A 62-page report by Cantor Fitzgerald models a projection in which the HYPE token of Hyperliquid reaches a market capitalization of 200 billion dollars in the next 10 years, based on estimated annual revenues of 5 billion dollars and a multiple of 50 times earnings.
The investment bank has initiated an overweight coverage on two digital treasury assets linked to the protocol, marking a shift in how Wall Street assesses the infrastructure of decentralized exchanges.
Cantor Fitzgerald estimates a valuation of $200 billion for Hyperliquid's HYPE token.
Cantor Fitzgerald has published a rare 62-page research report (link) initiating coverage on Hyperliquid and its ecosystem. The financial services firm forecasts a long-term trajectory toward a market capitalization exceeding $200 billion for the HYPE token.
The analysis represents one of the most thorough studies conducted so far by a major Wall Street firm on the decentralized infrastructure of perpetual futures (learn more).
The report forecasts that Hyperliquid will generate $5 billion in annual revenue by the next decade, applying a multiple of 50, thus reaching a valuation of $200 billion.
Analysts do not frame the protocol as a speculative DeFi project, but as a trading infrastructure comparable to major global exchanges. This approach differentiates the research from the more aggressive bullish cases in the crypto sector.
Hyperliquid operates a decentralized exchange for perpetual futures built on a proprietary layer-1 blockchain. By 2025, the platform has already processed nearly $3 trillion in trading volume, generating about $874 million in fees.
About 99% of the protocol's fees are returned to the ecosystem through token purchases and burn operations, directly linking activity on the platform to the token's value.
Cantor Fitzgerald sees liquidity as Hyperliquid's lasting advantage.
Cantor describes Hyperliquid as the potential 'exchange of exchanges'. According to the company, there is a realistic trajectory for annual fees to reach $5 billion as the protocol expands among perpetuals, spot trading, and HIP-3 markets.
The report hypothesizes an annual growth in volumes of 15%, reaching approximately $12 trillion in annual trading volume in ten years.
The analysis emphasizes that competition remains the primary variable influencing the price trajectory of HYPE.
However, Cantor asserts that concerns regarding rival platforms may be overstated. The company notes that incentive-driven traders, termed 'point tourists', tend to return to exchanges that offer the deepest liquidity and the best execution.
Even a mere 1% increase in market share compared to centralized exchanges could add about $600 billion in volume and lead to more than $270 million in annual fees, according to estimates in the report.
In addition to HYPE, Cantor has initiated coverage on digital asset treasury companies focused on Hyperliquid: Hyperliquid Strategies (PURR) and Hyperion DeFi (HYPD). They are assigned Overweight ratings and target prices of $5 and $4, respectively.
These entities hold HYPE tokens to generate returns from staking and offer regulated equity exposure to the protocol's economy. Currently, both are traded at discounts to the net asset value, which Cantor sees as an opportunity for traditional investors.
...Wall Street does not waste 62 pages on protocols it believes are destined to fail. $26.84 with Cantor's reputation behind it is the setup,” quipped a user (source).
Nonetheless, the market reaction highlights the disconnect between price and positioning. HYPE remains about 53% below its highs.
Beyond the valuation, the report reflects a broader shift in traditional finance's approach to the crypto sector. Applying typical equity valuation models, multiples on cash flow, and comparisons with market infrastructures, Cantor Fitzgerald treats Hyperliquid not as an experimental DeFi product, but as a benchmark trading platform.
Cantor's in-depth analysis suggests that decentralized exchanges for perpetuals are shifting from the periphery of the crypto market to its center. This is happening as regulatory clarity improves and institutions seek compliant exposure to on-chain markets.
