying a 50x earnings multiple to arrive at a $200 billion valuation. While aggressive by traditional standards, the multiple reflects high-margin exchange economics, dominant liquidity, and network effects.
This approach distinguishes Cantor’s thesis from more promotional crypto research. The analysis treats Hyperliquid as a business — not a token narrative.
Hyperliquid’s Current Scale Already Rivals Major Venues
Hyperliquid operates a decentralized perpetual futures exchange built on a custom Layer-1 blockchain optimized for speed, execution, and capital efficiency.
Year-to-date in 2025:
Nearly $3 trillion in trading volume processed
Approximately $874 million in protocol fees generated
Crucially, around 99% of protocol fees are returned to the ecosystem via token buybacks and burns. This directly links platform usage to HYPE’s value accrual — a feature Cantor highlights as rare among both centralized and decentralized exchanges.
Liquidity Is the Durable Advantage
Cantor describes Hyperliquid as a potential “exchange of all exchanges.” The firm argues that liquidity — not incentives — ultimately determines where serious traders remain active.
While competitors may attract short-term volume through rewards, Cantor notes that so-called “point tourists” tend to migrate back toward platforms offering:
Deep order books
Tight spreads
Reliable execution during volatility
This dynamic gives Hyperliquid a defensible moat that compounds over time.
Scaling Toward $5 Billion in Annual Fees
The report assumes a 15% annual trading volume growth rate, with Hyperliquid reaching roughly $12 trillion in annual volume within ten years. Expansion into:
Spot markets
Additional perpetual products
HIP-3 market structures
could further accelerate revenue growth.
Cantor also emphasizes the asymmetric upside of even small market share gains. A 1% shift from centralized exchanges could add:
~$600 billion in annual trading volume
Over $270 million in additional yearly fees
This underscores how modest adoption shifts can have outsized economic impact.
Institutional Access Through Digital Asset Treasuries
Alongside HYPE itself, Cantor initiated coverage on two Hyperliquid-focused digital asset treasury companies:
Hyperliquid Strategies (PURR) — Price target: $5
Hyperion DeFi (HYPD) — Price target: $4
Both received Overweight ratings.
These entities hold HYPE tokens, generate staking yields, and offer regulated equity exposure to Hyperliquid’s economics. Cantor notes that both currently trade at discounts to net asset value, which it views as an attractive entry point for traditional investors seeking compliant exposure.
Market Skepticism Remains — For Now
Despite the bullish institutional framing, HYPE remains roughly 53% below its all-time highs. The disconnect highlights a familiar pattern in crypto: positioning often shifts before price reflects it.
As one observer put it:
> “Wall Street doesn’t waste 62 pages on protocols they think will die. $26.84 with Cantor’s reputation behind it is the setup.”
Whether or not the valuation ultimately materializes, the significance lies in who is making the case — and how.
A Broader Shift in TradFi’s Crypto Playbook
Beyond Hyperliquid itself, Cantor’s report signals a deeper change in how traditional finance is approaching crypto. By applying:
Revenue modeling
Cash-flow multiples
Infrastructure comparisons
the firm is treating decentralized perpetual exchanges as foundational financial venues, not fringe experiments.
As regulatory clarity improves and institutions seek on-chain exposure without custody risk, decentralized trading infrastructure may move from the periphery of crypto markets to their core.
Hyperliquid’s valuation debate is ultimately less about price targets — and more about whether DeFi is crossing the threshold into institutional legitimacy.
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