Hyperliquid has had a rough year so far. The HYPE token trades near 27 and is down more than half in 2025. Still a new report from Cantor Fitzgerald paints a very different long term picture.
Cantor believes Hyperliquid can grow far beyond current levels. The bank said trading activity on the platform could rise at a steady pace each year. Over the next decade this growth could bring in close to 20 billion dollars in total fees.
Most of these fees go back into buying HYPE tokens. Because of this Cantor expects the token value to rise with platform use. In its view HYPE could trade at many times its yearly fee level. This points to prices well above 100 and even beyond 200 over time.
Hyperliquid has already become one of the top platforms for perpetual trading. It offers speed and tools similar to large centralized platforms. This helped it gain strong market share earlier this year.
That share has slipped in recent months. New platforms entered the space and pulled some users away. Hyperliquid share fell from about 60 to near 17. This drop raised concerns among traders.
Cantor does not see this as a long term problem. It said many users jump between platforms only to earn short term rewards. These users often leave once rewards end. The bank believes this behavior does not hurt the core strength of Hyperliquid.
It also pointed to growing interest from groups that hold HYPE as a main asset. These crypto focused treasuries could help bring steady demand. Over time this may support deeper use of the platform.
There are also a few possible positive triggers ahead. One idea is a future spot HYPE fund in the US market. If that happens it could attract new buyers. This may help recover losses seen this year.
Another major factor is supply. The Hyperliquid Foundation plans to burn tokens bought through its program. Around 37 million tokens could be removed. This would cut total supply by about 13 percent. Fewer tokens in circulation often help price over time.
Short term price action remains slow. HYPE has struggled to move far from current levels. Some traders see this as a chance to build positions at lower prices.
There is still risk. A large trader holds a big long position that could be forced to close if price dips below 25. This level matters in the near term.
Price data shows strong interest around a few zones. Support sits near 25 to 26. On the upside areas near 30 and 31 stand out. Volatility this week could push price into these zones.
In the near future HYPE may stay between 25 and 30. Cantor focus stays on the long view. It believes competition fears are overstated and that Hyperliquid can keep its place in the market.
If growth plays out as expected Cantor sees a clear path for HYPE to reach much higher levels in the years ahead.
